The following is from Deccan Chronicle, July 6th 2010:
http://www.deccanchronicle.com/emaar-township-gets-red-card-apiic-434
Emaar township gets red card from APIIC
The prestigious Emaar integrated township and golf course project at Manikonda has run into trouble with the co-promoter, Andhra Pradesh Industrial Infrastructure Corporation (APIIC), accusing its partner Emaar of defrauding the state.
APIIC has hurled the allegation after Emaar Hills Townships Pvt Ltd, the joint venture company, entered into a development agreement-cum-general power of attorney with Emaar MGF without its approval.
With this agreement, the majority of sale proceedings will go to the Emaar MGF and not the JV which developed the project.
Sources said APIIC served a legal notice on its partner for violating the rules and conditions of the collaboration agreement.
It also urged the government to prohibit registration of any transaction pertaining to the township.
“The agreement with Emaar MGF is against financial interests of the state and APIIC since it purports to transfer huge share of profits by way of revenue share to Emaar MGF,” said the APIIC.
APIIC added that the agreement with Emaar MGF was nothing but a sham device for “siphoning of funds” out of township project and to deprive the shareholders, particularly the corporation, its due share in profits.
Monday, July 5, 2010
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AP Congress President Mr. D. Srinivas has a huge villa coming up in Boulder Hills. He is only one of the politicians who own property in Boulder Hills. Why would the government do anything negative?
ReplyDeleteGovernment does nothing unless something goes wrong in Hyderabad.
ReplyDeleteHyderabad real estate
This is one big scam! How can a 49% stake for APIIC in 2003 go to 27% in 2005 and .03% in 2007? YSR and his cohort Ambati have defrauded AP by over 5000 crores. And this is just the tip of the iceberg.
ReplyDeleteWhat is interesting is that this has not come out till now and conveniently to attack Jagan's supporters. Jagan and his good daddy have swallowed around 170,000 crores of state's assets, wealth and funds.
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