By S A Ishaqui
Hyderabad, Feb. 16: The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has informed the AP High Court that it has not received a single rupee in income from Emaar Properties.
The APIIC had filed a counter affidavit before the court pursuant to its direction on a letter sent to the High Court by the Congress MLA, Mr P. Shankar Rao, seeking a direction to probe into the deal between the Emaar Properties PJSC and the APIIC.
In its affidavit the APIIC said that it had been deceived by its private partner Emaar Properties, which violated the conditions of the agreement between them.
The corporation brought to the notice of the court that though it had entered into an agreement with Emaar PJSC, the latter also had clandestine agreements with Emaar MGF and Stylish Homes companies only with an intention to defraud the APIIC.
According to the affidavit, Emaar stood guarantee to Emaar MGF and was instrumental in granting a `150-crore loan on the lands allotted by the APIIC. It shows that none of these companies have got the capacity to execute the agreed project.
The APIIC said Emaar Properties, Emaar Holdings and Emaar Hills Township Pvt Ltd are sister-concern companies and all of them colluded to swindle the properties by deceiving the corporation.
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