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NCLT notice to Emaar India Ltd on MGF Developers' plea

NCLT notice to Emaar India Ltd on MGF Developers' plea

The National Company Law Tribunal has issued notice to Emaar India Ltd, asking it to file a status report on a plea filed by its erstwhile joint venture partner MGF Developers Ltd.

The respondent (Emaar) is directed to file a status report of any major decision taken by it, including the 'interim prayer', the NCLT order delivered on April 21 stated.

In the interim prayer, MGF had sought Emaar immediately furnish with it respect to all joint development agreements entered into by the entities of Emaar India Ltd with the third parties pertaining to its land.

The matter will be further heard on May 5.

Emaar India Ltd (erstwhile Emaar MGF Land Ltd), was a joint venture company of Emaar and MGF Group. This joint venture came to an end in May 2016, by way of the demerger, and since then, both MGF and Emaar have been engaged in a legal tussle.

Last year, MGF Developers Ltd, with its subsidiary companies, had complained in an FIR that Emaar officials, fraudulently and unauthorisedly, forged Board Resolutions of MGF subsidiary companies and executed a general power of attorney (GPA) in favour of Emaar in respect of land owned by the subsidiaries of MGF.

As per the allegations, Emaar, on the basis of fraudulent GPA, entered into a collaboration agreement in respect of the said land with a local builder of Gurugram, who thereupon has applied for license for development of affordable group housing in Sector 81, Gurugram including the said land of MGF subsidiaries.

Emaar India had also approached the Gurugram district administration with a request to restrain MGF group and its associates, affiliates, promoters and directors from creating a third-party rights, title and/or interest on land parcels measuring 63.4 acres (approx) there.

NCLT notice to Emaar India Ltd on MGF Developers' plea

NCLT notice to Emaar India Ltd on MGF Developers' plea

The National Company Law Tribunal has issued notice to Emaar India Ltd, asking it to file a status report on a plea filed by its erstwhile joint venture partner MGF Developers Ltd.

The respondent (Emaar) is directed to file a status report of any major decision taken by it, including the 'interim prayer', the NCLT order delivered on April 21 stated.

In the interim prayer, MGF had sought Emaar immediately furnish with it respect to all joint development agreements entered into by the entities of Emaar India Ltd with the third parties pertaining to its land.

The matter will be further heard on May 5.

Emaar India Ltd (erstwhile Emaar MGF Land Ltd), was a joint venture company of Emaar and MGF Group. This joint venture came to an end in May 2016, by way of the demerger, and since then, both MGF and Emaar have been engaged in a legal tussle.

Last year, MGF Developers Ltd, with its subsidiary companies, had complained in an FIR that Emaar officials, fraudulently and unauthorisedly, forged Board Resolutions of MGF subsidiary companies and executed a general power of attorney (GPA) in favour of Emaar in respect of land owned by the subsidiaries of MGF.

As per the allegations, Emaar, on the basis of fraudulent GPA, entered into a collaboration agreement in respect of the said land with a local builder of Gurugram, who thereupon has applied for license for development of affordable group housing in Sector 81, Gurugram including the said land of MGF subsidiaries.

Emaar India had also approached the Gurugram district administration with a request to restrain MGF group and its associates, affiliates, promoters and directors from creating a third-party rights, title and/or interest on land parcels measuring 63.4 acres (approx) there.

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