Letter from OBC dated 16-2-05

ORIENTAL BANK OF COMMERCE( A GOVERNMENT OF INDIA UNDERTAKING)
G-2 SAMEDH ,C G ROAD, AHMEDABAD –380 006
Tel: (079) 2640 5595/96 , FAX : (079) 2640 5597
OBC/CGR/CB/426/2004 –05
16th FEBRUARY 2005

BY
REGD A D

TO
SH PANKAJ S MODY
C/O SHRI S S MODY
JANMANGAL APARTMENTS
40 B M M SOCIETYPALDI , AHMEDABAD 380 006
DEAR SIR,

YOUR LETTER DATED :- 27/12/2004

This reply is confined to the alleagations made against thje bank only since the bank is no way concerned with the allegations raisedagainst the borrower or the interse disputes between you and theofficials of the company.From the correspondence resting with the above letters, we observethat major issues involved are :-
1. Merger of Eerstwhile Global Trust Bank Ltd with Oriental Bankof Commerce.
2. Your allegations of the charge created by Shri JatinJalundhwala in favour of the Bank on the immoveable property owned byRupmanglam Investment Pvt Ltd , Dhanyushya Financial Pvt Ltd andFlovin Plastics Pvt Ltd
3. Your allegations on the quality of appraisal and sanction ofterm loan in August 1998 to Core Healthcare By erstwhile GTB.In this context we wish to inform you as under:The scheme of amalagamtion of GTB Ld with OBC was sanctioned by theGovernment of India vide their Notification F NO 15/2/2004-BOA,after following due procedure prescribed under the provisionscontained in the Bankign Regulation Act, 1949. It is amalgamated under the provisions of the Act. ,1949. It is amalgamated under theprovisons of the Act referred above and the bankis having nothingmuch to say on this. A copy of the notification is however enclosedfor your perusal.As per the scheme, all the assets and liabilities of Erstwhile GTB(EGTB) stands transferred to OBC and all dues payable to theerstwhile GTB are now payable to OBC in terms of Amalgamation scheme.The Bank can enforce its rights and remedies in the best possible wayfor recovery of its dues , including the sale of mortgaged propertyunder the provisions of the special enactments in force for recoveryof the bank dues. Please note that the bank shall proceed iotslegitimate dues in accordance with the law and as per the provisonsof the act. It is not interested to negotiate the sale fo theproperties privately or confidentiality with any persons.
You arealso aware that the OBC is A Govt of India enterprise and there is noGTB now.Thw OBC shall proceed in terms of the documents executed by theborrowers and the gurantors/mortgagors of the properties wherein thesecurity interestes are created for the recovery of dues. Similary,the bank shall take all necessary steps to protect its interests inthe suit filed against the bank.You may also note that there is a valid creation of the mortgage ofthe Rupam bunglow in terms of the documents executed in favour of thebank and there is an exclusive charge of the bank as security for therepayment of its dues . The bank has followede the procedure forcreation of the mortgag3 in accordance with the law after getting thelegal opinion,etc.

You have already filed the suit in O.S. No 5827/2001 in the CityCivil court against that the company Dhanyushay Fian Pvt Ltd , Mr.Jatin Jalundhwlaa and Core Health care Ltd and the Bank is also made as party to the suit as 4th defendant. Hence ithe bank is not interested in traversing the rest of the allegation raised in yourletter in respect of the creation of the mortgage , during the pendency of the above suit as it becomes sub-judice,.

The rest of the allegations made in your letters against the bank,which are not specifically traversed herein above , are denied.Our Bank has no concern with the inter-se disputes among the parties concerned.

Yours faithfully,

Assistant General Manager

RECEIVED FRO OBC ON 19-02–2005

Enclosure:-

RESERVE BANK OF INDIA

CENTRAL OFFICEDEPARTMENT OF BANKING OPERATIONS AND DEVELOPMENTCENTRE-1 ,WORLD TRADE CONTRECUFFE PARADE ,COLABA, MUMBAI –400 005http://www.blogger.com/group/GTBINFO/post?postID=9szCZ8DFRV4Y8Uq7wRiJaAjMCDfzgh67oRSSMFsQzk86xHB9gFHkgekQO7zhyB50pBNBQ9V1ZaYvi1e3h96_HAhttp://www.blogger.com/group/GTBINFO/post?postID=myMnyRaSGhogo5mVseV7f0irIxvztXQcXuBr2vpeokwXMPY2XbKycJJvah_1_6V0luG5iDhy0HgAn2cDBOD.NO. PSBS. 215 /16.01.129/2004-05

AUGUST 13,2004
THE CHARIMAN AND MANAGING DIRECTORORIENTAL BANK OF COMMERCE
HEAD OFFICEHARSHA BHWAWNA E BLOCKCONNAUGHT PLACENEW DELHI 110 001

DEAR SIR,

SUB.section (7) of Section 45 of the Banking Regulation Act , 1949-Amalgamtion of the Global Trust Bank Ltd with Oriental Bank ofCommerce.

Please refer to our letter DBOD No PSBS 113/16.01.0129/2004-05 datedJuly 26, 2004 on the captioned subject.

2. In this connection, we forward herewith Notifications F No.15/2/2004 –BOA(i)and (ii) dated August 13,2004 issued by theGovernment of India sanctioning the Scheme for amalgamation ofGlobal Trust Bank Ltd with Oriental Bank of Commerce . As per theGovernment Notification , the scheme shall come into force witheffect from August 14,2004.

2. Please acknowledge receipt.

Yours faithfully,

Sudha Damodar(General Manager )