The Andhra Pradesh High court declared on Thursday the termination notice on the Dubai based Emaar properties owned by APIIC (Andhra Pradesh Industrial Infrastructure Corporation) with joint regards from MOU, for the development of 500-Acre land at Gachibowli.
Justice C. V. Nagarjuna Reddy made an interim order in response to the petition filed by Emaar. APIIC stated in affidavit that the Emaar was suppressing information causing loss to the APIIC. But the council of Emaar responded the court that the development plan should come under a purview of AP Infrastructure Development Enabling Act in 2001, which will provide a settlement between partners in case of any dispute among them.
Advocate General Mr. D. V. Sitarama Murthy said the court that due to the last project has conceived prior to the enactment of the Act; its provisions are not applicable for Emaar’s issue.
The judge in other hand ruled that this issue would come very much under the provision of the Act.
The state government and a civil court issued earlier orders in the favor of APIIC, which restricted Emaar’s development to the land. The judge however said that the safe guards are meant to protect the public interest.
- New York City Rent Guidelines Board in an Unprecedented Move Votes to Freeze Regulated Rents on One-Year Leases
- According to S&P Dubai Real Estate Prices Likely to Drop Ten to Twenty Percent 2015
- Gains Noted in Southern California Home Sales Marking a Rise in Prices
- Fannie Mae Accused of Discriminating Neighborhoods on the Basis of Races by Fair Housing
- Second Quarter Profits of Business Software Provider SAP Drops Due to Higher Expenditures
- The National Football League’s Revenue Growing Rapidly with $1.3 billion Added Revenue in 2014
- Express with Emojis and You Might be Able to Suggest the Next Emoji to be Included on the Keyboard
- Livetext, the New Yahoo Messenger Debuts in Hong Kong before a Wider Release
- Report from a Security Firm Suggests Decline in Spam Rate and Increase in Malware Creation
- President Obama Planning to Make Changes in US Criminal Justice System
- Documents from 2005 Sex-Assault Lawsuit Should Not Be Unsealed, says Bill Cosby’s Lawyer
- Friend of Boston Bomber Sentenced Two And a Half Years of Imprisonment
- Prison Employee faces Charges of helping 2 Prisoners to Escape
- New York police detective shoots gunman who injured a man