Emaar MGF violated FDI norms: ED

Emaar MGF violated FDI norms: ED
The Hindu Business Line, December 5, 2009, Page 15

New Delhi

A day after it conducted search operations at 13 offices of Emaar MGF, the Enforcement Directorate today said that the documents seized indicate “large scale violation of FDI guidelines”. “The company has about 12,800 acres of land bank of which 8,700 acres is agricultural land. Most of the agricultural land has been acquired out of FDI, which is a violation of FDI”, the ED said in a statement here. The ED also claimed to have found Rs 9 crore of Indian currency, two kilos of gold during the search and seizure operations on Thursday. “A number of incriminating documents showing large scale FEMA violations by the Group was found and seized. The Group has floated more than 350 companies including a large number of companies registered in Cyprus, Cayman Islands, Mauritius and Singapore”, the statement said. The search operations on Thursday came at a time when the company is gearing up for a Rs 3,850-crore initial public Offering. — Our Bureau