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Realtor Emmar MGF in soup

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Emaar MGF group is under the lens of IT authorities in defiance of foreign exchange rules. The ED officials as such raided the premises of the builder of UAE who is housed at New Delhi. The raid was conducted because of the alleged nexus of the builder with a politician who was a former chief Minister of Haryana and was taken into custody on charges of corruption.
Sources available at www.propertykhazana.com say that it cannot be construed that because of the close association with the politician who swindled away nearly $900 million which came to light while the raids were conducted. The said raids were customary and were conducted in the houses and offices of executives. The group’s initial plans of going for IPO failed due to recession in the market. But subsequently when the markets saw an upward trend, it again filed a draft prospectus with SEBI in September with an aim of mobilizing nearly $900 million but its fate hangs in balance because of volatile market.
Sources at www.propertykhazana.com reveal that the group intends to bring down its liability which is around $1.2 billion through the IPO. But investors are in the dark because it has huge liability and also it has taken the project execution of 2010 Commonwealth Games. The group is trying to make their listing in the stock market while Adi Godrej’s Godrej Properties and DB reality are in the offing. For further details visit www.propertykhazana.com.
Source: NBTVLIVE

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