Hyderabad: The Telangana State government is moving to restore the controversial Emaar MGF project in Manikonda, which has been stuck in legal disputes for five years.
The high-level committee appointed by the government to find a legal way out for this controversial project is learnt to have recommended restoring the government’s stake to the original 26 per cent from the present 6 per cent.
“Emaar group had offered to cancel all agreements with Emaar MGF as a co-developer of the project and restore 26 per cent government stake (then APIIC) in the project in 2011.
However, the N. Kiran Kumar Reddy government had failed to act on this and kept the issue pending. The Telangana government now wants to pursue the case with the Dubai-based Emaar group,” said a TSIIC official.
The official said that the Telangana government had also sought legal advice from the law department about moving the High Court and the CBI court on restoring TSIIC’s stake to the original 26 per cent.
