Where is the Sports Infra in 'Sports City'
Sports City Scam Infra LIVE July 15, 2022 24 www.infralive.com than 300 acres costing about Rs 3,491 crore. While doing so, the Noida Authority overlooked their meagre net-worth and lack of expe- rience in real estate construction and development activities. The C&AG has reported that none of the Logix Consortiums fulfilled the technical eligibility criterion of the bidding process as the members of the consortiums did not have any experience of real estate construction and develop- ment activities. Logix Soft-Tel Pvt Ltd (LSPL), a software development company, was the LeadMember of all consor- tiums formed by the Logix Group to participate in all these seven bid- dings for the plots. In 2009-10, it had the paid-up capital of just Rs 14 crores and turnover of Rs 9.70 crores. Logix Consortiums had 4-6 members - mostly IT development companies. Each consortium had three software companies in addi- tion to lead member: VC Solutions Pvt Ltd, IT Infra Services Pvt Ltd, andNoida Cyber Park Pvt Ltd. The Logix group has not yet paid significant dues of land premium/ cost of plot No. SC-01/150. Till March 31, 2020 a huge sum of Rs 1,474 crores (including interest) was outstanding as against land premium of Rs 1,094 crores. As of March 31, 2020, the Logix group also had outstanding dues of Rs 4,366 crores in respect of its other commercial builder plots in other sectors of Noida. Thus, as per the C&AG's report, there was overall outstanding dues of Rs 5,840 crores against the LogixGroup as of March 31, 2020 (see table at the bottom). In 2021 , No i da Au t hor i t y cancelled two commercial plots of sector 105 and 124, given to Logix group on account of huge outstand- ing dues of lease premium. In March 2022, one of the residential projects of the Logix group namely Blossom Zest has been brought cases, though the subsidiaries had already become a JV, the sub-plots (SC-01/C-A1, SC-01/C-A12) were permitted to be sub-leased to them by Noida Authority and they even allowed the JVs to fraudulently avail the benefit from exemption of stamp duty under the government notification though they were ineli- gible to receive them. Further, the brochure provided that the leadmember of the consor- tium should be the single largest shareholder having at least 30 per cent share in the consortium and it shall retain at least 30 per cent till temporary occupancy/ completion certificate of atleast one phase of the project is obtained from the Noida Authority (scan-C2 pg 28 – para 8a). InfraLive has found that inmany cases the allottee had already passed on the ownership of the company /sub-allottees to third parties (details given at pg 32 to pg 61). Therefore, the lead member of the consortium has share of 30 per cent or more (30 per cent control as required under Section 2 (87) of the companies Act 2013) only in three sub plots accounting for 6.95 per cent of the allotted plot only. Hu g e ou t s t and i n g du e s against Logix group Logix Group is promoted by Shakti Nath, his wife Meena Nath and son VikramNath. During June 2010 to August 2011, in the last leg of Mayawati's tenure as the Chief Minister of Uttar Pradesh (May 13, 2007 to March 14, 2012), the Noida Authority awarded them seven major large plots aggregating more Details of allotted plots to Logix Group by Noida Authority (Source: C&AG Report) Type Plot No./ Sector Plot Area (Sqm) Date of Allotment Cost (Rs cr) Dues as on 31.3.2020 (Rs cr) Name Allottee Inc. on GH GH-01/143 17.8.2011 236 Logix Infratech Pvt Ltd 13.5.2010 GH GH-02/143 100,081 08.4.2011 236 Logix City Developers Pvt Ltd 7.3.2011 Coml A-1/124 64,550 21.12.2010 841 1,658.85 Logix Realtech Pvt Ltd/ ATS Heights Pvt Ltd 7.7.2010 Coml C-03/105 28,720 23.6.2010 283 747.38 Logix Estates Pvt Ltd 17.5.2010 Coml BW/58-32 25,000 245 1,959.65 Logix Buildtech Pvt Ltd 4.3.2011 Coml CC-04/32 50,000 28.3.2011 556 Logix Buildtech Pvt Ltd 4.3.2011 Sport City SC-01/150 907,988 04.5.2011 1,094 1,474.08 Logix Infra Developers Pvt Ltd 7.3.2011 Total 1,176,339 3,491 5,839.96 During the relevant period, two CEOs - Rama Raman and Sanjeev Saran - of the NoidaAuthority played important role. Rama Raman, a 1987 IAS officer, held the post of CEO of NoidaAuthority for more than four years. In 2013,AkhileshYadav promoted him as chairman of Noida, Greater Noida and Yamuna Expressway Authorities, and CEO of Noida. He remained the CEO of Greater NoidaAuthority from July 5, 2010 to September 27, 2015. However, he was designated as only Noida CEO in July 2016 after the Allahabad High Court had frozen his powers. InAugust 2016, he was relieved as Noida CEO. In between Sanjeev Saran was the CEO of NoidaAuthority who was removed on January 17, 2013 after Allahabad HC's order dated Nov 8, 2012 for his shifting amidst allegations of irregulari- ties in land allotments. From To CEO Noida 14.12.2010 20.07.2011 Rama Raman 20.11.2011 17.12.2011 Rama Raman 04.05.2012 17.01.2013 Sanjeev Saran 17.01.2013 21.04.2014 Rama Raman 25.04.2014 18.09.2015 Rama Raman 27.09.2015 25.08.2016 Rama Raman CEOs, Noida Authority
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