Legal Question in Banking Law in India

my question

should i deposit balance amount 75%

please help me immediate

myBY REGD. A.D./ORDINARY POST

To, Date :24/12/2010

Authorised Officer,

Indian Bank,

Baroda Branch,

Prof. Manekrao Road,

Raopura,

Vadodara-390 001

NOTICE

Under instructions of my client Mr. Anilkumar Sureshchandra Baytu, residing at 29, Sai Ashish Nagar, Near Ramvatika, Panigate, Vadodara, I, Vijaykumar J. Shirke, Advocate, do hereby address you this notice as under :

1) That you have published a Public Notice in Indian Express and Lok Satta Jansatta newspapers on 13/11/2010 inviting tenders / bid from public for auction / sale of property bearing D 42, Sudama Society, Ajwa Road, Vadodara situated in land bearing R.S. No. 327/1 of Village Bapod, Taluka and Dist. Vadodara for which reserved price was fixed at Rs. 6,39,000/-

2) That my client has submitted his tender / Bid for the property quoting the price of Rs.6,39,000/- for purchase of the said property and paid EMD of Rs. 32,000/- by D.D. No.963554 dated 15/12/2010 to you. My client asked the detailed description of the property against which a valuation report of Mr. Sirish Desai, Indian Bank was shown to him. Later on a copy of valuation report was also given to him.

3) That consequent to submission of tender and interse bidding on 18/12/2010 my client was declared the highest bidder for Rs.14,00,000/- for the said property and in terms of the said process, sale was confirmed in favour of my client and as per the terms and condition of the said tender process my client has to deposit 25% of the sale price immediately on the same day accordingly my client has paid an amount of Rs.3,20,000/- + Rs.32,000/- (EMD amount) = Rs.3,52,000/- on the same day.

4) That on going through the Valuation Report dated 05/09/2010 of Sirish Desai the land area is shown as 1099 sq.ft.(102.10 Mtrs. approx.) and built up area (super built up) is shown as 655.63 sq.ft. (60.90 mtrs. approx.). In the said Valuation Report Market rate at the time of valuation for land is shown as Rs.400/- per sq.ft. and for building Rs.450/-. On the basis of the said rates the market value of land comes to Rs.4,39,600/- and cost of the building with interior decoration and fittings comes to Rs.2,95,033/-. Thus total cost of the building was calculated at Rs.6,38,748/- (after deducting depreciated value).

5) That on physical verification of the site my client found that the land area is too less than what shown in the valuation report and the super built up area is also too less than shown in the valuation report. On actual mapping it is found that the land area is 19.5 sq. ft. x 33 sq.ft. = 643.50 sq.ft. approx. and actual super built up area is 20.5 sq.ft. x 16.5 sq.ft. = 338.50 sq.ft approx.. Thus, you have furnished the incorrect / false information to my client just to extract more money from my client.

Looking to the situation appears in the entire process, it appear that concerned officers of the bank, in connivance with the valuer, with malafied intension shown bigger land and construction to assess higher value of the property so as to finance more. Intention on the part of concerned bank officer and valuer was malafied from the beginning. To hide this fact, you have without verifying the factual aspect published, Public Notice misguiding the public at large. Which create doubt about your intention.

You have been given opportunity to rectify your error but you have neglected with unknown reason. My client failed to understand your approach, how can a public sector bank functioning under the supervision of R.B.I. can deal in such manner. My client is ready and willing to pay the price calculated on actual basis and not on wrong calculation. It is nothing but cheating on your part with my client.

Your are therefore informed that actual calculation be made proportionate on the basis of a land available and construction thereon and my client be informed accordingly so that remaining amount can be paid by him. If you fail to do so within 7 (Seven) days from the receipt of this notice, my client shall initiate criminal or civil action against you and other concerned officer of the bank as well as against valuer involved in the scam, of course of your cost and risk.

6) That you in connivance with the valuer concealed the material information like measurement of the Plot and measurement of the construction.

7) Alternatively you are also informed that if you are not in a position to revise the bid, you may return the amount of Rs.3,52,000/- to my client alongwith the necessary expenditure within 7 days failing which my client shall initiate legal actions against you.

8) This notice is required to be given as you have failed to provide the factual information as per the actual site measurement. Therefore an amount of Rs.2500/- shall be paid by you towards the advocate fees and expenses of this notice.

-----------------------------------

Under the instructions of

my client

Place : BARODA

Date : 24/12/2010 [ V. J. Shirke ]

ADVOCATE.

CWCS to : 1) The R.B.I

Grievance Cell

2) Indian Bank

Zonal Office

3) Indian Bank

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