Where is the Sports Infra in 'Sports City'

Sports City Scam www.infralive.com 36 Infra LIVE July 15, 2022 Touted as Rahul Gaur Enter- prises, BRYS was incorporated on June 8, 2010 by two UP based persons - Rahul Kumar Gaur and Ms Navneet Bhadla, who continue to hold themajority stake as on July 29, 2014 as per last/latest informa- tion provided by BRYS on MCA web site. BRYS has filed the balance sheet only till FY17 and it is under Corporate Insolvency Resolution Process (CIRP) since 2019 on complaint made by the Bank of Baroda, the financial creditor. The project has not taken off at all. It is just a piece of land. MahagunMeadows Logix Heights Pvt Ltd (Inc 18.3.2011) This plot measures 28,326 sqm. The company was incorporated by - Shakti Nath and Meena Nath - having shares in equal ratio. On April 16, 2013, LBPPL sub-leased the sub-plot to its 100 per cent subsidiary Logix Heights Pvt Ltd (LHPL). On July 6, 2013, company's board decided to classify shares into two classes – Each Class-A share has one vote, while 100Class- B shares have one vote. For this, LHPL made changes in its articles of association. It was stipulated that 10 per cent (10,000 shares in number) Class A shares would have 91.74 per cent voting rights and full economic rights whereas 90 per cent Class B equity shares (having 90,000 shares in number) would have 8.26 per cent voting rights and no economic benefits (see table A3). As a result, though Logix group though seemed to have 90 per cent shares of the company, but it has just 8.26 per cent voting rights. On the other hand, with just 10per cent shares, Mahagun has 91.74 per cent voting power. On July 5, 2013, LHPL entered into a collaboration arrangement with Mahagun India Pvt Ltd and two individuals under which Class A shares along with full control of the company was handed over to Mahagun. Thus, LHPL along with its plot of land was effectively sold over to Mahagun, though on the records of the Noida Authority, the land continued to be with LHPL, a subsidiary of LogixBuilders. It was therefore evident that under section 2(87) of the Compa- nies Act 2013, LHPL was no longer a subsidiary of LBPPL with effect fromJuly 13, 2013. On July 12, 2013, four from Jain family (Dhiraj Jain, Amit Jain, Ms Shruti Jain, and Ms Divya Jain) joined as directors of the company, deve l op i ng re s i dent i a l cum commercial units. Thereafter the company entered into a collabora- tion agreement dated July 13, 2013 with 'BRYS' to develop residential cum commercial units on the said plot of land in the name & style of 'BRYSBUZZ'". Neo also had similar arrange- ment with Brys as that of AIPL, under which the post of the chairman of the board along with another director and full powers to deal reserve/major items were handed over to Brys Group. It was therefore evident that under section 2(87) of the Companies Act 2013, Neo was no longer a subsid- iary of LBPPL with effect from July 13, 2013. Brys Group launched a high-end project named Brys Buzz on the basis of sanctioned plan issued by the Noida Authority to Neo on December 6, 2013. The project was in very luxurious category meant for HNIs/NRIs in which flats were available ranging from Rs 4 crores to Rs 12 crores. The project was however not registered with UP RERA under the Section 5 of the Real Estate (Regulation and Development) Act 2016. On November 11, 2014, the company and BRYS, as joint borrowers, signed a Rs 250 crore term loan facility agreement with Bank of Baroda (Rs 150 cr) and Syndicate Bank (Rs 100 cr) for the project. A3. Logix Heights Pvt Ltd (Inc 18.3.2011) Name 18.3.2011 onwards 31.3.2016 to 31.3.2021 Class Mr Shakti Nath 5,000 - Ms Meena Nath 5,000 - Logix Builders & Promoters Pvt Ltd - 90,000 B Mahagun India Pvt Ltd - 10,000 A Total 10,000 100,000 Class-A shares have one vote; Class-B shares have 1 vote for every 100 shares A3. A2