Logix and ATS Groups

ATS Kingstan Heath & ATS Pristine Golf Villas by Celerity Infrastructure Pvt Ltd ATS Le Grandiose by Nobility Estates Pvt Ltd Logix and ATS Groups Infra LIVE August 15, 2022 34 www.infralive.com between a parent company and a subsidiary company one of which is the beneficial owner of not less than 90 per cent of the issued share capital of the other, or ¦ Where the transfer takes place b e t we e n t wo s u b s i d i a r y companies of each of which not less than 90 per cent, of the share capital is in the beneficial ownership of a common parent company: Provided that a certificate is obtained by the parties to the instrument from the Registrar of Companies (RoC). SC-01/150, Noida In May 2011, Sport City Plot SC- 01/150 measuring 907,988 sqm was allotted to Logix group consor- tium. This plot was broadly divided into three parts – A, B and C. The Logix group consortium got the lease of Part A of the plot done with Logix Builders &Promoters Pvt Ltd and Part B & Part C of the Plot was done with Logix Infradevelopers Pvt Ltd. Thereafter these sub-plots A, B & C were further divided and sub-leased to several 100 per cent owned newly created subsidiaries so as to take advantage of exemp- tion from stamp duties/ registra- tion charges under the GoUP nder the finance U d e p a r t m e n t notification No. M- 599 /X- 50 da t ed Ma r c h 2 5 , 1 94 2 (GoUP notification) issued by the government of Uttar Pradesh exemption is provided from the payment of s tamp dut i es in transactions relating to transfer of property between companies limited by shares in a case: ¦ Where at least 90 per cent, of the issued share capital of the transferee company is in the beneficial ownership of the transferor company, or ¦ Where the transfer takes place Logix and ATS Groups Cheated UP Govt of crores of rupees by evading Stamp Duties Plot No. SC-01, Sec-150, Noida