Emaar India’s CEO Ajay Munot resigns; Hadi Badri takes charge

MUMBAI: Dubai-based realty developer Emaar Properties’ subsidiary Emaar India’s Chief Executive Officer Ajay Munot has resigned from the company. He had joined the company in August 2019 and was earlier the CEO of Adani Realty.

Emaar India confirmed that Munot has resigned from the company to pursue his personal interests.

Emaar India will be managed by Hadi Badri, who heads Emaar’s international business, until further notice, the company said.


Emaar Properties, which entered India in 2005 with the largest FDI in the realty sector then, had invested about Rs 8,500 crore in the Indian real estate market through its joint venture Emaar MGF Land.

However, in April 2016, it decided to end this joint venture and two months later Shravan Gupta, the then executive vice chairman and managing director of the joint venture, resigned from the post. The demerger was finally approved in July 2018.

Currently, the erstwhile partners are at loggerheads after the Dubai-based realty developer accused fraud in joint venture agreements and land deals and filed a petition with NCLT in November 2019 seeking investigation into this. It has sought compensation of Rs 2,400-crore bank guarantee to secure its losses. MGF has refuted all these charges.