Emaar alleges fraud ; issues warning against ex-partner MGF
Both companies said their joint venture Emaar MGF Land is going through insolvency proceedings at NCLT. Its outcome is going to have a direct bearing on land concerned
BusinessToday.In | January 19, 2021 | Updated 15:32 IST
Emaar India Ltd (EIL), the Indian unit of Dubai-based Emaar Properties PJSC, in a public notice issued on Monday, warned people against dealing with its former partner MGF Group regarding 4.8 acre land in Okhla area of Delhi. The public notice has been issued jointly by Emaar properties PJSC, Emaar holding and Emaar India Limited (previously Emaar MGF land Limited).
Emaar India issues public notice of NCLT, cautions public against dealing in Okhla land
One of the key allegations described in the NCLT proceedings is fraudulent siphoning of a land parcel of approximately 4.88 acres in Okhla, Delhi from Emaar MGF to MGF Group. January 18, 2021 / 03:11 PM IST
Emaar Properties PJSC, Dubai, and MGF Developments have said that their joint venture Emaar India is going through the National Company Law Tribunal (NCLT) proceedings.
In a public notice of the tribunal proceedings, Emaar India (incorporated on February 18, 2005) said its day-to-day management was with MGF Group led by Shravan Gupta, and control was passed to Emaar Properties on May 23, 2016.
NCLT restrains MGF from creating third-party rights on Gurugram land
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Synopsis
Emaar has received this NCLT order against the developer in response to a case related to the main petition that accused MGF Developments, its chairman Shravan Gupta and his wife Shilpa Gupta of siphoning off funds and fraudulent activities.
Agencies
The Dubai-based realty giant filed the petition with NCLT in November 2019 seeking investigation into this matter and compensation of `2,400-crore bank guarantee to secure its losses.
The tiff between global real estate developer Emaar Properties and its erstwhile joint venture partner MGF Developments is set to grow with the latest National Company Law Tribunal (NCLT) directive restraining the Indian developer from creating any third-party rights on a land parcel in Gurgaon till further orders.
Emaar moves NCLT over alleged fraud by MGF s Shravan Gupta, others daijiworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daijiworld.com Daily Mail and Mail on Sunday newspapers.