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This is an archive article published on September 15, 2007
Tax raids on Emaar-MGF, firm says it146;s routine survey
The Income Tax Department has conducted raids on properties that belong to the Emaar-MGF Group...
Written by Esharoy
New Delhi | September 15, 2007 12:00 AM IST
2 min read
2 min read
The Income Tax Department has conducted raids on properties that belong to the Emaar-MGF Group, a consortium between the Dubai-based real estate developers Emaar Properties and India8217;s MGF developers. Official sources said the raids started on Wednesday on offices of the group across the country for alleged tax violations.
When contacted, a spokesperson of the group told The Indian Express: 8220;It was a routine survey by the Income Tax department two days ago as it would be in the normal course of business. No irregularities whatsoever were found.8221;
According to sources, raids were conducted on the group8217;s Delhi, Chennai and Chandigarh offices. Lockers belonging to the company were sealed. Sources further said that raids were also conducted on the residences of the group8217;s senior executives as well as promoters.
Emaar-MGF had announced India8217;s largest FDI in the real estate sector amounting to over half a billion dollars for projects with a capital outlay of 4 billion Rs 18,000 crore. The projects are planned for Delhi, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking, and is the majority shareholder in Amlak Finance, UAE8217;s leading Islamic home financing company.
The consortium is in the process of developing township projects at Mohali and Ludhiana, Jalandhar and Amritsar after an agreement was signed with the Punjab Government. It also secured the bid to construct the Games Village for the Commonwealth Games to be held in Delhi in 2010.
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