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Emaar accuses MGF of trying to illegally transfer land parcels
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SME Times News Bureau | 22 Jan, 2021
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.
The notice pertains specifically to a land parcel of approximately 4.88 acres in Okhla, Mathura Road, New Delhi.
Emaar
India was a joint venture between Dubai-based Emaar and Shravan Gupta's
MGF Developments Limited. Emaar Properties entered the Indian real
estate with one of the largest FDI in the real estate sector in 2005.
Gupta
was the Managing Director and CEO of the joint venture Emaar MGF Land
until 2016. He finally resigned as the Managing Director of the joint
venture company in 2016 and the demerger of MGF was approved in July
2018.
According to Emaar, once it took management control of
Emaar India, it found several unauthorised related party transactions
prior to 2016. After investigating, Emaar proceeded with recourse to the
necessary remedies available under Indian law.
It has sought to
recover over Rs 2,400 crore and interest from the relevant date of
siphoning of funds or properties. The proceedings were filed in November
2019 before the NCLT Delhi.
Emaar's statement said that it has
been "informed that Shravan Gupta and his family are since outside India
and recently learned from a court order in an unrelated matter that he
and his family are likely to take up citizenship of the Commonwealth of
Dominica".
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