Emaar India’s director Hadi Badri resigns

Dubai-based realty developer Emaar Properties’ subsidiary Emaar India’s director Hadi Badri has resigned from his position. Badri was appointed as director of Emaar India after it’s Chief Executive Officer Ajay Munot resigned in January 2021.

Badri heads Emaar’s international business but it is not clear whether he has resigned from that post as well.

“Due to my pre-occupation with other engagements, I am not in a position to devote my time to the affairs of the Company as a Director. Accordingly, I am submitting my resignation as director of the company with immediate effect,” Badri said in his resignation letter.

Emaar Properties, which entered India in 2005 with the largest FDI in the realty sector then, had invested about Rs 8,500 crore in the Indian real estate market through its joint venture Emaar MGF Land.

However, in April 2016, it decided to end this joint venture and two months later Shravan Gupta, the then executive vice-chairman and managing director of the joint venture, resigned from the post. The demerger was finally approved in July 2018.

Currently, the erstwhile partners are at loggerheads after the Dubai-based realty developer accused fraud in joint venture agreements and land deals and filed a petition with NCLT in November 2019 seeking investigation into this. It has sought compensation of Rs 2,400-crore bank guarantee to secure its losses. MGF has refuted all these charges.