Citing the FIR filed in Ghaziabad in Shipra Group’s dispute with Indiabulls Housing Finance, YEIDA said on Tuesday it will lodge a police complaint against everyone involved in the transaction of a 73-acre plot in Noida for changing ownership without informing it and not paying transfer of memorandum (TM) charges.
The land parcel was originally part of an LFD (land for development) that the UP government gave to Jaypee Infratech Ltd. In this LFD, YEIDA has the rights over transfer of property and Noida Authority can only give requisite approvals for construction.
This 73-acre plot in the LFD was bought by Kadam Group, whose majority of shares were with Shipra. In YEIDA records, the land is still registered in the name of Kadam group. YEIDA officials said if the FIR filed in Ghaziabad on Shipra group’s complaint is taken into account, it had lost TM charges of Rs 200 crore over two transactions – when the land was acquired by Indiabulls from Kadam and when Indiabulls sold it M3M’s associate company.
YEIDA CEO Arun Vir Singh said, “Instructions have been given to issue notices to the parties concerned. Around Rs 200 crore will be collected as TM fees from the parties. YEIDA will also get an FIR registered against all the parties. We will also write to Noida Authority not to sanction any layout or allow any construction on the land.”
In a statement, Indiabulls said, “Loans granted to Shipra group were secured by securities, including mortgage of the fully paid Noida land owned by Kadam Developers and pledge of shares of Kadam. The mortgage was created with prior ‘permission to mortgage’ dated January 9, 2018 granted by YEIDA. Consequent to defaults under the loans, the lender exercised its rights for recovering the overdue amounts in order to secure public money.
The shares of Kadam Developers was done by invoking the pledge created by the borrowers. Such sale of shares of Kadam Developers and its valuation has been upheld by the Delhi high court vide its order dated May 20, 2021. The authority was also a party to the litigation before the Delhi high court. The lender shall strongly contest any coercive steps taken by the authority (sic).”