Emaar Issues Public Notice, Cautions People Against Dealing With MGF Group For 'Okhla Land'
Emaar, which developed iconic Burj Khalifa, the world's highest structure, alleged that MGF Group has an old history of forgery and fraud with many notorious scams registered in its name.
Emaar India Limited (EIL), the Indian unit of Dubai-based Emaar Properties, in a public notice on Monday warned the common public not to deal with its former Indian partner MGF Group regarding Okhla land.
EIL, erstwhile known as Emaar MGF land Limited in the notice, said that NCLT proceedings are at an advanced stage for the same piece of land, and this is going to have a direct bearing on Okhla land in Delhi.
Emaar, which developed iconic Burj Khalifa, the world's highest structure, alleged that MGF Group has an old history of forgery and fraud with many notorious scams registered in its name.
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Emaar MGF, a joint venture between Emaar Properties PJSC, Dubai, and MGF Development Limited, was incorporated on February 18, 2005.
"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, Mr Shravan Gupta, Ms Shilpa Gupta, and their associated/related entities or person," read the public notice issued on Monday.
Emaar, in the public notice, said that the company had filed a petition in the Delhi bench of the National Company Law Tribunal (NCLT) under the Companies Act 2013.
"This very NCLT proceedings are at an advanced stage, and hopefully, big-scale fraud conducted by MGF group will soon be exposed and substantiated in due course of law. Therefore we caution the common public not to deal with MGF group, SSP Buildcon Private Limited, Mr Shravan Gupta, Ms Shilpa Gupta, or any of their related/associated entities or persons with respect to this Okhla land," said the notice.
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According to Emaar, the very Okhla land status is also a living testimony of large-scale fraudulent practices adopted by the MGF group, and it has a watertight case against MGF in the company court regarding fraudulent siphoning of land parcel of approximately 4.8 acres in Okhla, Delhi.
"In case anyone decides to proceed despite this notice, under Indian law, the risk would be entire to your account. This public notice has been issued jointly by Emaar properties PJSC, Emaar holding and Emaar India Limited (previously Emaar MGF land Limited)," said the notice.
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