Emaar India Limited, previously known as Emaar MGF land Limited has issued a public notice, thereby cautioning common public, not to deal with MGF group regarding Okhla land. National Company Law Tribunal(NCLT)proceedings are at advanced stage and this is going to have direct bearing on Okhla land.
However, Dubai's Emaar Properties PJSC decided to terminate its 11-year-old joint venture with MGF Developments Ltd, Emaar MGF Land Ltd in the year 2016.
In a notice to BSE regarding the termination of the venture as per a , Emaar MGF Land had said, "In order to lend greater focus to the operations of the company's businesses and projects and for the purpose of capturing the potential for further growth and expansion, the Board of Directors of the company at its meeting held on 11 April 2016 have resolved (subject to approval of the shareholders and creditors of the company and relevant regulatory authorities), to take steps for reorgzation of the company through Scheme of Demerger to be filed in court (scheme of arrangement under section 391 to section 394 of the Compes Act, 1956 (as amended)) of its undertaking(s) and have also authorized the company to execute necessary agreements and documents in respect thereof."
MGF Group has a history of fraudulent transactions along with investigations going on for various scams. The Okhla Land property is also a testimony of its malpractices. Therefore, Emaar has filed a case against MGF in NCLT regarding siphoning of land worth approximately 4.8 acres in Okhla, Delhi.
Emaar India Limited (previously Emaar MGF) was a joint venture between Emaar properties PJSC, Dubai and MGF development Limited. After the change of control through an investigation, it was found that during the period when MGF group was in control of Emaar MGF, multiple unauthorized party related transactions were undertaken by the MGF group comprising MGF, Shravan Gupta, Ms Shilpa Gupta and their associated/related entities or person.
Accordingly, a petition under Compes Act 2013 was filed at the National Company Law Tribunal, principal branch Delhi. In light of the same, Emaar India Limited appeals to the general public to not enter into any deals with MGF group, SSP Buildcon Private Limited, Shravan Gupta, Ms Shilpa Gupta or any of their related/associated entities or persons with respect to the Okhla land property.
The company would like to further clarify that anyone entering an agreement with the above-mentioned parties would be completely responsible for it. This was communicated in a public notice issued jointly by Emaar properties PJSC, Emaar holding and Emmar India Limited (previously Emaar MGF land Limited).
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( With inputs from ANI )
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