CASE HISTORY OF SUKHNA LAKE PROJECT

LAND SITUATED AT TEHSIL KHARAR, MOHALI

THERE ARE 3 SOCIETIES AT KANSAL VILLAGE, VERY CLOSE TO SUKHNA LAKE, THE APPROVED SOCIETIES ARE: 1. KANSAL RURAL HOUSE BUILDING SOCIETY 2. PUNJAB MLA COOPERATIVE HOUSE BUILDING SOCIETY 3. DEFENCE SERVICES SOCIETY YEAR 2006 BILLUS ENTERPRISES AN PROPEIRTORSHIP COMPANY RUN BY MR.SANJAY SHARMA,ENTERED INTO MOU WITH KANSAL RURAL HOUSE BUILDING SOCIETY ON 31ST JULY 2006,TO DEVOLP THIS AREA AND ITS SURROUNDINGS,EARLIER HE HAD ENTERED INTO ANOTHER MOU WITH OTHER SOCIETIES SUCH AS PUNJABI MLA CO-OP SOCIETY ON 20TH JUNE,2006 AND DEFENCE SERVICES SOCIETY AS ON 29TH JUNE,2006 YEAR 2007 MR SANJAY SHARMA APPROACHED MR. M.K.SEHGAL OF M/S RM BUILDTECH, REGISTERED OFFICE AT NEW DELHI IN JANUARY 2007, AND ON TOKEN AMOUNT OF RS.4 CRORE, THEY ENTERED INTO AGREEMENT FOR 65.96 ACRE LAND BELONGING TO ALL ABOVE SOCIETIES, MR. SANJAY SHARMA HAS TO BE PAID AN LUMPSUM AMOUNT OF ANOTHER 35 CRORE ON CONFIRMATION AND CLEARANCE OF ALL LEGAL AND AUTHORITIES, WITHIN NEXT 60 DAYS, AFTER RECEIPT OF ALL APPROVALS MR SANJAY SHARMA DUE TO SOME FINANCIAL COMPULSION ,BREACHED THE AGREEMENT WITH MR.SEHGAL AND ENTERED INTO ANOTHER AGREEMENT WITH TATA HOUSING DEVELOPMENT COMPANY ON 26TH FEBRUARY 2007,FOR LAND OF PUNJAB MLA COOP SOCIETY AND DEFENCE SERVICES SOCIETY,KEEPING IN MIND ABOUT THE PROSPECT OF THIS AREA,MR SEHGAL PAID ANOTHER RS.1 CRORE ON 23RD MARCH 2007 TO MR SANJAY SHARMA TO HOLD LAND OF KANSAL RURAL HOUSE BUILDING SOCIETY,KEEPING IN VIEW,MR.M.K.SEHGAL HAS PAID SUM OF RS.8 CRORES IN UNACCOUNTED AMOUNT TOWARD COMFIRMATION AND APPROVAL OF AUTHORITIES TO M/S BILLUS ENTERPRISE. YEAR 2008 IN MARCH 2008 MR. SEHGAL MADE A PAYMENT OF RS.4.25 CRORES THROUGH HIS SOURCES IN CHANDIGARH FOR FURTHER PROCESS, BUT NO MUCH PROGRESS WAS ACCOUNTED IN THIS YEAR. YEAR 2009 MR M.K.SEHGAL FILED SUIT AGAINST ALL ABOVE SOCIETIES AS WELL AS TATA HOUSING DEVELOPMENT COMPANY ,AND GOT STAY ORDER FROM COURT,SO ALL COMPROMISES CAN TAKE PLACE..STAY GOT VACATED IN END OF SEPTEMBER 2009, MR. M.K.SEHGAL ONCE AGAIN APPEALED IN SESSION COURT

ON THE OTHER SIDE, MR.SUDHIR CHADHA CMD OF RMC INDIA INFRASTRUCTURE LTD, ENTERED INTO AN AGREEMENT WITH THDC AND BECOME PARTNER WITH 28% STAKE IN THDC FOR THEIR TATA CAMELOT PROJECT.MR. SUDHIR CHADHA APPROACHED MR.SEHGAL IN THE MONTH OF SEPTEMBER 2009 FOR COMPROMISE, WHICH WAS ACCEPTED BY MR.SEHGAL.THEY WENT ON TO SIGN ANOTHER AGREEMENT BETWEEN MR.SEHGAL AND MR.CHADHA HAVING ANOTHER COMPANY CALLED HASH BUILDERS,AND MOU WAS DRAFTED ON 22ND OCTOBER,2009,THEREAFTER THEY VENTURED INTO PARTNERSHIP AGREEMENT, A DEED WAS SIGNED ON 13TH NOVEMBER 2009 AND THE SAME WAS DULY REGISTERED ON 24 TH DECEMBER 2009,IT WAS DECIDED MUTUALLY AS WELL AS WRITTEN THAT MR.SUDHIR CHADHA OF HASH BUILDERS WILL PAY RS.2 LAKH MONTHLY,TILL HASH BUILDER STARTS DEVELOPMENT WORK OF THESE SOCIETIES.AND IF MR.CHADHA FAILS TO RESTART THIS DEVELOPMENT WORK ,THEN HE WAS LIAB LE TO PAY A PENALTY OF RS.10 CRORES TO MR.M.K.SEHGAL AS A COMPENSATION YEAR 2010 HASH BUILDERS AS PROMISED HAS BENEFITS OF RS.2 LAKH PER MONTH FROM 1ST JANUARY 2010 TO OCTOBER 2010. THERAFTER, HASH BUILDER ALSO BECAME DEFAULTER, AND IT IS STILL DEFAULTER YEAR 2011/2012 DUE TO LACK OF VISIONS FROM THOSE ABOVE PARTIES, A PIL WAS FILED BY SOMEONE FROM CHANDIGARH, FOR SANCITY OF GREENERY AND HIGH RISE BUILDING, THE SESSION COURT HAS ORDERED STAY ON ALL THESE LAND FOR FURTHER DEVELOPMENTS, ONLY LAST WEEK THE HIGH COURT CHANDIGARH BENCH HAS PROVOKED THE PIL AND HAS ORDERED THE DEVELOPERS TO GET ALL CLEARANCE FROM REQUIRED AUTHORITIES TO START DEVELOPMENTS IN THIS AREA. MR.M.K. SEHGAL SOURCES IN CHANDIGARH HAS APPROACHED,AND GOT NOD FROM THE SOCIETYS HOLDER OF KANSAL RURAL HOUSE BUILDING SOCIETIES,TO GET REGISTRATION OF LAND AND DEVELOPMENT CHARGES CLEARED AT THE EARLIEST.THIS IS TODAYS STATUS OF THIS PROJECT

AS ON DATE RM BUILDTECH WOULD LIKE TO GO ALONE FOR THIS PROJECT,OR MATURED PARTY WHICH CAN COME FOR JOINT VENTURE @1:1