Agastya07

Hyderabad, Feb. 15: After the APIIC accused it of swindling state funds, a cornered Emaar offered to negotiate for an amicable settlement.

The offer came after all efforts made by Emaar to prevent APIIC from initiating action through multiple agencies, including courts and the Company Law Board, failed. APIIC directors feared that discussing issues with Emaar when several cases were pending in courts would be counterproductive.

“The board is of the unanimous opinion that Emaar’s offer should be unconditional and without any prejudice to the ongoing legal battle,” said a source. “It felt that no cases should be withdrawn even if the negotiation is initiated.”

Some board officials favoured the proposal that is worth about `1,000 crore. “Axis Bank valued each acre in the project at `22 crore and even if the prices came down by 40 per cent, it will still come to about `15 crore per acre,” said an official.