The Punjab & Haryana High Court dismisses the Emaar India FIR.
The Punjab and Haryana High Court dismissed the FIR against JLL India and Emaar India, ruling that the charges of fraud and undervaluation were unfounded. There were allegations of asset manipulation during the demerger in this instance, however the complaint contained no criminal charges.
NEW DELHI: The FIR that the Gurgaon police’s Economic Offenses Wing (EOW) filed against Emaar India, the regional branch of Dubai’s Emaar Properties, and global real estate consultant JLL India has been annulled by the High Court of Punjab and Haryana.
The local police had filed a case of land undervaluation and other fraud charges at the instruction of a Gurgaon court.
“This case is an exercise of jurisdiction under Section 482 of the code after it was determined that the complaints’ claims did not meet the requirements for the criminal offenses claimed and that the complaint was an abuse of the legal system.
In 2019, MGF filed a case alleging that Emaar had unilaterally hired JLL as an independent valuer and had conspiratorially falsified reports about the amalgamated assets in order to inflate the value of Emaar’s claim to unjustly profit themselves and diminish the worth of MGF’s land
“We applaud the High Court’s ruling to reject our former partner’s baseless accusations against Emaar India. Emaar India maintains the highest ethical standards of business conduct as a conscientious corporate concern. An Emaar spokesperson described these accusations as fruitless attempts to damage the company’s reputation.
Accusations of asset undervaluation and fraudulent conduct during Emaar MGF Land Limited’s demerger are at the center of this lawsuit (EMGF).
Through its joint venture, Emaar MGF Land, Emaar Properties, which had brought the highest foreign direct investment (FDI) to the Indian real estate sector when it first entered the country in 2005, has invested approximately Rs 8,500 crore.
Emaar chose to terminate this joint venture in April 2016, and two months later, the managing director and executive vice chairman of the venture, Shravan Gupta, left his position. In July 2018, the demerger was ultimately allowed.
