Where is the Sports Infra in 'Sports City'

Sports City Scam www.infralive.com 39 Infra LIVE July 15, 2022 the A5 plot to Ace Infracity Developers Pvt Ltd. The company was incorporated by – Ajay Kumar (80 pc) and Jagdeep Singh Gill (20 pc). Apparently, they have no linkage with Logix group. On February 1, 2016, two more investors were added – Partap Singh Rathi and Dushyant Malik. Additional shares were issued to these four persons in FY16 and FY17 raising the issued share capital to Rs 31.69 crore (see table A5&B8). However, on the request of the following nine companies, the NCLT Allahabad on March 21, 2018 allowed amalgamation of certain assets in favour of Ace InfracityDevelopers Pvt Ltd: 1. Crest Promoters Pvt Ltd 2. Ajay Buildhome India Pvt Ltd 3. IdealMegacity Pvt Limited 4. Divine Spirit India Projects Pvt Ltd 5. VividHerbs Ltd 6. SuryaMedi-TechLtd 7. Rishabh Shoes Pvt Ltd 8. TawaAgro Pvt Ltd 9. LachenAgro Pvt Ltd Apparently, as a result of the above amalgamation, Ajay Kumar (84 pc) and Pratap Singh Rathi (16 pc) retained the shareholding of the company. Now, on these sites, huge residential complex has come up – A5 is being promoted under the brand Ace Golfshire, while B8 is being promoted as Ace Parkway. The C&AG in its report has stated that the plot was trans- ferred to the private firm in undue hur ry . An undated t rans f er application of LBPPL was pro- cessed by Commercial wing and Planning wing of the Noida Authority and approved by the CEO on the same day (August 27, 2013) and the transfer charge was also deposited on the same date (August 27, 2013). The sub-lease for the plot was executed on September 10, 2013. Ace Infra applied for sanction of map on the plot which was approved by Noida Authority onDecember 20, 2013. The C&AG audit has found that Noida Authority irregularly approved (August 27, 2013) the transfer of part of a sub-divided plot in favour of a company that was not a subsidiary company of the allottee, as required under the Brochure's conditions. Further, part of this plot was considered as part of golf course in the layout approved on October 29, 2013. Additionally, rules didn't permit the transfer of plot against whom there were outstanding dues on account of upto-date instalment, interest and lease rent. In this case, there were pending dues on the plot but transfer was done by the Authority. Further, although the plot was outrightly transferred to another entity, instead of transfer deed, sublease deed was executed and the transferee was treated as an individual allottee. The C&AG have therefore concluded that “Thus, Noida subsidiary of LBPPL with effect fromJuly 4, 2013. EBPL under new management of Sethis launched a project namely Sethi Venice Phase-I in April 2016. The Project was registered as an ongoing project with RERA, UP in July 2017. This shareholding arrangement was done apparently to circumvent the terms of allotment under which the shareholding of at least 30 per cent in the company was required to be retained by the original promoter (Lead Member ie Logix Soft-Tel Pvt Ltd) till completion of one phase. When Logix group handed over the project to Sethi fami l y , no deve lopment had happened on the site. On this site, a residential complex and commer- cial complex was under construc- tion, but further activities have stopped for the last about two & half years. The project is being marketed as Sethi Venice Phase I. A5. AceGolfshire B8. AceParkway Ace Infracity Developers Pvt Ltd (Inc 29.8.2012) The A5 plot measures 23,050 sqm, while B8 plot is 33,604 sqm. The A5 plot included an area of 17,650 sqm to be developed as group housing project while the remaining 5,400 sqm was to be deve loped as green area . In September 2013 LBPPL sub-leased A5 & B8. A5 & B8. Ace Infracity Developers Pvt Ltd (Inc 29.8.2012) As on 29.8.2012 New allotment on 1.2.2016 As on 31.3.2016 As on 31.3.2017 As on 31.3.2018 & 31.3.2019 Mr Ajay Kumar, H.No.70, Maharampur, Bhagpat, UP; Also at D-35, Anand Vihar, Delhi -110092 8,000 3,391,500 3,399,500 22,127,720 26,629,080 Mr Jagdeep Singh Gill, A-300, Surya Nagar, Ghaziabad, UP 2,000 199,500 201,500 2,245,660 - Mr Pratap Singh Rathi, C-143, Surya Nagar, Ghaziabad - 199,500 199,500 5,062,520 5,062,520 Mr Dushyant Malik, 26 HIG Duplex, Chander Nagar, Ghaziabad - 199,500 199,500 2,255,700 - Total 10,000 3,990,000 4,000,000 31,691,600 31,691,600 Vide Order dated 21.3.2018 of NCLT, Allahabad scheme of amalgamation for certain assets submitted by 9 companies in favour of Ace Infracity Developers Pvt Ltd was accepted.