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Defiance of FDI regulations by Emaar MGF leads to raids by Enforcement Directorate

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Emaar MGF which is the foremost realty house was raided by the authorities concerned due to a suspected foreign direct investment amounting to nearly 1000 crores.
Sources available at www.propertykhazana.com say that it was under contemplation to go in for an IPO but the same was curtailed as the firm was under the ED scanner. The ED checked into the offices of the firm, since they felt that the firm had illegally brought land for agricultural purposes violating the rules of FDI. The FDI rules state that inflow of funds in realty segment cannot be made use for acquiring agricultural land. A commission for inquiry was set up and notices were issued to the directors of the firm many times.
A source at www.propertykhazana.com states that the group in association with their Gulf counterpart had procured low cost agricultural land in UP and Haryana by means of the FDI money for developing of realty ventures. A spokesman from the group said that they had obliged to the investigations conducted by ED. But the ED states that there was no proper co-operation from the group. The group also wanted to go for an IPO in 2008 but was not permitted by the concerned authorities. For any further details visit www.propertykhazana.com.
Source: NBTVLIVE

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