Where is the Sports Infra in 'Sports City'

Sports City Scam www.infralive.com 45 Infra LIVE July 15, 2022 B1. Contend Builders Pvt Ltd (Inc 16.3.2013) Name 16.3.2013 to FY19 As on 30.9.2014 till FY19 22.8.2019 to FY21 Mr Shakti Nath 5,000 - - Ms Meena Nath 5,000 - - Mr Shakti Nath (on behalf of LIPL) - 10 10 Logix Infradevelopers Pvt Ltd (LIPL) - 9,990 9,990 Antara Senior Living Ltd (ASLL) * - - 1 Total 10,000 10,000 10,001 * Allotted one share on 22.8.2019. ASLL has substantial management and governance rights related to certain matters including board representation, affirmative vote in some matters and quorum. B1 defeated. In December 2010 Sport City Scheme, the IT centre was to be co- located along with Administrative centre/ Media centre and was to be constructed at the cost Rs 65 crores on a plot admeasuring 1.25 acres. As sport city plot SC-01/150 was one and half times bigger than the sport city plot envisaged in Decem- ber 2010, the IT Centre/ Adminis- trative Centre/Media Centre in this plot should have been constructed at a central location of sport city complex at a cost of about Rs 97 crores in an area of around two acres. Moreover, till date Golf Course and IT centre, smaller as they are, exist onpaper only. Further, CBPL entered into a joint venture agreement with Antara Seniors Living Ltd (ASLL), a subsidiary of Max Group on July 4, 2019 for development and maintenance for seniors living. Under the agreement, CBPL on August 22, 2019 issued one share of Rs 10 to ASLL in the equity capital see table B1. But CBPL gave two posts (50 pc) of directors toASLL in the Board along with mandatory affirmative rights on almost all major issues related to the com- pany/ project, creation of escrow accounts etc. Though CBPL gave only one share, but in its filing before the RoC, it admitted that the company has become a joint venture, pursuant to the July 4, 2019 agreement executed with ASLL. Further, Max India in its annual report for 2020-21 has reported that CBPL was a joint venture of its subsidiary ASLL with Antara Contend Builders Pvt Ltd (Inc 16.3.2013) This plot measures 32,373 sqm. In May 2013, LIPL executed a sub- lease deed in favour of its 100 per cent subsidiary Contend Builders Pvt Ltd (CBPL). The company was incorporated by two individuals – Shakti Nath and Meena Nath - having 50 per cent equity each. CBPL divided the sub-plot into two phases in 2019 and preferred to opt for residential apartments only in Phase-1 of the project namely Antara Noida Phase-1, though lease deed had mandated that the allottee/ sub-allottees would have to accord priority to completion of the sports infrastructure within five years of execution of the lease deed over residential/ commercial segment of the project. It was further observed that in blatant violation of the terms and conditions of the Brochure/ lease deed, the Planning wing of the Noida Authority allowed CBPL to provide for a Golf Course in two acres of land instead of more than 90 acres based on the parameters of sports infrastructure provided in the scheme for sport city launched in December 2010 and keeping in view the 150 per cent bigger size of the Sport City Plot SC-01/150. Further, Noida Authority made a provision of a tiny IT centre in one corner of the Phase-2 of the Antara, far away from the location of other sport infrastructure. Therefore, the very purpose of establishing the IT centre in a Spo r t s Comp l e x / C i t y g e t s B1.