Analjit Singh

Analjit Singh www.infralive.com 19 Infra LIVE May 15, 2022 n February 28, 2022 O Neelu Analjit Singh, wife of Max Group promoter Analjit Singh filed a case before the National Com- pany Law Tribunal (NCLT) seeking declaration by NCLT that Mr Singh is unfit to remain a director and share- holder of Max Ventures Investment Holding Pvt Ltd. In her petition, Ms Singh cited various instances of siphon- ing of funds from the company by Mr Singh to his other related companies. An investigation into Piveta Estates Pvt Ltd and Max Estates Pvt Ltd, both Max group companies, reveals that Mr Singh cheated the Noida authority by deceitful representation in order to acquire prime property in Noida in gross violations of rules and regulations and terms & con- ditions of the sub lease deed. Besides, suspicious transactions also raise the issue of avoidance of payment of income tax to the authorities. Here are the details. On June 16, 2010, the Noida author- ity (Lessor) allotted a commercial land bearing Plot No. C001 Sector-16B, Noida to a consortium of special pur- pose company (SPC) with Vistar Con- structions Pvt Ltd as Lead Member, and nine others: Three C Universal Develop- ers Pvt Ltd (Member), Advance eGraphics CompLogic Solutions Pvt Ltd (Member), Jaksons Ltd (Member), Shashi Kant Chaurasia (Member), Navneet Chaurasia (Member), Mr Arpit Chaurasia (Member), Rajiv Kumar Chaurasia (Member), Mayank Chaurasia (Member), and Vijay Anand Chaurasia (Member). The 50,056.72 sq mtr land award was executed through a sealed two bid tender system for the development of commercial complex. The lease period was 90 years. The networth of SPC members are shown in the table given on the right. Immediately after the above allot- ment, the allottee moved an appli- cation to sub-divide the property, which the Noida authority had allowed on June 29, 2010. As a result, Plot No. C-001 was divided into two, C-001/A and C-001/B. Plot No. C-001/A measuring 40,056.72 sq m was allotted in the name of Boulevard Projects Pvt Ltd, a SPC. Sub-plot No. C-001/B measuring 10,000 sq m was allot- ted in September 2010 to six indi- viduals of Chaurasia group, who were members of the consortium. The Boulevard-SPC had consor- tium partners as: Vistar Construc- tions Pvt Ltd (37.50 pc), Three C Universal Developers Pvt Ltd (25 pc), Advance eGraphics CompLogic Solutions Pvt Ltd (12.5 pc) and Jaksons Ltd (25 pc). How- ever, in the same financial year (FY11) the shareholding was changed as follows: Vistar (37.5 pc), eGraphics (25pc), Green Park Buildwell (37.49 pc) and Ziasess Ventures Ltd (0.01 pc). Thus, the key member who contributed the most in fulfilling the eligibility criterion for allot- ment of plot, exited the project once the allotment was made, leaving the project to those who by themselves were incapable of qualifying. Not surprisingly there- fore, the project has not yet been completed in past 12 years and huge dues have accumulated against the allottee. Ziasess was incorporated in SPC members Networth (Rs cr) Vistar 3.09 Three C 14.90 Advance eGraphics NA Jaksons 251.84 Analjit Singh r Wife seeks his removal from Piveta r Max Tower in Noida raises many tax related questions r Noida Authority has lot to answer