25 November 2023
"The realty company allegedly came up with the valuation of lands at low prices when the adjacent lands were being sold at much higher prices, exploited the warranty indemnity and litigation indemnity agreements and committed cognisable offences for getting wrongful gain!' -FIR, United Arab Emirates (UAE)-based multinational real estate development company, EMAAR Properties PJSC, its Indian subsidiary, EMAAR India Ltd, and 12 individuals working for the two have been booked by the Gurugram police for allegedly usurping assets of its former business partner MGF and creating third party interest by preparing fabricated valuation reports with respect to demerged assets and causing wrongful loss to the complainant and corresponding wrongful gain to themselves.
"The realty company allegedly came up with the valuation of lands at low prices when the adjacent lands were being sold at much higher prices, exploited the warranty indemnity and litigation indemnity agreements and committed cognisable offences for getting wrongful gain!' -FIR, United Arab Emirates (UAE)-based multinational real estate development company, EMAAR Properties PJSC, its Indian subsidiary, EMAAR India Ltd, and 12 individuals working for the two have been booked by the Gurugram police for allegedly usurping assets of its former business partner MGF and creating third party interest by preparing fabricated valuation reports with respect to demerged assets and causing wrongful loss to the complainant and corresponding wrongful gain to themselves.
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