The disputes between the Ansal API and City Group is determined and the duo chief‘s were agreed for the fair deal. And the reports said the www.propertykhazana.com that the City Group during the year 2005 in October committed for a deal to buy the shares of Dubai based Emaar and Delhi based MGF and by the time there was a joint venture between Emaar and MGF, and there was a condition that further the companies should not buy any stakes from any of the realty companies in North India.
With this impact, further the Emaar-MGF was against the proposal and put an objection for the deal to be carried between the City Group and Ansal API. Meantime, speaking to the sources, the City Group head said that, despite the condition and objection City Group is investing in the other wing of Ansal API, which is away from buying stakes from the Emaar-MGF and also said that, the objection is only not to invest in the wing which has the stake and not applicable for the other arms.
Finally, the Emaar-MGF Chief Executive Officer Shravan Gupta made an official statement that their company doesn’t have any objection on the business transactions between the City Group and the Ansal API, as it is not concerned with them.
Source: NIMMA BENGALURU
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