Greater Noida: The Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled allotment of 1,000 hectares of land to the Jaypee group. The allotment has been cancelled for the land, on which, India’s only Formula One motor racing circuit was built in Greater Noida.
The action was taken against allegedly non-payment of dues.
As per the reports, Jaypee Group, however, questioned the authority’s decision and said it will challenge it in court on the grounds that the lack of fulfilment of obligations on part of the authority has come in the way of completing the project.
The Jaypee Group claimed that 90 per cent obligations have been met by the company. The authority had taken up the matter in board meeting earlier in December last year.
As per the reports, the authority said that a thousand hectare land was allotted to the Jaypee Sports Limited, an affiliate of Jaypee group, in a special development zone along the Yamuna Expressway in 2009.
“The Jaypee Sports Limited has defaulted on payments of around Rs 1,044 crore to YEIDA,” a senior official told the press.