new delhi june 10 realty firm emaar mgfs executive vice chairman managing director shravan gupta has resigned from the post after the two joint venture partners dubaibased emaar properties and indias mgf development decided to part ways and restructure the companys business emaar mgf land which has filed a demerger scheme in the delhi high court to give effect to the restructuring process has elevated companys chief financial officer cfo sanjay malhotra as acting ceo two new board members have also been appointed as emaar properties nominees as part of the restructuring dubais realty major emaar would take control of the companys ongoing projects to ensure completion of those projects at the earliest when contacted an emaar mgf spokesperson said while shravan gupta has resigned as executive vice chairman managing director of the company he continues to act as director of the company the spokesperson said adding that sanjay malhotra is the new acting ceo of the company the new board members appointed by the company are nominees of emaar the spokesperson said on significant delays in its ongoing projects and buyers protest emaar mgf said we would further like to submit that under the leadership of emaar the key focus of the company presently is to fast track development of the ongoing projects the management would ensure that the international best practices of emaar will be implemented in the projects of the company and the quality of the developments will be of emaars international standards customer focus is key and the management will ensure that customers interest will be of prime focus for the company regular interaction will be kept with the customers to update on the projects and resolve all pending issues the spokesperson said in april emaar properties and mgf developments had decided to end their 11yearold joint venture through reorganisation and demerger of their india business emaar properties which entered india in 2005 with largest fdi in the realty sector has invested about rs 8500 crore in indian real estate market through its jv firm emaar mgf clocked a net loss of rs 47120 crore in 201516 fiscal income from operations fell to rs 73980 crore last fiscal from rs 138916 crore in the previous year emaar mgf has a land bank of around 8000 acres and 53 ongoing residential and commercial projects across the country mjh mkj