Allegations in FIR entirely false, baseless, self-contradictory and bogus: M3M India

New Delhi: After the Delhi Police's Economic Offences Wing here registered an FIR against Gurugram-based M3M India for allegedly causing a loss of Rs 450 crore to the complainant company — MGF Development, a spokesperson of M3M India issued a statement on behalf of the company saying that the allegations in the FIR are "entirely false, baseless, self-contradictory, and bogus".

Significantly, it has already been revealed that M3M had accused MGF of causing a loss of Rs 88 crore to it and an FIR in this regard was registered in Gurugram a couple of months ago. Following this, MGF is known to have filed a complaint against M3M. Referring to the complaint by MGF in Delhi, M3M India said, "The document is a clear misinterpretation of facts, figures and malign the reputation and integrity of the M3M and its promoters."

"The FIR has listed 13 companies/individuals and the accusation of damage of Rs 450 crores in exchange of transfer of land measuring 31.0625 acres is wrong. It is pertinent to clear that no company, as mentioned in the FIR, is a subsidiary of M3M," the company continued.

The company said that the claims in the FIR were incorrect as "point no.2 of the Compromise passed by Ld. Civil Judge, Gurgaon clearly states that companies including M3M (listed as no. 6-10) were only required to pay to the land-owning companies a sum of Rs 114,00,00,000 as monetary consideration for the exchange land holdings measuring 15.12 acres".

"It must be noted that the exchange deeds were executed for lands as "A" to "E" and entire monetary consideration of Rs 12.29 crores for "E" for land measuring approx. 3.75 acre was fully paid as MGF as self-claimed in the FIR (refer para 7, viii) leaving the balance to approx. Rs 112 crore... Therefore, in no way M3M India is responsible for the alleged damage," it added. Furthermore, M3M India has alleged that MGF "comes with a questionable track record where it has maligned the reputation of trusted and renowned real estate developers and blackmailed them in the past", adding that the Emaar Group had also purportedly alleged that MGF had defrauded it in joint venture agreements and land deals.

"M3M is the country's most renowned and trusted real estate company and the allegations of damages worth Rs 450 crore against the company are wrong," the company said.