Where is the Sports Infra in 'Sports City'
Sports City Scam www.infralive.com 29 Infra LIVE July 15, 2022 GENERALTERMSANDCONDITIONS n Land for development of SPORTS CITY shall be acquired by NOIDA and given to the lessee on free from all encumbrances lease for a period of 90 Years for which appropriate lease deed shall be executed between NOIDAand the lessee. n The allottee will be required to execute the lease deed of the plot within 180 days from the date of issue of allotment letter. In case of failure to do so, the allotment of plot may be cancelled and 10% of the premium (proportionate tendered amount) of the plot may be forfeited. Amount deposited towards the extension charges, interest and other penalties etc may also be forfeited. However, in exceptional circumstances the extension of time for the execution of the lease deed and taking over possession may be permitted. The extension will be subject to the payment of charges @ 5% p. a. of the total premium of the plot at the tendered rate, which will be calculated on day to day basis. The relevant documents/ certificate of demarcation of the plot carried out by the concerned Project Engineer of the NOIDAAuthority shall be annexed with the lease deed. The date of execution of lease deed shall be qualifications of the holding company (ies) of the lead member and the relevant members or their subsidiary companies shall also be considered as the qualifications of the tenderer. c) In case of a Consortium the members shall submit a Memorandum of Agreement (MoA) conveying their intent to jointly apply for the scheme(s), and in case plot is allotted to them, the MOAshall clearly define the role and responsibility of each member in the consortium particularly with regard to arranging debt and equity for the project and its implementation. MOA should be submitted in original duly registered/ notarized with appropriate authority. d) The members shall submit a registered/ notarized Memorandum of Agreement (MOA) conveying their intent to jointly apply for the scheme, and in case the plot is allotted to them, to form Special Purpose Company(ies) hereinafter called SPCs that will subsequently carryout all its responsibilities as the allottee. The registered MOAmust specify the equity shareholding of each member of the Consortium in the proposed SPCs. The SPCs must necessarily be Firm(s)/Company(ies) registered in India with the appropriate statutory Authority. The allottee and in the case of consortium, the lead member and/or the relevant member and/or SPC(s) incorporated by them put together will have to construct on their own a minimum of 30% of the total permissible FAR shall be clearly specified in theMOAsubmitted by the consortiumalongwith bid document. The allottee and the members of the consortium shall have the option to sub lease a maximum of 70% of land allotted to them as per the arrangements specified by them in the MOA. e) Execution of more than one lease deeds can bemade by sub-dividing the plot in favour of the lead member and/or the relevant member(s) and/or Special Purpose Company(ies) (SPCs) formed by them, which should be firm(s) or incorporated company(ies) registered in India. However, the area of each of such sub-divided plot proposed of execution of lease deed, as described above, should not be less than 8,000 sq mtrs and the said sub-division should be in accordance with the planning norms of the NOIDA. 9. Successful bidders can change the name of the executing company(ies) / body corporate(s) within 60 days from the date of acceptance of the tender after taking prior permission from the NOIDA. 10. However, the lessee/Sub-lessee(s) will be allowed to transfer upto 100% of its shareholding, subject to the condition that that “Lead Member” (on the date of submission of the tender) shall continue to hold at least 30% of the shareholding in the SPC till the temporary occupancy/ completion certificate of at least one phase of the project is obtained from the NOIDA. In compliance with the Govt. Order th No. 5007/11-5-2010500(50)/10 dated 11 October 2010, issued by the Department of Tax & registration, Government of Uttar Pradesh, the change in the name of shareholders does not amount to transfer of the property of the Company. The Change in Constitution Deed regarding change in the shareholders as a result of transfer of share in the Companies is not mandatory to be registered under Section 17 of the Registration Act, 1908. In addition to this no stamp duty is leviable on this CIC deed under Clause 23 Schedule 1b of the Stamp Act, 1899. No transfer charges shall be leviable on the transfer of shares in the Companies and no prior approved of the NOIDA shall be required for transferring the shares. Scan-C3
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