Logix and ATS Groups

Logix and ATS Groups www.infralive.com 36 Infra LIVE August 15, 2022 Further, based on the JV agree- ment, an Investment Agreement was also executed on July 30, 2015 between Celerity as issuer of PPO, ATS Infrastructure Ltd, Logix Infra Developers Pvt Ltd, Geetamber Anand, Shakti Nath, and ICICI Prudential Assets Management Company Ltd for Rs 130 crore Secured Optionally Convertible Debentures (SOCDs) at Rs 100 per d e b e n t u r e o n f a c e v a l u e . Geetamber Anand MD of ATS Groupwas director and compliance officer of Celerity for the issue. It was therefore evident that the Directors of Logix Infradevelopers Pvt Ltd while seeking the approval of Noida Authority for subleasing the said plot to Celebrity (Directors - Geetamber Anand and Shakti Nath) without paying stamp duty, has fraudulently and mischie- vously used an old letter of RoC Kanpur issued in June 2014 declaring Celebrity as a subsidiary of Logix Infra for claiming exemp- tion from stamp duties/ registra- tion charges in September 2015 and thereby causing loss of signifi- cant revenue to GoUP. The Pro- moter has since been developing the Project ATS Kingstan Heath & ATS Pristine Golf Villas on this plot. NobilityEstatesPvt Ltd Similarly, Logix Infra while seeking the approval of Noida Authority for subleasing the plot No. SC01/C-A1 measuring 80,937 sqm and registering the sub-lease of the Plot toNobility Estate Pvt Ltd (Nobility) before Sub-Registrar, Noida II on May 21, 2014 (scan-B1 at pg 39) misrepresented the facts by declaring Nobility as their subsidiary for claiming exemption from stamp duty/ registration charges and thereby causing loss of substantial revenue toGoUP. Nobility was incorporated on January 2, 2014 as 100 per cent subsidiary of Logix Infradevelopers Pvt Ltd (Logix Infra). In February 2014, it tied up with ATS group to director of Logix and Celerity, certificate dated June 2, 2014 from Saurabh Srivastava and Associ- ates, company secretaries. RoC, Kanpur further requested that section 2 (87) of the Companies Act may also be referred to and proper due diligence be done if his letter is produced for purpose of exemption from payment of revenue. It was however found that in July 2015, Celerity had declared itself as a Joint Venture (JV) company between the Logix Goup (comprising Shakti Nath and Logix Infradevelopers Pvt Ltd) and the ATS group (comprising Geetamber Anand, ATS Infra- structure Ltd and STG Softech Pvt Ltd) on the basis of a JV Agree- ment executed on July 29, 2015 in its submission for private place- ment offer letter in Form PAS-4 pursuant to Section 42 and Rule 14(1) of the Companies (Prospec- tus and Allotment of Securities) Rules, 2014 (scan-A3 at pg 38). Scan-A1