Emaar Ready to Resolve Issues with Andhra Pradesh Infrastructure Corporation

Published on August 13 2011 by 7bighagroup

A day after the Andhra Pradesh High Court ordered a full-fledged CBI inquiry into the alleged irregularities in the land dealings of Emaar Properties, the Dubai-based company said it is ready to resolve issues with the Andhra Pradesh Infrastructure Corporation “amicably”.

Based on a petition filed by state Handlooms and Textile minister P Shankar Rao seeking a CBI inquiry into land allotments made to Emaar by then Chandrababu Naidu government in 2002 and dilution of the stake of APIIC in the joint venture with Emaar for the development of a township in the city, the AP High Court had ordered the CBI to register criminal cases and investigate the issue.

Some of the terms of the MoU were changed during YS Rajasekhara Reddy’s tenure as Andhra Pradesh chief minister. “We have full faith in laws of the land and investigating agencies. We have fully cooperated in any investigations/enquiry till date and will continue to do so. To reiterate, it is Emaar’s intent to amicably resolve any issues with APIIC under the provisions of the agreement,” Emaar said in a statement.

However, no Emaar official was available to comment further. When contacted, a senior official of APIIC said, they had received a letter from Emaar-MGF six months ago. “They wrote us that they want to come and discuss certain issues. And after that there was no communication from them. We also did not pay much attention as the matter was under investigation then,” the official said.

http://www.indianrealtynews.com/real-estate-india/bangalore/emaar-ready-to-resolve-issues-with-andhra-pradesh-infrastructure-corporation.html

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