Logix and ATS Groups

Logix and ATS Groups www.infralive.com 39 Infra LIVE August 15, 2022 Infra as on February 11, 2014 in terms of section 2 (87) of the Companies Act 2013. Therefore, Shakti Nath, director of Logix Infra and Nobility, had misrepresented and submitted patently false affidavit before RoC Kanpur regarding the status of Nobility as a wholly owned subsid- iary of the Logix Infra in April 2014 so as to obtain a certificate of subsidiary in order to avail the exemption from stamp duty under theGoUPnotification. Based on the misrepresentation and false affidavit submitted by the director of Logix Infra andNobility, RoC Kanpur issued a certificate to the company which was fraudu- lently used to obtain the approval of the Noida Authority for sub division of the Sport City Plots SC- 01/C, SC-01/C1 & SC-01/C2 into Sub plots SC-01/C A1 in favour of Nobility as 100 per cent owned subsidiary company of Logix Infra in April 2014. Thereafter, the directors of the Logix Infra and Nobility executed the sub-lease deed on May 21, 2014 (scan-B3 at pg 41) and got it registered before Sub-Registrar, Noida II on the same day claiming exemption from Stamp Duty/Registration charges in terms of GoUP notification of March 25, 1942. The Promoter has since been developing the Project ATS Le Grandiose Phase 1 & 2 on the said plot. Conclusion Government of UP and Noida Authority should prosecute all the directors of Celerity and Nobility and Logix Infra and recover the stamp duties payable on executed sub-lease deeds along with 18 per cent interest per annum from the date of sublease to the date of payment, which works out to Rs 29.62 crore till date, failing which GoUP should declare their sub- lease agreements as null and void and recover the possession of these plots. raise funds in the form of NCDs. In April 2014, Nobility claimed itself as unit/part of ATS group before the CARE credit rating agency for rating their NCD issue. On June 7, 2014, STG Softek Pvt Ltd, a subsidiary of ATS Group, and ATS Housing Pvt Ltd, took over the entire shareholding of Nobility. Further, it was found that Nobility had entered into an agreement on February 11, 2014 (scan-B2 at pg 40) with Geetamber Anand (Guarantor) and ATS Infrastructure Ltd (Promoters), through which the powers of appointment of two directors and chairman in the company was handed over to ATS group. Based on this agreement, Nobility offered and issued 6,580 listed Secured Non-Conve r t i b l e Deben t ur e (Domestic NCD) of face value of Rs 10 lakh. It is therefore evident that control of Logix Infra over Nobility was passed onto ATS group on February 11, 2014 and Nobility was no longer the subsidiary of Logix Scan-B1