NCLT approves demerger of Emaar-MGF

New Delhi Jan 10: The NCLT had approved the demerger of the demerger scheme of Emaar MGF Land Ltd that would part ways of Emaar and MGF properties.

NCLT had said that "liabilities and duties" related to the assets demerged from Emaar MGF Land would be vested with the resultant company-- MGF Developments."

Earlier the joint venture companies have decided to end their joint venture in April 2016.Dubai's realty major Emaar Properties had entered into India's real estate venture and has formed a joint venture with MGF properties in 2005.

Sources said that the Dubai based Emaar has decided to end the JV as many cases were filed against the company and investigations are in place. The Dubai based Emaar group may exit the country or it may start a new venture.