Industrial Plot No.1, Sector 90, Noida

Table-3: No. of shares of Rs 10 each and shareholders of Sl Name of Shareholders Total Class % 28.8.2006 15.3.2007 27.3.2008 29.3.2008 17.3.200 1 Rajesh Malik , S/o Ram Lal Malik (Occupation: Service) 7,020,000 A 42.33 5,000 5,000 1,000,000 2 Randeep Waraich, S/o Chattarpal Singh Waraich; Occupation: Consultant 7,020,000 A 42.33 5,000 5,000 1,000,000 3 Unitech Ltd 2,237,030 B 13.49 510,000 4 Stupa Consulting Pvt Ltd 28,333 B 0.18 5 Carnoustie Consulting Pvt Ltd 13,833 A 0.08 6 Omkar Realtors & Developers Pvt Ltd 36,666 B 0.22 16,6 7 Shivalik Ventures Pvt Ltd 66,666 B 0.40 8 Carnoustie Security Pvt Ltd 20,000 A 0.12 9 Arvinder Singh 3,333 B 0.02 10 DLF Home Developers Ltd 40,000 B 0.24 11 Bravo Builders Pvt Ltd 100,000 B 0.60 12 Sanjay Rastogi * - B 3,3 13 Bikanervala Real Estates Pvt Ltd # - B 28,3 Total 16,585,861 100 10,000 10,000 2,000,000 510,000 16,6 Face Value of Rs 10 + Premium 10 10 10 1,000 1,0 Total in Rs crore 0.01 0.01 2.00 51.00 1. * Sold to Carnoustie Consulting # Sold to Stupa Class-A = With voting rights; Class -B = Without voting rights Industrial Plot No.1, Sector 90, Noida www.infralive.com 30 Infra LIVE June 15, 2022 determined/ terminated. As per the terms of lease deed the entire money paid by them also should have been forfeited. Clause (III a) of the lease deed states that if the allotment of plot or lease is obtained by suppression of any fact or mis-representation or mis- statement etc, the lease of land may be determined, entire money paid by lessee be forfeited and possession of demised plot be taken over. Violation-2: Change in Constitution of CBS The lease deed executed by the Noida Authority with CBS provided that no change in constitution of lessee was permis- sible before completion of the project. However, tables 1 to 3 show that there were multiple changes in the shareholding (CIS) of lessee (CBS) before completion of the project. As per the provi- sions of the lease deed, the Noida Authority should have levied penalty on the lessee (CBS) for making changes in the shareholding of CBS, but it has not done it so far. CAG has determined CIS charges payable by CBS as Rs 2.64 crores. Violation-3: Sub-division to Bhutani Group As per the lease deed executed by the Noida Authority with CBS on May 30, 2008, the lessee shall not assign, relinquish, sub-let, transfer or part with the posses- sion of any portion of demised land and/or create third party rights and building thereon except with prior written permission of Further, the name of BVDM, an Australian company, was added to present a rosy picture of its financial health in order to qualify for allotment of the plot. In this regard, the relevant extracts of the state government policy are reproduced in box-B at pg 42. Before issuing allotment letter, Noida Authority should have verified these facts, but for some reasons, it shut its eyes. This resulted in allotment of a precious industrial plot worth Rs 52.77 crore to an ineligible newly incorporated applicant who in turn sold it to Unitech and others at premium. The CAG brought to the attention of the Noida Authority the above misrepresentation of facts by CBS to obtain the plot, however the lease has not been