FOR EARTH TECHONE PROJECT
EXPECTING THIS DRAFT PROPOSAL
ONLY FOR TECHONE PROJECT INVESTORS FOR THE TIME BEING:-
FOR REST OF THE OTHER PROJECTS SIMILAR PROPOSAL EXPECTING SOON:-
Last couple of years have been very challenging and difficult for all of us. We have witnessed both the Fantastic land over whelming long period of adulation followed with extreme criticism and flood of litigations including filing of FIR no 112 of 2016 In PS EOW Mandir Marg, New Delhi u/s 420/406/120B IPC filed by you and others.
With open heart We acknowledge the love and adulation received and also the criticism.
Certainly there has been serious lapses in the affairs of the company which resulted in the present state of affairs which even brought us to the brink of collapse/closure. Everything almost came to a stand still. Recently We had even witnessed the Winding up of company and fortunately also its restoration. Without pointing fingers we accept and acknowledge the lapses but would also like to clarify and state that these were unintentional. We are seriously introspecting every thing and trying to fix up everything.
We sincerely apologise for the long antagonising period that you all had to pass through due to stoppage of construction work resulting in delay in delivery of our projects and failure to continue paying the assured returns. It was totally unintentional.
We understand that the Journey ahead is still very challenging but we have restarted our journey and have made preparations for the restarting of the stalled construction work.
We intend to settle the matter/ FIR No 112 of 2016 above mentioned with you all with a view to put an end to it and focus on delivering the project.
In view of the financial crisis which the company was/is currently facing due to various reasons including recession in real estate and further considering the fact that all the projects are to be delivered to you all the company is presently not in a position to continue to pay the assured returns to you in the manner is which it was being paid but the company undertakes to clear the pending Assured Returns to you in parts and also to restart paying the current assured returns in the following manner:
Company would pay due assured return as per MOU upto 30thJune 2017 to all complainants whose AR’s were discontinued on September 2015.
Out of this, 60% of total pendency till May 2017 of the AR mentioned in MOU/BBA would be payable to you by equated 4 PDC’s from 30thOct 2017to 31 st May 2018 and credit notes be issued for balance 40%. You would have the choice to get these credit notes adjusted for any future payment to be made to Company.
Similarly AR w.e.f from 1stJuly, 2017 till the date of possession mentioned below, would be paid in similar manner by post dated cheques till the specified date of delivery of the unit.
PDC’s for current month’s AR would be given for half of the amount mentioned in MOU/BBA i.e 50% of AR and credit note for balance half(1/2) amount i.e 50% of total assured return value which can be adjusted in future/final payment or if its exceeds the final payment in that case builder would adjust this amount in GST/registration charges/stamp duty to be paid by complainants. It is further clarified that payment of AR’s would be made till the delivery/possession of the respective units.
Company (EIL) would restart the construction work of 1st Phase of Towne Project and Saphire court project in July 2017 and would deliever the 1st Phase of Towne Project by June 2018. Post June 2018, Company would consider to pay AR @75% as mentioned in MOU and credit note for balance 25% of AR would be issued.
It is further clarified that senior citizens, widow or single parent would be paid their due AR upto June 2017 @ 3/4th i.e 75% of their assured return as mentioned in MOU/BBA in place of ½share now and ¼ i.e. 25% later as explained earlier in this para. Senior citizens, widows and single parents should inform about their such status to receive their 75% and 25% of their AR as detai
Company will deliver this project as per the schedule detailed at the end of the letter.
If you do not want to continue with this project, then you can take your transfer in other projects also such as transfer in Copia/Towne/Sapphire/Iconic subject to availability and terms and conditions of these projects. The company intends to complete the first phase of these projects and handover to buyers by March to December 2018. Remaining phases will be handed over by 2019, 2020 and 2021.
• Transfer from Techone to other projects would be done as per applicable rules of the company and the arrangement with the other related/subsidiary companies.
We shall obtain all approvals/rectification/clearance of Express One, if any, within a period of one year i.e by 30th June 2018, failing which the company shall consider to allow you to take exit from express one without any deductions in case transfer to other project is not possible.
Company shall get the structural strength/load bearing strength of the structures of all block/towers immediately done to ascertain that it can bear the load. We state that Neo Multimedia Pvt. Ltd. and We would not sell the plot of land.
As part of settlement of the present case no FIR No 112 of 2017 above referred, with an agreement to close it We would like to hand over the PDC for your AR to you from time to time i.e month after month.
We are enclosing cheque bearing no ….of …..bank dated …….for Rs……as part payment for the current month of AR in the manner detailed in above paras. Kindly encash this cheque as approval of our proposal to settle this issue and allow us to work on the deliverance of the project for which we would be ever grateful. We seek your cooperation to end this litigation. We request you to send your suggestions in writing for our guidance.
It is clarified that we would adjust the amount taken from you as Service tax, in GST/Registration/Stamp duty charges.
Discrepancy existing in BBA/MOU regarding PLC shall be rectified within a period of three months. In case of any charge formulated by govt. or authority or any other agency, the same shall be borne by you.
We propose the construction plan of TECHONE with timeline specifying date of starting construction, possession date and also propose which tower/block would come under which phase.
Expected Starting Date of Construction
Expected Offer Date of Possession
Earth Techone Phase 1
Studio & Alpha
Earth Techone Phase 2
Studio, Gama, Beta
Earth Techone Phase 3
Earth Techone Phase 4
At the end once again we request you to cooperate us in settling the case so that we totally focus on the deliverance of this project and other projects.
Awaiting your early response
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