Gurgaon: Real Estate Major MGF Group has filed a police complaint against Istama partners, Emaar, accusing him of Repose Board Resolution subsidiary company MGF and transfer about seven hectares in Gurgaon sector 81.
Emaar has also been accused entered into an agreement with a local builder to develop a group housing project affordable in the land sector 81.
“the official proposed a resolution Emaar MGF Council and execute subsidiary General Power of Attorney (GPA) in connection with the kindness of land owned by a subsidiary of MGF in Kherki Daula in sector 81,” an official said MGF.
Cassock Projects Private Limited and Tushar Projects Private Limited is a subsidiary wholly owned by MGF Development Limited.
While Cassock has about 3.8 hectares in Sector 81 and some more ground in Kheri Daula, Tushar Project Private Limited has about 2.7 hectares in Kheri Daula.
Emaar India issued a statement, saying the complaint and the subsequent FIR based on a misrepresentation important facts, including court orders.
“FIR dicemah with oblique motive and no more than an attempt to provide criminal colors on a purely commercial dispute between Emaar and MGF,” the statement said.
Further said that the transactions undertaken by Emaar India Ltd are in their contractual rights and arbitration in accordance with a court order issued by the ICC, London, supporting on May 15 last year.
Emaar Properties, which entered India with the largest FDI in the sector is a reality in 2005, has invested about Rs 8,500 crore in the country through its joint venture, Emaar MGF land.
In April 2016, the two companies decided to terminate the joint venture and demerer finally approved in July 2018.
Since then, both Erstan partners have been involved in legal disputes and is accused each other of fraud in the joint venture agreement and land deals.
NCLT of petitions filed in 2019, seeking an investigation.
Both sides have filed one another.
The case against Emaar registered at Police Station DLF 1 below 120B (criminal conspiracy), 406 (criminal violation of trust), 409 (criminal violations of trust in connection with the property), 420 (cheating), 467 (cheating), 468 (forgery for purpose of cheating ) and 471 (using forged document) of the IPC.