Emaar, which is present in India through a partnership with the MGF Group, said in a filing to the Dubai bourse that the confiscation of the Rs1.83 billion bank guarantee furnished by the joint venture to the Delhi Development Authority, or DDA, would “not affect it directly”.
On Monday, Emaar-MGF moved the Delhi High Court against the DDA move, reports from New Delhi said. Asking the DDA to respond to the Emaar-MGF’s petition by November 11, the high court said that if the guarantee has not been encashed by the authority a status quo has to be maintained.
Emaar’s statement on Dubai bourse website said the joint venture would “take all possible action required to protect the company’s interests”.
“The encashment of the guarantee has no direct impact on Emaar, as the guarantee has been issued through the facilities available to the company in India.”
Emaar MGF had provided adequate documentation in respect of regular updates to DDA, including the fact that the authority’s contractors were causing damage and were not being supervised, the filing added.
Last week, the Indian government had ordered confiscation of the performance bank guarantee furnished by Emaar MGF and initiation of legal action against the firm for recovery of other expenditure over “deficiencies” and “delays” in construction of the CWG Village.
Emaar MGF had dismissed all charges against it, saying all quality standards were met. The developer said the Village was built to the “highest standards of quality and design” and all the pertinent milestones were achieved as per the scope of work.
The company also said all deficiencies pointed out by the DDA or any other agency were duly rectified by it.
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