Amrapali hits lower circuit after Dhoni sues group firm

NEW DELHI: Amrapali Industries, the flagship of the Amrapali group, hit lower circuit limit of 10 per cent in morning trade on Thursday after cricketer Mahendra Singh Dhoni sued the group over Rs 150 crore dues.

Dhoni, the former Indian captain, is seeking to recover Rs 150 crore, alleging that he hasn't been paid for years for being the brand ambassador of the real estate firm, said an ET report. The troubled company is now caught in a financial crisis and has not been able to complete housing projects in various cities.

Rhiti Sports, the entity that manages cricketing stars including Dhoni, K L Rahul, Bhuvneshwar Kumar and South African Francois Du Plessi, has filed a recovery suit in the Delhi High Court against Amrapali. “They haven't given us money for branding and marketing activities,” said Arun Pandey, managing director of Rhiti Sports, putting the dues at close to Rs 200 crore.


Amrapali Industries was incorporated in 1988. The company is into the bullion business along with the corporate membership of Multi Commodity Exchange of India (MCX), National Commodities and Derivatives Exchange of India (NCDEX) and Ahmedabad Commodity Exchange.

The scrip closed the day 4.96 per cent down at Rs 5.36.