Tuesday, July 16, 2013

Rs 8,600-cr notice to Emmar MGF for FEMA violations

Rs 8,600-crore show-cause notice on construction major Emmar MGF Land. It claimed the group
had disclosed to the Reserve Bank of India (RBI) that it is bringing FDI for developing construction-related projects but it used the funds for purchasing farm land, which is a violation of the banking and FDI regulator.

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