+917292009966 +917292006699 Whatsapp
Tasha Realty

News: MGF files complaint against Emaar over ‘illegal transfer’ of Sector 81 land-21-08-2021


Gurgaon: Real estate major MGF Group has filed a police complaint against its erstwhile partner, Emaar, accusing it of forging board resolutions of MGF subsidiary companies and transferring around seven acres in Gurgaon Sector 81 in its name.
Emaar has also been accused of entering into an agreement with a local builder to develop an affordable group housing project on the Sector 81 land. “Emaar officials forged board resolutions of MGF subsidiary companies and executed general power of attorney (GPA) in its favour in respect of the land owned by the subsidiaries of MGF in Kherki Daula in Sector 81,” said an official of MGF.
Cassock Properties Private Limited and Tushar Projects Private Limited are wholly owned subsidiaries of MGF Developers Limited. While Cassock owns around 3.8 acres in Sector 81 and some more land in Kherki Daula, Tushar Project Private Limited has approximately 2.7 acres in Kherki Daula.

Emaar India issued a statement, saying the complaint and the subsequent FIR was based on misrepresentation of crucial facts, including a court order. “FIR is tainted by oblique motives and is nothing more than an attempt to give criminal colour to a purely commercial dispute between Emaar and MGF,” the statement said.

It further said that transactions undertaken by Emaar India Ltd were well within their contractual rights and pursuant to the Arbitral Tribunal order issued by ICC, London, in its favour on May 15 last year.

Emaar Properties, which entered India with the largest FDI in the reality sector in 2005, had invested about Rs 8,500 crore in the country through its joint venture, Emaar MGF Land. In April 2016, the two companies decided to end this joint venture and the demerger was finally approved in July 2018.

Since then, both erstwhile partners have been engaged in legal disputes and accused each other of fraud in joint venture agreement and land deals. A petition was also filed in NCLT in 2019, seeking an investigation. Both parties have filed FIR against each other.

The case against Emaar was registered at DLF 1 police station under sections 120B (criminal conspiracy), 406 (criminal breach of trust), 409 (criminal breach of trust in respect of property), 420 (cheating), 467 (forging document), 468 (forgery for purpose of cheating) and 471 (using forged document) of the IPC.

DISCLAIMER: This website and the Information contained is in the process of being updated and are under review/revision in terms of the Real Estate Regulation Act, 2016 and Rules there under (RERA), and will be reviewed from time to time. Till the time the contents are fully updated the same shall not be construed to be any kind of advertisement, solicitation, marketing, Booking, offer for sale, invitation to offer within the purview of RERA and shall have no binding effect on the Company. The Company is not liable for any consequence of any action taken by the viewer relying on such material/ information on this website.