Noida: YEIDA, or Yamuna Expressway Industrial Development Authority, has filed an FIR against multiple companies, including M3M's associates and India bulls, for failing to pay TM (Transfer of Memorandum) charges. They have taken the action after Shipra group filed an FIR on Ghaziabad against 18 people. On account of that YEIDA has first written a letter to the Noida authority to not sanction any construction plan on this land. After that, they filed an FIR against them. YEIDA has issued a notice to the companies to pay the Rs 200 crore TM charge, which they owe to the authority.
Arun Vir Singh, CEO of YEIDA, has instructed officers to issue a notice to all companies involved and has stated that YEIDA will collect the Rs 200 crore as TM fees from these companies. The authority will also lodge an FIR against them and write to the Noida Authority, asking them not to approve any layouts or construction on the land.
According to an officer of YEIDA, these companies have not paid the TM charge for a 73-acre plot in Noida, which was initially part of the LFD (Land for Development) and was allotted to Jaypee Infratech Ltd. by the UP government. YEIDA has the power to transfer property on this land, while the Noida authority can only approve construction.
The land in question has been transferred twice, and the companies involved are required to pay the TM charge to YEIDA. Kadam Group acquired the land, with shares belonging to Shipra, which was later acquired by Indiabulls. Finally, Indiabulls sold it to M3M's associates. However, officials of YEIDA claim that the land is still registered under the name of the Kadam Group in YEIDA records. As a result, the authority has taken action to recover the TM charge of Rs 200 crore.