News: Delhi police file FIR against M3M India, Starcity Realtech, Neer Builders, Cosmo Probuild, others-21-03-2022
Apart from M3M, the other firms named in the FIR are Nourish Developers Pvt Ltd, Starcity Realtech Pvt Ltd, Cosmo Probuild Pvt Ltd, Surya Propcorn Pvt Ltd, Neer Builders, Vibrant Infratech and Pankh Realcon. “The matter is under investigation,” said an official of Delhi Police.
GURUGR AM: The economic offences wing of Delhi Police has filed an FIR against a group of companies , including M3M India, in connection with a dispute over 31 acres in sectors 112 and 113 of Gurugram.
The FIR was lodged following a complaint against these companies by real estate major, MGF. In January this year, an FIR was registered against MGF in Gurugram after M3M and the others moved a petition in a local court.
The dispute over the land dates back to 2016. According to the complaint filed by M3M, Emaar-MGF had approached them with an offer of selling the 31 acres. M3M claimed to have paid Rs 88 crore for the land parcel in November 2016, but came to know later that the same plot had been sold to another company. MGF, on the other hand, claimed that the deal with the companies became “null and void” because they paid post-dated cheques that could not be realised.
The case took another turn when another real estate major, Emaar, gave an affidavit in the Punjab and Haryana high court that the land in question belonged to them and MGF had no right to sell it. A senior MGF official alleged that the companies had made false representations and induced them into the land deal. “They handed over post-dated cheques to MGF. The land was transferred to these companies on the condition that the deal would become null and void if the cheques were not cleared,” said the official. Without making the payment, these companies applied to the DTCP for a licence to construct residential projects, the official added. Apart from M3M, the other firms named in the FIR are Nourish Developers Pvt Ltd, Starcity Realtech Pvt Ltd, Cosmo Probuild Pvt Ltd, Surya Propcorn Pvt Ltd, Neer Builders, Vibrant Infratech and Pankh Realcon. “The matter is under investigation,” said an official of Delhi Police. M3M accused MGF of fraud worth Rs 88 crore. “A probe is already being conducted by Gurugram police. A probe into the same case cannot be done by agencies of different states. The decision to lodge complaints in Delhi shows it is a well-planned conspiracy just to counter the FIR registered in Gurugram,” said a senior member of the M3M legal team.
“Emaar Group has already filed an affidavit in the high court, saying that the land in question belongs to them and MGF has no right over it. Under such circumstances, it becomes clear that MGF is only trying to blackmail M3M and the other companies,” the official said. In 2001, MGF had formed a joint venture with Dubai-based Emaar Properties under the name “Emaar MGF Land”. In April 2016, Emaar decided to end the joint venture and the demerger was approved in July 2018. A year later in November, Emaar accused MGF of fraud in joint venture agreements and land deals and filed a petition before the NCLT. The dispute over the land, sources said, began after that.
