Emaar accuses MGF and Shravan Gupta of fraudulent and illegal transfers of land parcels Emaar India CEO Ajay Munot resigns from the company; Hadi Badri, who heads Emaar's international business, to manage the company until further notice. A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. REUTERS/Ahmed Jadallah/File Photo - RTX2AIDV Emaar India Ltd, subsidiary of Dubai-based real estate developer Emaar Properties, has cautioned public against dealing with MGF Group, its promoter Shravan Gupta, and associates, in respect of a land parcel in Okhla, Delhi. This land was valued at nearly Rs 5 billion in 2008 and may be currently valued much higher, the company said in a statement.