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Emaar accuses MGF of trying to illegally transfer land parcels
By IANS |
Published on
Fri, Jan 22 2021 15:51 IST |
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New Delhi, Jan 22 : Emaar India Ltd. on Friday accused MGF Group and its Chairman Shravan Gupta of trying to illegally transfer a land parcel in Okhla.
In a statement, Emaar cautioned against dealing with MGF Group, Gupta and associates in respect of the land parcel which was valued at nearly Rs 500 crore in 2008 and may be valued much higher now.
Emaar has also issued a public notice to this effect. We were informed by credible sources that MGF was likely to deal with the Okhla land parcel. We wanted to caution the public against dealing with MGF Group, SSP Buildcon Private Limited, Shravan Gupta, Shilpa Gupta or any of their associates/related entities or persons, it said.
Emaar accuses MGF and Shravan Gupta of fraudulent and illegal transfers of land parcels
Emaar India CEO Ajay Munot resigns from the company; Hadi Badri, who heads Emaar s international business, to manage the company until further notice.
A logo of Dubai s Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. REUTERS/Ahmed Jadallah/File Photo - RTX2AIDV
Emaar India Ltd, subsidiary of Dubai-based real estate developer Emaar Properties, has cautioned public against dealing with MGF Group, its promoter Shravan Gupta, and associates, in respect of a land parcel in Okhla, Delhi.
This land was valued at nearly Rs 5 billion in 2008 and may be currently valued much higher, the company said in a statement.
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).
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