Where is the Sports Infra in 'Sports City'

Sports City Scam www.infralive.com 54 Infra LIVE July 15, 2022 C, C-A2, C-A4, C-A6, C-A11, C-A12: Celerity Infrastructure Pvt Ltd (Inc 2.1.2014) Name 2.1.2014 FY16-FY18 4.7.2018 till FY21 Mr Shakti Nath 10 - - Logix Infradevelopers Pvt Ltd 9,990 5,000 - STG Softek Pvt Ltd 5,000 9,990 Getamber Anand (on behalf of STG) - 10 Total 10,000 STG is 100 pc owned by Getamber Anand and Poonam Getamber Anand cent shares to ATS Group (4,990 shares to STG and 10 shares to Getamber Anand) (see table C, C- A2, ..). In January 2021, a rating agency has downgraded and with- drawn the long-term rating on Rs 350 crore loan of one of the subsid- i a r i e s o f S TG S o f t e k . T h e shareholding continues to be the same till FY21. STG is promoted by two individ- uals – Getamber Anand and his wife Poonam Getamber Anand - who are also the promoters of ATS group. The project is being branded as ATS Kingstone Heath and ATS Pristine Golf Villas. Apartments in Heath is being sold for Rs 1.83 crore (3BHK+SR+Study), and Rs 2.55 crore (4 BHK+SR+Pooja). The Golf Villas are being sold for Rs 9.50 crore each. Presently, lot of con- struction activities are going on at the site. InfraLive found that Celeritywas incorporated as a 100 per cent sub- sidiary of LIPL in January 2014. However, it became a joint venture on July 28, 2015, following a JV agreement between Logix Group and ATS Group under Section 2 (87) of the Companies Act 2013. Getamber Anand of ATS Group became a director of the Celerity on July 1, 2015. Based on its declaration that Celerity was a JV company between the Logix Group (comprising Shakti Nath and LIPL) and the ATS group (comprising Getamber Anand, ATS Infrastructure Ltd and STG Softech Pvt Ltd) on the basis of a JV Agreement executed on July 29 2015, Celerity made a private placement offer for SOCD (secured Optionally Convertible Deben- tures) and got Rs 90 crores invest- ment on July 30, 2015. Accord- ingly, an investment agreement was also executed on July 30, 2015 between Celerity as issuer of PPO, ATS Infrastructure Ltd, Logix Infradevelopers Pvt Ltd, Shakti Nath, Getamber Anand, and ICICI AMC Ltd. It was, therefore, evident that Celerity was no longer a sub- sidiary of the Logix Infra as of July 29, 2015. However, InfraLive found that Logix Infra (Lessee) applied for permission to the Noida Authority to sub-lease the sub-plot SC-01/C A-12 admeasuring 55,301 sqmto its subsidiary Celerity, which was approved by the Noida Authority v i d e t h e i r l e t t e r Noida/Commercial/2015/1477 dated September 11, 2015 and accordingly, a sub-lease agreement was executed between lessee and Celerity on September 11, 2015 and registered in the office of Sub- Registrar 2, Noida on September 15, 2015. In support of their claim for exemption from stamp duties, the lessee/LIPL and sub-lessee/ Celer- i t y p r o d u c e d a l e t t e r N o . ROC/Misc/holdingsubsidiary/794 dated June 6, 2014 issued by RoC, Kanpur to the effect that the Celer- ity was a subsidiary of LIPL as they had 99.90 per cent shares of Celer- ity. ROC further stated that the certificate was being issued on the basis of letter No. ROC/Misc/2886 dated June 5, 2014 fromROC, NCT of Delhi, letter dated June 5, 2014 from Celerity, affidavit dated May 27, 2014 filed by Shakti Nath as director of LIPL and Celerity and certificate dated 2.6.2014 from Saurabh Srivastava and Associates, company secretaries. RoC, Kanpur further requested that section 2 (87) of the Companies Act may also be referred to and proper due dili- gence be done if his letter is pro- duced for purpose of exemption frompayment of revenue. Section 2 (87) of the Companies Act 2013 defines subsidiary com- pany as follows : subsidiary company or sub- sidiary, in relation to any other company (that is to say the holding company), means a company in which the holding company - (i) controls the composition of the Board of Directors; or (ii)exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies: Pro- vided that such class or classes of holding companies asmay be prescribed shall not have layers of subsidiaries beyond such numbers as may be prescribed. Explanation - For the purposes of this clause,— (a) a company shall be deemed to be a subsidiary company of the holding company even if the control referred to in sub-clause (i) or sub- clause (ii) is of another subsidiary company of the holding company; (b) the composition of a com- pany's Board of Directors shall be deemed to be con- trolled by another company if that other company by exercise of some power exercisable by it at its dis- cretion can appoint or remove all or a majority of the directors;