The leading Indian realty brand Emaar MGF Land Ltd. has now come under the inquiry file of Enforcement Director for a sort of FDI violation act by the company. As per the source reported at www.propertykhazana.com recently the maker of commonwealth games village has been noticed for alleged use of a part of firm land violating the FDI norms. The issue came to light when the company initiated process for raising the funds through initial public offering with Rs 10.25 crore in the band of Rs 610 to that of Rs 690 that might go around Rs 7000 crore.
But later the process slowed down as there were no investors available to entertain the deal despite decreasing the share rate up to the range of Rs 530 – Rs 630. Even the closing dates were also extended by the company to encourage the potential investors but it was all in vain as per the report added on www.propertykhazana.com. The hammer of enforcement director was an addition anxiety to the company as they charge the Emaar group to buy a piece of firm land from the funds collected from the FDI regulations at some places in Haryana and Uttar Pradesh. Here by a top official of Finance department has also stated that “the company has been already booked under Foreign Exchange Management Act and no response is available yet after a repeated summons to the company”.
Source reported at www.propertykhazana.com also reveals that this is not the first time the company has been warned for their irregularities. In 2007 the I-T department also made a raid on the various premises of the company at Chennai, Hyderabad, Delhi and other places regarding the tax evasion. And then there was a mysterious fire broke out at the I-T department at Delhi’s Connaught place eliminating all the essential materials of the case. For more and latest realty updates follow us at www.propertykhazana.com.
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