Emaar India approaches Punjab govt to restrain creation of third-party rights on Mohali land

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Emaar India approaches Punjab govt to restrain creation of third-party rights on Mohali land

Last Updated : 25 Feb 2021 09:51:47 PM IST

Shravan Gupta

Emaar India has approached the District Administration at Mohali (SAS Nagar), Punjab with a request to restrain MGF Developments Limited and its associates and affiliates and its promoters and directors from creating any third-party rights, title and/or interest on land parcels in total admeasuring 603.35 Acres approx. in Mohali (SAS Nagar), Haryana. Emaar India has referred to an order passed by an ICC Arbitral Tribunal, directing that 'no transaction of any kind be undertaken in respect of the land parcels mentioned...until the passing of an arbitral award".

This order was pronounced during the arbitration proceedings between Emaar India Limited (formerly Emaar MGF Land Limited), MGF Developments Limited, Shravan Gupta and Others.

Emaar India, in its letters addressed to the Sub-Registrar of and Tehsildar of Mohali (SAS Nagar), has informed that arbitration proceeding are going and that further outcome of the said arbitration proceeding will be duly informed to and brought to their offices.

Emaar MGF Land Limited (now Emaar India Limited) was a joint venture between Dubai-based Emaar Properties PJSC and Shravan Gupta owned MGF Developments Limited. Emaar Properties, one of the world’s leading real estate developers, entered the Indian real estate market by investing about Rs. 7000 Crores in a joint venture with Shravan Gupta owned and controlled MGF Group in the year 2005. The two partners parted way in 2016 through a demerger process by way of court of law.

After the demerger, Emaar took complete control of the operations of Emaar MGF Land Limited (now Emaar India Limited). Subsequently, the name of the Indian entity has been changed to Emaar India Limited with effect of 07.10.2020.

Similarly, during November 2020, Emaar India had approached the District Administration at Gurugram (Gurgaon), Haryana with a request to restrain MGF Developments, associates, affiliates, its promoters and directors from creating any third-party rights, title and/or interest on land parcels in total admeasuring 63.4 Acres approx. in Gurugram (Gurgaon), Haryana.

Emaar has also filed a case alleging fraud and cheating against Shravan Gupta, his wife, his company MGF Developments Limited and other associates for fraudulent and illegal acts. It has sought a compensation of Rs. 2400 Crores with interest @ 18% from the date of respective losses in order to recover massive losses including irreparable reputational losses due to ‘the fraudulent and illegal acts of MGF Developments’.