Emaar MGF withdrew its IPO earlier this year, but one controversy that just refuses to die down is its battle with financial powerhouse IFCI for not refunding Rs 50 crore. The said amount was invested by IFCI at the pre-IPO stage. Emaar has already refunded Rs 17 crore while allotting shares for the balance Rs 33 crore. But IFCI feels that after the withdrawal of the IPO, it has the legal right to treat this investment as debt, something that Emaar had agreed to.
