Last couple of years have been very challenging and difficult for all of us. We have witnessed both the fantastic and over whelming long period of adulation followed with extreme criticism and flood of litigations in recent times including filing of FIR no 111 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 Towne project. 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 111 of 2016 above mentioned with you all with a view to put an end to it and focus on delivering the project.
We have started the fencing work on the project and by 1st week of July 2017
We would restart the construction work of 1st Phase of Towne Project and would (offer the possession) the 1st Phase of Towne Project by May- June 2018.
Resolving the pending issues with the GNIDA is our top priority and we are making efforts to get the clearance from GNIDA on or before 15th August 2017. We seek your co-operation /assistance/ indulgence before the concerned authorities for early settlement of the issue regarding the notice for cancellation of plot and pending dues.
The entire fresh investment to restart these projects would be arranged by (directors and EIL) and we are restarting construction work from 1st week of July 2017.
In order to complete the projects including the Towne project in question in the present case, funds are further proposed to be generated by selling the assets of the company purchased through other subsidiary/related companies which are managed & controlled by the holding company i.e. Earth Infrastructures Ltd. and its directors. Sale of property would be effected after taking permission from Hon’ble Courts.
It is submitted that by selling some of the immovable assets of the subsidiary companies/related companies with the permission of the Hon’ble Courts who have passed restraint orders for selling these immovable assets, the company would generate funds to the tune of around 125 crores.
It may take atleast 5-6 months to sell these properties. These funds would be utilised to complete Towne and other Projects which are in advance stage of (offer of possession).
Company further intends to raise funds by selling its equity shares, and/or in the alternative by raising funds through bank loans for these projects against the unsold inventories.
The directors who are a major stake holder in Earth Infrastructures Ltd. and its subsidiary companies/related companies are further making all efforts to raise funds from private sources and intend to invest around 30 crores approx. in the projects which are being held up or being stalled for the last couple of months. This amount of Rs 30 crores approx. shall be utilized to restart the construction work of projects.
Discussion with strategic investors and are in advance stage who have shown interest in supporting completion of the stalled projects.
We assure you all that we would complete the first phase of Towne project in 9-12 months after restarting construction by 1st – 2nd week of July 2017.
Those who are not part of the 1st phase of the project/who are not getting their respective booked units in the first phase of the project can opt for taking transfer to the other projects (projects iconic, sapphire, copia), as per applicable rules of the company and the arrangement with the other related/subsidiary companies.
We undertake to resolve all the your pending grievances pertaining to documentation within a month.
We would open joint/Escrow account, which ever is permissible and possible to be jointly operated by the two authorized signatory of the company & two complainant/members from the duly elected office bearer of the Buyers Association (ETOWA and Ors) (members of any other registered association)
Only after 45 days of restarting the construction work of the project in question in the present FIR the company would ask the complainants to pay their respective due amounts towards their bookings in the projects.
The due amount so received from you all would be deposited in the jointly operated Escrow/joint Account.
We would like to assure you all that 80% amount of the amount so received from you all shall be utilized in the completion of the project(s) in question, payment of dues towards Noida Authority, statutory liabilities relating to the project etc and remaining 20% shall be utilized to meet the day to day expenses/payments of salary, utility bills, Rent, IT expenses, professional expenses, etc.
For the delayed period of possession, the company shall compensate you all as per the terms and conditions of the Builder Buyer Agreement (BBA). The compensation amount would be adjusted from the due balance receivable amount and in case there is no due receivables then the amount would be paid through cheque. (at the time of offer of possession)
It is further clarified that Company 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, shall be borne by you and other buyers.
We propose the construction plan with timeline specifying date of (Expected) starting construction, (expected offer of) possession date and also propose which tower/block would come under which phase.
Earth Towne Phase 1 1,2,3 & 25,26,27 July 2017 May-June 2018
Earth Towne Phase 2 4,5,6,7,8,9 April 2018 December 2020
Earth Towne Phase 3 10,11,12,13,14,15 December 2018 June 2021
Earth Towne Phase 4 15A,16,17,18,19,20 June 2019 December 2021
Earth Towne Phase 5 21,22,23,24,28,29,30December 2019 June 2022
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
This article was written by admin