Shravan Gupta

Shravan Gupta (born 1973) is an Indian businessman, serving as the chairman of MGF Group. He was previously a Director of Emaar MGF Land.[2][3][4][5]

Shravan Gupta
NationalityIndian
Alma materShri Ram College of Commerce
OccupationMD & Chairman of MGF Group
Spouse(s)Shilpa Gupta[1]
Children2
Websiteshravangupta.com

Early and personal life

Gupta has done his bachelor's degree in commerce from Shri Ram College of Commerce, University of Delhi.[6] He is married to Shilpa Gupta[1] and has two daughters with her.[6]

Career

After doing his B.Com from a college in Delhi, Shravan joined his family business,[6] namely Motor & General Finance Ltd. (MGF), a vehicle-finance/lending company which had been founded in 1930. He served as a Non-executive director of Motor & General Finance until March 30, 2007. In 1997, MGF diversified into real estate, when Shravan founded MGF Developments. The company created over 5 million square feet of mainly retail space (but also some commercial and residential space), building five shopping malls, including three in Gurgaon which are clustered together within a range of one Km (The Metropolitan, The Metropolis and The Megacity Mall), and one each in Delhi (City Square Mall) and Jaipur (MGF Metropolitan Mall).[7]

Joint Venture with Emaar

In 2005, Shravan's MGF Developments entered into a joint venture with Emaar Properties PJSC Dubai to invest in the Indian realty space.[8][7] The joint venture company, Emaar MGF, has invested about Rs.8,500 crore in the Indian real estate market, of which about Rs. 7000 crore (INR 70 billion/USD 1 billion) was brought in by Emaar, which represents the largest Foreign direct investment in India in the real estate sector.[9]

The joint venture was however plagued by numerous internal issues. Finally, in April 2016, Emaar and MGF announced that they were parting ways, and that the joint venture would be divided vertically.[10] Two months later, Shravan resigned from his position as Executive Vice-Chairman & Managing Director of Emaar MGF.[8][11]

Emaar accused Shravan of fraudulent and illegal transfers of land parcels.[12] In a matter related to Emaar complaint against Shravan Gupta and his company MGF for fraud of Rs. 180 crores, the Delhi court ordered the police to file a FIR against MGF and Shravan Gupta. Subsequently MGF filed for review of the order. However, the court dismissed the application filed by MGF and confirmed the order of filing FIR against MGF and Shravan Gupta. The court has also ordered that the matter be investigated under the money laundering and tax evasion laws of India.[13]

Other controversies

The National Company Law Tribunal (NCLT) on November 30 ordered insolvency proceedings against the Shravan Gupta owned and led MGF Developments and appointed Gaurav Katiyar as an interim resolution professional after suspending the board of the real estate company.[14]

The NCLT later allowed the withdrawal of insolvency proceedings against Shravan Gupta’s real estate firm, after the company reached to a settlement with the homebuyers who had dragged the company to NCLT.[15]

MGF’s Shravan Gupta owned BVI firm named in Pandora Papers[16]

Gupta is facing cases in India. His name, along with that of his wife Shilpa, was found in the HSBC (Geneva) list of Indian account holders released in early 2015. There was a total balance of 33.8 million in their accounts as of 2006-07.[16]

References
  1. Subramanian, N Sundaresha (December 28, 2015). "Emaar MGF's Gupta family set to benefit from Dun Smart City". Business Standard.
  2. "Shravan Gupta appears in CBI court". The Times of India. August 24, 2012.
  3. Nair, Shraddha (August 17, 2010). "Gupta brothers of MGF Group split". Livemint.
  4. www.ETRealty.com. "Emaar MGF MD Shravan Gupta steps down - ET RealEstate". ETRealty.com. Retrieved 2020-12-03.
  5. "ED seizes Rs 102.8-mn assets from Emaar MGF MD Shravan Gupta under FEMA". Business Standard. December 15, 2018.
  6. "Young Turks Season 2 Episode 22 Part 1 Spearheading The Retail & property development (MGF)". CNBC-TV18. July 29, 2013.
  7. "MGF poised for the next phase of growth". Asian News International. February 12, 2019.
  8. "Emaar MGF MD Shravan Gupta steps down". The Economic Times. June 10, 2016.
  9. "Emaar-MGF brings large FDI to India". Khaleej Times. December 17, 2005.
  10. Emaar to end decade-long JV with MGF.
  11. "Reaching for the sky in Dubai". The Times of India (New Delhi edition). June 25, 2007.
  12. "Emaar accuses MGF and Shravan Gupta of fraudulent and illegal transfers of land parcels".
  13. "MGF vs Emaar case: Court asks for probe into Rs 180-crore transaction". The New Indian Express. Retrieved 2021-11-30.
  14. "NCLT Orders Initiation Of Insolvency Proceedings Against MGF Developments". Moneycontrol. Retrieved 2021-12-20.
  15. Haidar, Faizan. "NCLT allows withdrawal of insolvency proceedings against MGF Developments". The Economic Times. Retrieved 2021-12-20.
  16. "Pandora Papers: MGF's Shravan Gupta owned BVI firm, JV with Emaar got $2 million". The Indian Express. 2021-10-08. Retrieved 2021-10-08.

[1]

  1. "Emaar accuses MGF and Shravan Gupta of fraudulent and illegal transfers of land parcels". MoneyControl.
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