A third attempt by Emaar MGF Land which is a New-Delhi based real estate firm, to raise Rs 1,600 crore through an initial share sale offer came to a naught due regulatory issueshttp://www.blogger.com/img/blank.gif. Seven months has passed since Emaar MGF had applied to the Securities and Exchange Board of India (SEBI) seeking its approval for its initial public offering but till now the regulatory body has not given its nod. According to reliable sources the role of Emaar MGF in the alleged irregularities in developing the Commonwealth Games village might have put the New Delhi-based firm under the scanner. On September 30, 2010 that Emaar MGF, which is a joint venture between Indian lender MGF and Dubai’s Emaar Properties, had filed its draft red herring prospectus (DRHP) with SEBI.
The Prime Minster had appointed the V K Shunglu committee to look into issues relating to organizing and conduct of Commonwealth Games that was held in Delhi last year and this committee has indicted the role of Emaar MGF Construction Pvt Ltd which is a unit of Emaar MGF Land. The committee which released its second report last month has clearly stated in the report that Emaar MGF failed to meet its contractual obligations, received undue financial gains and also alleged to have made unauthorized payments. There were other charges too.
The Prime Minster had appointed the V K Shunglu committee to look into issues relating to organizing and conduct of Commonwealth Games that was held in Delhi last year and this committee has indicted the role of Emaar MGF Construction Pvt Ltd which is a unit of Emaar MGF Land. The committee which released its second report last month has clearly stated in the report that Emaar MGF failed to meet its contractual obligations, received undue financial gains and also alleged to have made unauthorized payments. There were other charges too.
No comments:
Post a Comment