Emaar India accuses MGF Developments of illegal transfer of land

Emaar India, the local subsidiary of the Dubai-based real estate major, has accused its erstwhile partner MGF Developments of fraud and illegal transfer of a land parcel in Delhi.

Emaar has alleged that MGF’s promoter Shravan Gupta and other associates are attempting to sell the land, valued over Rs 500 crore. According to it, the 4.88-acre land parcel, located in Okhla, was part of illegal transfers of properties that took place during its joint venture with MGF between 2005 and 2016.

“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, Shravan Gupta, Shilpa Gupta, or any of their associates or related entities and persons. The notice pertains specifically to a land parcel of approximately 4.88 acres in Okhla, Mathura Road, New Delhi. 

This land was valued at nearly Rs 500 crore in 2008 and may be much higher today,” the company said.

Emaar has alleged that when it took management control of the JV entity Emaar India, it found several unauthorised related party transactions that took place before 2016. So far, Emaar has sought to recover over Rs 2,400 crore related to the siphoning off of funds or properties. 

It approached the National Company Law Tribunal in November 2019 for this.

Further, Emaar also claimed on Friday that Gupta and his family, who have moved abroad since litigation began, are likely to take up citizenship of the Common­wealth of Dominica.

Ajay Munot, Emaar India chief, resigns

Emaar India CEO Ajay Munot (pictured) has resigned from the company to pursue personal interests. Munot became CEO of India business of Dubai-based Emaar Properties in August 2019. Earlier, he was the chief executive of Adani Realty. Emaar India will be managed by Hadi Badri, who heads Emaar's international business, until further notice.