Plot No. 2/140A, Noida for IT/ITES sector

Plot No. 2/140A, Noida for IT/ITES sector www.infralive.com 26 Infra LIVE August 15, 2022 Nirmal Singh, the then director of MDIPL on February 13, 2008 itself had stated that he had taken vacant physical possession of land without any encroachment. 2. A l l o t m e n t o f F a r m Houses Despite the dues, the Comptrol- ler and Auditor General (C&AG) of India in its Performance Audit Report (12/2021) reported that Noida Authority had allotted several plots for Farm Houses of more than 10,000 sqm each to the promoters and directors of MDIPL and their related companies in prime sectors of Noida in February 2009/January 2010 at throw-away price, much lower than the basic rates applicable during the year of allotment. The details are as given in table-1 at pg 26. In its Audit Report, the C&AG determined undue benefits of Rs 135 crores to nine entities as they were charged much lower rates (about one-fifth) than the basic rates applicable during the allot- ment year. 3. Change in Constitution of Company The lease deed executed by the Noida Authority with MDIPL provided that no change in consti- tution of lessee was permissible before completion of the project, and after that transfer charges at the rate of 10 per cent is applicable at the current price of allotment as on the date of transfer. It was however observed that changes in the constitution (CIS) of MDIPL were made several times in the last fifteen years and the project is still years away from the completion. Moreover, the purpose for which the land was allotted at the concessional rates has not yet been achieved. MDIPL was incorporated on July 7, 2007 by Vidur Bharadwaj, Nirmal Singh and Surpreet Singh f ound t ha t MDIPL r ece i ved multiple favours from the authori- ties. 1. Reschedulement of dues The first installment of Rs 3.50 crore was due on June 30, 2008, while the last instalment of Rs 3.34 crore was payable on December 31, 2015. However, MDIPL did not pay the instalments of premium/ interest, lease rent etc due on June 30, 2008 and December 30, 2008 and there were significant out- standing dues against the lessee. MDIPL was given reschedulement benefits multiple times by the Noida Authority with the first one given in November 2009 for payment of overdue amount of Rs 7.27 crores in four half-yearly ins ta lment s commenc ing on November 19, 2009 up to May 19, 2011. In 2011 again, MDIPL was given reschedulement benefits in August 2011 when overdue amount of Rs 51.49 crores were rescheduled for paymen t i n 12 i ns t a lmen t s , commencing from February 19, 2012 and ending on August 30, 2017. In April 2018, the outstand- ing dues amount was again deter- mined by the Noida Authority to be Rs 77.35 crores, later reduced to Rs 72.14 crores after a rebate of Rs 5.21 crores was awarded on the specious plea of the allottee that they were not able to construct the building due to encroachment/ tress- passing by the villagers. At that time, the ownership was with Ghais of Urbtech Group. Remember, Table-1: Allotment of Farm Houses to Promoters of MDIPL Sl Plot No/ Sector Name of the Allottee Designation Plot Size per sqm Price per sqm Date of allotment 1 FH-03/127 Nirmal Singh Director 10,875 3,100 26.02.2009 2 FH-02/127 Surpreet Singh Suri Director 10,952 3,100 26.02.2009 3 FH-01/127 Richa Bharadwaj W/o Vidur Bharadwaj W/o Director 10,960 3,100 26.02.2009 4 FH-06/127 Shashi Kant Chaurasia Promoter 10,809 3,100 26.02.2009 5 FH-07/127 Navneet Kr Chaurasia Promoter 10,912 3,100 26.02.2009 6 FH-05/127 Constant eFine Infosoftech Pvt Ltd These four companies had Nirmal Singh, Vidur Bharadwaj and Surpreet Singh Suri as directors 10,900 3,100 26.02.2009 7 FH-01/128 Comprehensive IT Developers Pvt Ltd 10,000 3,100 26.02.2009 8 FH-02/128 MD Web Designers (P) Ltd 10,000 3,100 26.02.2009 9 FH-17/133 Challengerz Web Solutions Pvt Ltd 10,029 3,100 18.01.2010