Issuance of Satisfaction Certificate related Company

REF: LJ/PJ/06/2005

Dated: June 13, 2005

Mr. A

Senior Assistant Vice President

Bank 1

Address______________________

Dear Sir,

RE:    ISSUANCE OF SATISFACTION CERTIFICATE

A/C Company-1.

We refer to your letter dated 06.06.2005 on the above subject.

We have perused the terms and conditions of the sanction letter No. ________________________ dated 02.04.2005. In order to secure the loan extended to Keari Limited, Bank is required to obtain some documents in terms of the Sanction Letter. Our observations on the documents so far obtained by the Bank are as follows:

Sl. Name of the documents Remarks
1. Letter of Hypothecation. An undated Letter of Hypothecation has been obtained. This Letter of hypothecation is required to be filed with Registrar of Joint Stock Companies and Firms after inserting appropriate dates.
2. Deed of Mortgage Registered mortgage has been created on land measuring 08 (eight) katha 14 (fourteen) Chhattaks in the name of Keari Limited vide Deed of Mortgage No. 3300 dated 28.05.2005 and certified copy of the Deed of Mortgage alongwith original delivery receipt duly discharged by the mortgagor on the back page of the same have been referred to us.Please note that the said Deed of Mortgage is required to be filed with Registrar of Joint Stock Companies and Firms within 21 days from the date of registration i.e. within 17.06.2005.
3. Irrevocable General Power of Attorney (to sell the mortgaged property) Certified copy of the Irrevocable General Power of Attorney No. 3301 dated 28.05.2005 alongwith original delivery receipt duly discharged by the Executant have been referred to us. The same is in order.
4. Irrevocable General Power of Attorney to sell the hypothecated assets. Notarised Irrevocable General Power of Attorney dated 31.05.2005 has been referred to us. The same is in order.
5. Letter of Undertaking Seal and signature of the executant and appropriate date is required to be inserted in the Letter of Undertaking.
6. Letter of Guarantee We have been provided with 3 undated Letters of Guarantee. According to the sanction letter personal guarantee of all the Directors of the company is required to be executed.Please note that we have not been provided with Form XII (Particulars of the Directors) to ascertain the Directors of the Company. Bank should obtain Form XII, certified from RJSC and ensure that all the Directors have executed personal guarantee.
9. Memorandum of Deposit of Title Deeds An undated Memorandum of Deposit of Title Deeds has been referred to us. Schedule I & II have not been inserted in the said Memorandum of Deposit of Title Deeds. Please insert the schedules and the date.Please note that the said Memorandum of Deposit of Title Deeds is also required to be filed with Registrar of Joint Stock Companies and Firms within 21 days from the date of execution.
10. Bai Muajjal Agreement We have been provided with an undated Bai Muajjal Agreement. All blanks should be filled in and appropriate dates should be inserted in the said Agreement.
11. Supplementary Agreement All blanks should be filled in and appropriate dates should be inserted.
12. Letter of Revival An undated Letter of Revival has been referred to us whereupon appropriate date should be inserted.
13. Charge Documents We have been provided with Demand Promissory Note, Letter of Agreement/Arrangement, Letter of Continuity, Letter of Disbursement, Letter of Authority, Letter of Surety all being undated. Appropriate dates should be inserted therein.

Subject to the above, we are of the opinion that the security documents are in order.

All papers/documents referred to us in the matter are returned herewith. Please acknowledge receipt of the same.

Should you have any query, do not hesitate to contact us.

Thanking you.

Yours faithfully,

(_______________________)Barrister-at-Law (_______________________)Advocate

Our Ref: LJ/PJ/06/2005

Dated: June 13, 2005

Mr. A

Senior Assistant Vice President

Bank 1

Address______________________

Drafted by:

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