In a significant development, Emaar group has finally admitted its fault in having deviated from the MoU it had inked with Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for the Boulder Hills project and has expressed its willingness to make amends.
The Dubai-based player has also agreed to cancel all agreements done with Emaar MGF as a co-developer in Emaar Hills Township Private Ltd and has agreed to restore APIIC’s 26% stake in the joint venture, APIIC chairman S Siva Rama Subramanyam told newspersons on Tuesday after the board meeting of APIIC.
“The chairman of Emaar group wrote a letter to the APIIC board admitting that accommodating Emaar MGF in the joint venture was a fault. Emaar also agreed to drop Emaar MGF from the joint venture and restore APIIC''s original stake of 26%,” the APIIC chief said.
According to him, as per the directive of the Andhra Pradesh High Court, the letter of the Emaar chairman has been handed over to the Central Bureau of Investigation (CBI) that is probing the Emaar-APIIC scam. “We have told CBI about Emaar’s willingness to restore our stake and also drop Emaar MGF as co-developer. We will discuss this issue during the next board meeting on December, 27,” Subramanyam said. APIIC’s stake had gotten reduced from 26% to around 5% due to the scam. On the Raheja Mindspace project, Subramanyam said that Rahejas too had indicated their willingness to restore APIIC’s stake to 11% in the project. Talking about the state government’s plan to divest its stake in around 25 joint ventures that APIIC has with private players, he said that APIIC was yet to work out estimated value for its stake in these individual projects and that it would be taken up for discussion in the next meeting. Admitting that there had been deviations in APIIC’s land allotments, the APIIC chairman said that to regularise the system and rectify deviations in land allotments it had decided to involve collectors at a zonal level for land allotments of more than 5 acres and less than 50 acres and had requested the state government to set up a committee to decide on land allotments of over 50 acres to ensure a more transparent system. “There have been deviations in land allotments and we intend to rectify them and regularize the system,” he said.
On the Lepakshi Knowledge Park issue, he said that APIIC had sought the intervention of its legal team to find out if the nodal agency was entitled to issue a no-objection certificate allowing the developer to raise a bank loan.
According to him, APIIC, which entered into an MoU with Lepakshi, cleared its sale deeds and also issued an NOC to raise loans from banks for setting up the infrastructure park. “We don’t know if APIIC can give an NOC and have asked our legal experts to determine the technicalities. The outcome will be discussed in the next meeting,” he said.
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