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FINANCIAL NEWS
Emaar MGF faces $20m fine from Delhi High Court
27 Dec 2010
(MENAFN) Delhi High Court fined Emaar MGF, a joint venture between Emaar Properties and India�s MGF Development by around $20million for delays in construction of the $230m Commonwealth Games village, reported Arabian Business.
Earlier this month, the court gave right to the Delhi Development Authority (DDA) to cash in a bank guarantee of $41.25m as part of its contract with Emaar MGF in spite of the latter’s attempt to postpone.
DDA previously filed claims of construction flows in the games village and as well as a delay in deadlines. Emaar denied charges.
Emaar stated that DDA took over the village after the organizing committee conducted an inventory of facilities, items and assets.
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