M/S AMBIENCE TOWERS PVT. LTD.

(ATPL)
LIST OF MAJOR DATES AND EVENTS IN THE ACQUISION, DEVELOPMENT
LEASING & FINANCING OF COMMERCIAL COMPLEX AT 2B2, SECTOR 10, TWIN
DISTT. CENTRE, ROHIN, DELHI

Sr. Date Event

No.
1 17th Nov., 2006 The company was incorporated with Registrar of Companies,
NCT of Haryana and Delhi vide registration no.55-155597.
2 7 Dec., 2006
th
The company purchased a commercial plot at 2B2, Twin Distt.
Centre, Sector 10, Rohini, Delhi admeasuring 4106.91 sq.mt. in
the open auction held by DDA for Rs.120.52 crore.
3 23rd January, 2007 DDA issued the allotment letter
4 18 th
September, DDA issued the possession letter and possession was handed
2008 over to ATPL on 23rd September, 2008.
5 23rd September, DDA executed the conveyance deed in favour of ATPL and was
2008 registered on 26.09.2008.
6 2008-2009 We have approached UCO Bank, Central Bank of India and
SIDBI for the sanction of loan of Rs.150 crore. The member
banks estimated the cost of project at Rs.283.52 crore which
was proposed to be funded as under:-

Particulars Amount (in Crore)

Promoters contribution 75.00
Term Loan from Banks/FI
- UCO Bank 60.00
- Central Bank of India 50.00
- SIDBI 40.00 150.00
Advance from customers 58.52
Total 283.52

However, later on due to unprecedented recession at

international level including in India because of Lehman
Brothers’ failure, the area at the commercial complex could not
be sold. ATPL has to funded this portion also by raising
loans/advances which had substantially increased the project
cost.
7 2009-2014 ATPL started the planning of commercial complex. The
development of the project was commenced after getting the
building plans sanctioned and after obtaining Fire Clearance
from Delhi Fire Services, Height Clearance from Airport
Authority of India, Environment Clearance from State
Environment Impact Assessment Authority for Delhi, NOC
from Delhi Pollution Control Board and NOC from Delhi Urban
Art Commission (DUAC).
8 2015 The project was completed. On completion of the project the
areas in the complex was leased.

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 On the basis of leased area and lease revenues ATPL planned to
raise LRD loan of Rs.300 crore by discounting the future lease
revenue for 12 years and State Bank of India (SBI) determined
the eligibility of the LRD loan at Rs.250 crore by discounting
future lease revenues for 9 years. Accordingly, sanctioned loan
of Rs.100 crore. PNB Housing Finance Ltd. (PNBHFL)
sanctioned loan of Rs.50 crore. ATPL also got sanctioned loan
for Rs.50 crore from State Bank of Hyderabad and Rs.100 crore
from Punjab & Sind Bank. It is relevant to add that State Bank
of Hyderabad had assessed its eligibility at Rs.300 crore. ATPL
got the disbursement of Rs.100 crore from SBI and Rs.50 crore
from PNBHFL pending compliances in the term loan of State
Bank of Hyderabad and Punjab & Sind Bank. SBI disbursed
their loan in March, 2015 and PNBHFL in January, 2015.
9 2015-16 During the year the lease of spaces and terms of leases were
firmed up and the complex was leased as under:-

Future Group - Ground to Fourth Floor

HDFC Bank Ltd. - Fifth to Eight Floor
Sindhu Tradelink Ltd. - Ninth Floor
10 February, 2016 At the request of ATPL, J&K has sanctioned entire assessed
LRD Loan of Rs.300 crore. Also it has agreed to sanction
repayment period of 12 years. As per their terms of sanction,
the LRD loan of Rs.300 crore is to be utilized for clearing of the
outstanding balance of the State Bank of India and PNB
Housing Finance Ltd. and balance for its general business
purposes. Also before disbursement of loan the group exposure
was to be reduced by Rs.150 crore. Considering the longer
repayment period and comfortable debt servicing ATPL availed
the LRD loan of Rs.300 crore from J&K Bank. ATPL duly
complied the terms of sanction. The group reduced its exposure
by Rs.150 crore by repaying the loan of Rs.150 crore in Panipat
Project by Ambience Pvt. Ltd. before availing disbursement in
the loan of Rs.300 crore from J&K Bank. Accordingly J&K
Bank disbursed its part loan on 30.03.2016 to pay the
outstanding balance of State Bank of India of Rs.96.21 crore
and PNB Housing Finance Ltd. of Rs.46.14 crore. The balance
out of the sanctioned loan of Rs.300 crore was disbursed on
31.03.2016 which was duly utilized for the repayment of
unsecured loans of M&N Commercials which were long
outstanding.
11 Registration of (i) Later on due to the business requirements HDFC Bank Ltd.
Lease Deeds has also taken 9th floor on lease also. We have to convince
Sindhu Trade Links Ltd. to take terrace and open areas in
the atrium and other floor for their food courts and related
purposes. Accordingly lease deed with HDFC Bank Ltd.
was registered with the leased area at Fifth to Ninth Floor.

(ii) Further the request of Future Group, two lease deeds were
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 got registered by leasing department of ATPL wherein
lease rental was mentioned as under:-

a) In case of Future Retail Ltd. (Big Bazaar Brand)

Monthly lease rental shall be Rs.57.20 per sq.ft. of
super area per month. However, it was agreed by the
Lessee that in case 4.5% of the audited Net Sales Value
(NSV) (net of turnover taxes) of the Lessee of the
previous month exceeds the Lease Rent as aforesaid,
the Lessee shall pay such excess amount every
succeeding month alongwith Lease Rent to the Lessor.

b) In case of Future Lifestyle Fashion Ltd. (Central

Brand)
Monthly lease rental shall be Rs.57.20 per sq.ft. of
super area per month. However, it was agreed by the
Lessee that in case 9% of the audited Net Sales Value
(NSV) (net of turnover taxes) of the Lessee of the
previous month exceeds the Lease Rent as aforesaid,
the Lessee shall pay such excess amount every
succeeding month alongwith Lease Rent to the Lessor.

It is further relevant to add that agreed lease rentals with

Future Group was Rs.103/- per sq.ft. of super area per
month and Future Retail Ltd. and Future Lifestyle Fashion
Ltd. are liable to pay lease rents calculated @ 103/- per
sq.ft. of super area per month during the currency of the
period of terms of their lease. However, the above
mechanism of lease rentals was devised for the efficiency
in stamp duty by Future Group and agreed by our leasing
department and the lease deed was executed.

(iii) However, due to delay in occupying the leased spaces at

terrace and other areas in the complex as per terms of their
lease, ATPL has cancelled the Lease Agreement with
Sindhu Trade Link. ATPL is now negotiation with some
popular brand in food court & hospitality for the lease of
space on terrace and other floors in the complex.
12 2016-2019 The loan of J&K Bank Ltd. is being serviced as per their terms
of sanction. ATPL is duly servicing the loan of J&K Bank by
meeting shortfall from its own resources.
13 28th June, 2019 The company received notice from the ACB, Jammu to attend
the office in respect of loan account of the company with J&K
Bank. Sh. Raj Singh Gehlot, on behalf of the borrower
company attended the office of SSP (PR), ACB, Jammu on
01.07.2019 who was interrogated for three days in Jammu and
his statement was recorded.

14 26.07.2019 ACB, Jammu carried out search and seizure operation at the

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 residence of Sh. Raj Singh Gehlot, Director of the Company at
A-4&5, Mayfair, Garden, New Delhi, and the office of the
company at L-4, Green park Extension, New Delhi on the basis
of warrant issued by the Hon’ble Special Judge Anti Corruption
Court Srinagar after registration of FIR No.of 15 of 2019 P/S
ACB Srinagar, U/s 5(1)(d) r/w 5(2) J&K P.C. Act Svt 2006

15 03.08.2019 ATPL vide letter dated 03.08.2019 requested J&K Bank to

allow prepayment of LRD Loan of Rs.300 crore granted against
discounting of future lease revenue from Commercial Complex,
Rohini, Delhi

16 04.09.2019 Sh. Raj Singh Gehlot attended the office of SSP (PR), ACB,
Jammu on 04.09.2019 & 05.09.2019 as directed telephonically
by I.O. in the case of ATPL and submitted the requisite
documents as advised over phone. During the hearing Mr.
Gehlot was asked to submit further documents. The I.O. in the
case of ATPL has also asked to submit certain documents.
17 17.09.2019 Reminder letter to issue permission to prepay the outstanding in
the LRD sent by ATPL to J&K Bank

18 23.09.2019 The I.O. in the case of ATPL was not in Jammu on 23.09.2019
and the requisite documents could not be submitted to I.O.
19 23.09.2019 Reminder letter to issue permission to prepay the outstanding in
the LRD sent by ATPL to J&K Bank

20 24.09.2019 Sh. Raj Singh Gehlot met the Director, ACB, Jammu &
Kashmir at his office at Srinagar on 24.09.2019.
21 27.09.2019 On the advise of ACB, Jammu ATPL vide letter dated
27.09.2019 represented J&K Bank to expedite the request for
the prepayment of the entire outstanding dues in the LRD Term
loan account
22 07.11.2019 J&K Bank Ltd. informed that ATPL request for waiver of
prepayment charges has not been acceded to and full and final
adjustment of LRD loan shall attract the prepayment as
stipulated in the sanction.