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MUMBAI | TUESDAY, 12 JANUARY 2021 COMPANIES 3 <

Uber, Ola face DG-GST probe KKR raises $3.9 bn in biggest

for alleged tax evasion infrastructure fund in Asia
Firm sees lots of ports, toll roads and utilities.
More secondary sales are com-
The liability of Uber opportunities in ing to the market as capital flows
into the region. “You’re getting a
has been fixed at India, Korea and greater percentage of people

~800 cr, Ola’s at ~300 cr the Philippines saying: ‘we need to have Asia
Pacific in our mandates,’”
CATHY CHAN Luboff said. “Sellers of those
PEERZADA ABRAR 11 January assets realize that they actually
Bengaluru, 11 January have opportunities and avenues
KKR & Co. raised $3.9 billion and may start to run processes,

T
he Directorate General of Goods and for its first Asia-Pacific infra- so the ecosystem is evolving.”
Services Tax Intelligence (DGGI) has structure fund, amassing the Investors pumped a record
launched an investigation into ride- largest pool of cash in the amount of cash into Asian
hailing aggregators Uber India and Ola region for investments in funds with environmental, so-
Cabs. The DGGI has issued summons to everything from waste man- cial and governance mandates
officials of the two companies related to agement and renewable energy in the most recent quarter.
alleged tax evasion worth hundreds of to communication towers. Institutional investors are confidence and led to a “con- Active and passive funds based
crores, according to sources. For several years now, the cab aggregators are alleged to have refrained from paying In the process of raising increasingly looking for a “one- siderably shorter” fundraising, in the region, excluding China,
The tax liability dues for Uber India has GST on the incentives they pay drivers. In addition, they have allegedly not paid GST funds, the firm boosted its initial stop shop” with deal-making, Luboff said in an interview. brought in $8.8 billion in the
reportedly been calculated at ~800 crore, on ride cancellations despite charging customers for the same target from $3 billion and stop- operational and capital market Those investments include three months through Sept-
while for Bengaluru-based Ola, it has been ped fundraising after reaching expertise, favoring assets with India Grid Trust and renewable ember, according to Morn-
set at around ~300 crore. However, accord- tax regime,” said an Ola spokesperson on GST on ride cancellations despite charging its cap. It tapped three dozens a lower-risk profile that aren’t energy company Virescent ingstar data. Flows nearly
ing to industry sources, two different tax Monday evening. The SoftBank-backed customers for the same. Besides Ola and investors in the US, Europe, the tied to public market indexes, Infrastructure in India, two quadrupled from the previous
intelligence teams based in different cities company said it has been actively engaged Uber, many technology companies have Middle East and Asia-Pacific, Wood said. “Investors are look- waste management companies period in Australia and New
have calculated the dues for the companies with the department and is cooperating come on the radar of the income tax (I-T) said Alisa Amarosa Wood, head ing for a safe pair of hands,” she in South Korea and First Gen Zealand, while a fund launched
and sent notices based on their interpreta- with tax authorities and confident about department. The I-T department recently of KKR’s Private Markets Pro- said in an interview. Corp. and Pinnacle Towers, the in Japan attracted billions.
tion. “This has resulted in the calculation of resolving this satisfactorily. conducted surveys at Instakart, a group ducts Group. KKR established its global leading power producer and a Luboff said the firm will
the tax at the rate of 15 per cent for Uber and “Ola is a proud taxpayer. We comply company of e-commerce giant Flipkart, KKR and its employees con- infrastructure team and strate- telecommunication provider in focus on brownfield, cash yield
6 per cent for Ola,” said an industry source. with all our tax obligations and have con- and food delivery firm Swiggy in Bengaluru. tributed about $300 million. gy in 2008 and has since invest- the Philippines, respectively. investments with downside pro-
Industry sources said these tax dues are tributed several thousand crores in taxes The surveys are related to an alleged bogus Accelerating its expansion ed more than $24 billion in 40 jection and sees lots of oppor-
related to the 2015-17 period before GST over the past four years,” said a spokesper- input tax credit connected to the external across a region that’s emerging assets around the world. It hired Investment houses tunities in India, Korea and
(goods and services tax) kicked in, and deal son for Ola. “Uber is a law-abiding and com- vendors of these firms, according to sources. from the pandemic and bol- David Luboff away from Mac- Global private equity firms are Philippines. The firm is “very
with service tax. pliant company. We are working closely Last week, a team of I-T department stered by a growing middle quarie Group in 2019 to build a shifting away from focusing on optimistic” about Japan, while
Both Ola and Uber confirmed that an with the authorities on all tax-related officials reached the office of Instakart, class, the firm is also in the platform in Asia, where it now buyouts toward becoming Australia is a very deep and
investigation is being conducted by the queries and will respond accordingly,” said located on the Flipkart campus in Benga- midst of raising at least $12.5 bil- has a 14-member team with investment houses with broad mature market that is generally
DGGI, but didn’t share comments related to a spokesperson for Uber. luru. They were investigating Merlin and lion in a fourth private equity plans to add more in Japan. offerings in alternative assets well covered. China has high
the tax liability. “We are in receipt of a notice For several years now, the cab aggrega- Surya Services, which are the third-party fund and planning its first real The firm has already com- such as infrastructure, and real levels of domestic capital
from the tax department relating to certain tors are alleged to have refrained from pay- vendors for Instakart. An I-T department estate and credit funds in Asia. mitted over $1.8 billion in six estate. They are finding willing providers so returns there have
matters prior to 2017 in our mobility busi- ing GST on the incentives they pay drivers. team also landed at the office of Swiggy to KKR declined to comment on infrastructure investments in governments in Asia, who need been competitive in certain sec-
ness. These pertain to the erstwhile service In addition, they have allegedly not paid conduct the survey. the other fundraisings. Asia, which added to investor private capital to finance air- tors, he said. REUTERS

Park Hotels signs on 320 rooms

under management contract
ISHITA AYAN DUTT ASPH now operates 1,937 CARE Ratings Limited
Kolkata, 11 January keys. Another 320 will get (CIN:L67190MH1993PLC071691)
added in 2021. But ASPH will Regd. Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road,
Apeejay Surrendra Park Hotels still be building hotels. In a sign Off Eastern Express Highway, Sion (East), Mumbai 400022.
(ASPH) has signed on 320 ro- of better market conditions, the NOTICE TO THE SHAREHOLDER
oms under management con- company plans to restart its TRANSFER OF EQUITY SHARES OF THE
tract across its brands — The project in Pune, which was sus- COMPANY TO THE IEPF AUTHORITY
Park Collection, Zone by The pended during the Covid peri- Notice is hereby given that CARE Ratings Limited (“the
Park, and the newly launched od. “It’s a 200-room hotel, Company”) would be transferring 20(Twenty) equity shares of
Zone Connect. which will take 18-24 months to Rs. 10/- (Rupees Ten Only) each held by its 1 (One) shareholder
ASPH has four brands: The get completed,” added Dewan. to Investor Education and Protection Fund (IEPF), pursuant to
Park Hotels, The Park Collect- The hospitality industry, Section 124(6) of the Companies Act, 2013 read with Investor
ion, Zone by The Park, and cess of finalising a property in which has been hugely impact- Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016 (“Rules”), as amended. The
Zone Connect. Zone Connect, a Leh. Together, we have signed ed by Covid-19 restrictions, is
said shares correspond to the unclaimed dividend for the financial
limited service brand under its up a 320-room under manage- now slowly limping back. “Occ- year 2013-14 and the concerned shareholder has not claimed
Zone by The Park ment contract under upancy improved over the last dividend for a period of seven consecutive years. Members may
portfolio, has been To have 60% Zone Connect, Zone quarter; in October, it was 66 take note that all unclaimed / unpaid dividends upto the year
launched with four under managed by The Park, and The per cent, which climbed up to 2012-13 has already been transferred by the Company to the
hotels under manage- portfolio in Park Collection,” said 70 per cent in November. In IEPF within stipulated statutory time.
ment contract in three years Dewan. Like most December, it went up to 88 per Notice is further given that as per Rules, the Registrar and
Coimbatore, Goa, Port hospitality firms, AS- cent. We have had a significant Transfer Agent (RTA) i.e. Kfin Technologies Private Limited,
Blair, and Tirupati. “The hotels PH is going asset light. At pres- comeback on the occupancy has already sent a specific communication to the concerned
are slated to open in the first ent, the ratio between owned front,” said Dewan. Its three shareholder at his last known address registered / email available
with the RTA of the Company, inter alia, providing the details of FORM NO. NCLT. 3A
half of 2021,” said Vijay Dewan, and managed properties is hotels in Kolkata, New Delhi,
the equity shares proposed to be transferred to IEPF Suspense
managing director, ASPH. 60:40; in three years, the plan is and Visakhapatnam had, in Account as per the timelines stipulated under the Rules. Further, ADVERTISEMENT DETAILING PETITION
In addition, ASPH has sig- to reverse it in favour of more fact, clocked more than 90 per an opportunity is being given to concerned shareholder to claim Pursuant to Rule 35 of National Company Law Tribunal Rules, 2016
ned up a hotel in Dimapur un- managed ones. cent occupancy. In managed such unpaid / unclaimed dividends, by sending a letter under his BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH
der the Zone by The Park brand “As we move towards more portfolio, its two properties in signature together with self-attested copy of PAN Card, so as C.P. (CAA) No. 1043 of 2020 in C.A. (CAA) No. 4057 of 2019,
and one in Qila Mubarak, Pati- managed properties, the ratio Goa had 95 per cent occupancy. to reach at the office of our RTA, at Karvy Selenium Tower-B, AND
ala, with the Department of will get reversed over a period of “In resort destinations, busine- Plot No. 31 & 32, Financial District, Gachibowli, Nanakramguda,
IN THE MATTER OF SCHEME OF AMALGAMATION
Tourism, Government of Punj- three years. So, 60 per cent will sses are coming back. The leis- Serilingampally, Hyderabad-500032, on or before April 06 2021.
OF
The concerned shareholder may note that in the event a valid
ab under The Park Collection be managed, 40 per cent ure business is looking promis- Tangible Structure Development Private Limited (TRANSFEROR COMPANY 1) AND;
claim is not received by the Company on or before April 06,
brand. “We are also in the pro- owned,” said Dewan. ing,” said Dewan. 2021, the Company shall take suitable steps to transfer such Hassle Free Construction Private Limited (TRANSFEROR COMPANY 2) AND;
shares to IEPF in accordance with the provisions mentioned in Accelerate India Developers Private Limited (TRANSFEROR COMPANY 3) AND;
the said Rules. Fire & Ice Realty Private Limited (TRANSFEROR COMPANY 4) AND;
Homogeneous India Developers Private Limited (TRANSFEROR COMPANY 5) AND;

DoT says BSNL and MTNL turned

The concerned shareholder may note that, once the equity shares
are transferred to IEPF Suspense Account, they can claim the Quotient Builders and Developers Private Limited (TRANSFEROR COMPANY 6) AND;
said shares along with unclaimed dividend(s) from IEPF, for Knoll Construction and Developers Private Limited (TRANSFEROR COMPANY 7) AND;
which details are available at www.iepf.gov.in. The details of the Parabola Construction Private Limited (TRANSFEROR COMPANY 8) AND;

Ebitda-positive in first half of FY21 shareholder and the equity shares due for transfer are uploaded
under the Investors Section on the website of the Company viz.
www.careratings.com.
Plateau Builders and Developers Private Limited (TRANSFEROR COMPANY 9) AND;
Sheetal Prabhu Developers Private Limited (TRANSFEROR COMPANY 10) AND;
VPS Developers Private Limited (TRANSFEROR COMPANY 11) AND;
State-owned telecom companies BSNL and 92,956 employees of both the public sector VSJ Developers Private Limited (TRANSFEROR COMPANY 12) AND;
MTNL turned Ebitda positive in the first half of companies who opted for voluntary retirement For further information, concerned shareholder may contact the
Secretarial Department / Nodal Officer for IEPF of the Company Ananthnath Developers Private Limited (TRANSFEROR COMPANY 13) AND;
financial year 2020-21, DoT said on Monday. scheme have retired on January 31, 2020. at the following address: CARE Ratings Limited, Godrej Coliseum, Euphoria Developers Private Limited (TRANSFEROR COMPANY 14) AND;
The Department of Telecom (DoT) also said “The salary expenditure in BSNL and 4th Floor, Somaiya Hospital Road, Off Eastern Express Highway, Harshit Realtors Private Limited (TRANSFEROR COMPANY 15) AND;
that the process for spectrum allocation for 4G MTNL (Mahanagar Telephone Nigam) has Sion(E), Mumbai, MH-400022, Tel: 022- 67543456 Hemdeep Properties Private Limited (TRANSFEROR COMPANY 16) AND;
services to Bharat Sanchar Nigam on pan- reduced by 50 per cent (about ~600 crore per For CARE Ratings Limited Sambhavnath Developers Private Limited (TRANSFEROR COMPANY 17) AND;
Indian basis, including Delhi and Mumbai, has month) and 75 per cent (about ~140 crore per Sd/- H2 Constructions Private Limited (TRANSFEROR COMPANY 18) AND;
been initiated and funds have been provi- month), respectively. Ebitda (earnings before Date: January 11, 2021 Navin Jain Adinath Realtors Private Limited (TRANSFEROR COMPANY 19) AND;
sioned in FY20-21. Summing up the develop- interest, taxes, depreciation and amortisation) Place: Mumbai Company Secretary Skyscrapers Developers Private Limited (TRANSFEROR COMPANY 20);
ments in the sector in its year-end review for have become positive in first half of FY20-21 in WITH
2020, the DoT in a release said that overall both BSNL and MTNL,” it said. PTI Buildien Developers Private Limited (TRANSFEREE COMPANY)
NOTICE OF HEARING OF THE PETITION
PUBLIC NOTICE Take Notice that Company Petition under section 230-232 of the Companies Act 2013, for
I Mr. Shaligram Hiralal Chaturvedi residing at 305, 5B, Versova Heights sanctioning the Scheme of Amalgamation of transferor Companies Tangible Structure
CHSL, Near Lokhandwala Circle, Andheri (W), Mumbai – 400 053 do hereby Development Private Limited (Transferor Company 1); Hassle Free Construction Private Limited
give this Public Notice that I have disinherited and disowned my legal
heirs Kanchan Shaligram Chaturvedi @ Mrs. Kanchan Harishchandra (Transferor Company 2); Accelerate India Developers Private Limited (Transferor Company 3);
Pandey, Mrs. Indravati Shaligram Chaturvedi @ Indravati Kaushal Prasad Fire & Ice Realty Private Limited (Transferor Company 4); Homogeneous India Developers
Upadhyay, Mr. Ravindra Shaligram Chaturvedi, Mr. Mahendra Shaligram Private Limited (Transferor Company 5); Quotient Builders and Developers Private Limited
Chaturvedi, Mr. Devendra Shaligram Chaturvedi and Mr. Arvind Shaligram (Transferor Company 6); Knoll Construction and Developers Private Limited (Transferor
Chaturvedi from all my immovable and movable properties and assets
whatsoever owned by me or that I may acquire during my lifetime or leave Company 7); Parabola Construction Private Limited (Transferor Company 8); Plateau Builders
behind at the time of my death. The said persons shall not have any share, and Developers Private Limited (Transferor Company 9); Sheetal Prabhu Developers Private
right, title or interest in any of the properties owned by me or right of Limited (Transferor Company 10); VPS Developers Private Limited (Transferor Company 11);
residence or occupation in any of my properties in India.
VSJ Developers Private Limited (Transferor Company 12); Ananthnath Developers Private
Dated this 12th day of January, 2021
Sd/- Limited (Transferor Company 13); Euphoria Developers Private Limited (Transferor Company
Mr. Shaligram Hiralal Chaturvedi 14); Harshit Realtors Private Limited (Transferor Company 15); Hemdeep Properties Private
Limited (Transferor Company 16); Sambhavnath Developers Private Limited (Transferor
HeefjefMe<ì ke´À .16 (GHeefJeOeer ke´À. 35 DevJe³es ) Company 17); H2 Constructions Private Limited (Transferor Company 18); Adinath Realtors
peeefnj veesìerme Private Limited (Transferor Company 19); Skyscrapers Developers Private Limited (Transferor
cenelcee menkeÀejer ie=nefvecee&Ce mebmLee ce³ee&efole.,Hellee cenelcee veiej,ieesUeryeej Company 20) the Transferor Companies with Buildien Developers Private Limited being the
Transferee Company and their respective Shareholders and Creditors, was presented by the
jes[,meebleeke´ÀgPe (HegJe&),cebgyeF&-400 055 ³ee mebmLes®es meYeemeo Demeuesu³ee Jee mebmLes®³ee th
Petitioner Companies on 16 December, 2019 and was admitted by the Hon'ble National
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jeceefuebie efMebos ³eeb®es efoveebkeÀ 27.08.2020 jespeer efveOeve Peeues Deens. l³beeveer veeceefveoxMeve kesÀuesues January, 2021. The said petition is now fixed for final hearing on the 15th February, 2021 before
veener. mebmLee, ³ee veesìerMeerodJeejs mebmLes®³ee Yeeb[Jeueele / ceeuecellesle Demeuesues ce³ele meYeemeoe®es the Hon'ble Tribunal at Mumbai Bench, COURT-IV. Any person desirous of supporting or
opposing the said Petition, should send to the Petitioner's Authorised Representative, notice
of his/her intention, signed by him/her or his/her Authorised Representative, with his/her
Yeeie Je efnlemebyebOe nmleebleefjle keÀjC³eemebyebOeer ce³ele meYeemeoe®es Jeejmeoej efkeÀbJee Dev³e ceeieCeeroej/
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Peeu³ee®³ee efoveebkeÀeHeemegve 15 efoJemeeble l³eebveer DeeHeu³ee ceeieC³eeb®³ee Jee njkeÀleerR®³ee He=<ì³eeLe& Jamnalal Bajaj Road, Nariman Point, Mumbai- 400021 not later than two days before the date
DeeJeM³ekeÀ l³ee keÀeieoHe$eeb®³ee He´leer Je Dev³e HegjeJes meeoj keÀjeJesle.pej Jej vecego keÀsuesu³ee cegoleerle fixed for hearing of the Petition. Where he/she seeks to oppose the Petition, the grounds of
opposition or a copy of his/her affidavit must be furnished with such notice. A copy of the
Petition will be furnished by the undersigned to any person requiring the same on payment of
keÀesCeener J³ekeÌleerkeÀ[gve nkeÌkeÀ ceeieC³ee efkeÀbJee njkeÀle meeoj Peeueer veener lej ce³ele meYeemeoe®es
mebmLes®³ee Yeeb[Jeueeleerue / ceeuecellesleerue Yeeie Je efnlemebyebOe ³eeb®³ee nmleeblejCeeyeeyele mebmLes®³ee the prescribed charges for the same,
GHeefJeOeervegmeej keÀe³e&Jeener keÀjC³ee®eer mebmLesuee ceeskeÀUerkeÀ jeefnue.pej DeMee keÀesCel³eener nkeÌkeÀ Date: 12/01/2021
ceeieC³ee/ njkeÀle Deeu³ee lej l³eeyeeyele mebmLes®³ee GHeefJeOeervegmeej keÀe³e&Jeener keÀjC³eele ³esF&ue.veesWoer TRANSFEREE COMPANY
Je GHeefJeOeer®eer SkeÀ He´le ceeieCeeroejeme / njkeÀleoejeme HeenC³eemeeþer mebmLes®³ee keÀe³ee&ue³eele meef®eJe Office Address:
³eeb®³eekeÀ[s mebO³eekeÀUer 07.00 les 09.00 He³e&¥le veesìerme efou³ee®³ee leejKesHeemegve veesìerme®eer cegole Floor 1, Plot – 36, Aditya Tower, SD/-
MS. KALA AGARWAL
mener/- Naushir Bharucha Marg,
(Authorized Professional of
mebHeC³ee®³ee leejKesHe³e&¥le GHeueyOe jeefnue.
meef®eJe Khatauwadi, Grant Road,
Mumbai- 400007 the Petitioner Companies)
efþkeÀeCeë-cebgyeF&. cenelcee menkeÀejer ie=nefvecee&Ce mebmLee ce³ee&efole,
efoveebkeÀ ë- 12.01.2021 ³eeb®³eekeÀefjlee DeeefCe Jeleerves