Emaar moves NCLT over alleged fraud by MGF's Shravan Gupta, others
Khyati Shah16 Jul, 2021News
New Delhi, Dec 29 (IANS) Real estate developer Emaar Properties has filed a complaint with the National Company Law Tribunal (NCLT) against MGF, its Chairman Shravan Gupta, among others, over an alleged fraud.Emaar Properties alleged fraud by Gupta and his associates while he was the MD and CEO of their erstwhile joint venture, Emaar MGF Land.In its petition, it has sought security in the form of bank guarantees of Rs 2,400 crore to cover losses in the joint venture in India.According to Emaar, around Rs 2,400 crore, or over one quarter of its FDI, was siphoned off by Gupta and his family for their personal benefit. The UAE-based developer, which entered India in 2005, invested about Rs 8,500 crore in the Indian real estate market through Emaar MGF.
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