This land was valued at nearly Rs 500 crore in 2008 and may be much higher today,” the company said.
Emaar has alleged that when it took management control of the JV entity Emaar India, it found several unauthorised related party transactions that took place before 2016. So far, Emaar has sought to recover over Rs 2,400 crore related to the siphoning off of funds or properties.
It approached the National Company Law Tribunal in November 2019 for this.
Further, Emaar also claimed on Friday that Gupta and his family, who have moved abroad since litigation began, are likely to take up citizenship of the Commonwealth of Dominica.
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