Our Ref.: LJ/PJ/04/2006
Dated: April 31, 2006
109, Gulshan Avenue
Dhaka – 1212
Re: Vetting of property documents A/c. Company 1
We refer to your letter dated 18.04.2006 on the above subject.
We have perused the documents/papers (all photocopies) that you have referred to us and our opinion is as follows:
|1.||Owners of the property||:||Company 2 a public company limited by shares having address at Agrabad Commercial Area, Chittagong.|
|2.||Description of the property||:||All that undivided and undemarcated piece and parcel of land measuring 3 acre 25 decimal situated within District Chittagong, P.S. Double Mooring, Touzi No. 34609, Mouza Pahartali, Khatian No. 356, Dag No. 1122.|
|3.||Area||:||3 acre 25 decimal.|
|4.||Title Deed Referred||:||Certified copy of Deed of Sale No. 6671 dated 27.12.1954 executed by M.M. Ispahani Limited in favour Company 2.Original Deed of Sale No. 6671 dated 27.12.1954 should be obtained.|
|5.||Bia Deed||:||Not submitted.|
|6.||Mutation||:||Mutation Parcha No. 317/32 certified by the Assistant Commissioner of Land without DCR has been submitted from which it appears that land measuring .0637 acres under Dag No. 2676, land measuring .1316 acre under Dag No. 2695, land measuring .0874 ajutansha under Dag No. 2697, land measuring 8.4400 acre under Dag No. 2698, land measuring .0712 acre under Dag No. 2801, land measuring 6.7062 acre under Dag No. 2802, land measuring .0435 acre under Dag No. 2803, land measuring 1.1162 acre under Dag No. 2804, land measuring .3040 acre under Dag No. 2805, land measuring .2729 acre under Dag No. 2806, land measuring .0862 acre under Dag No. 2809, land measuring .0437 acre under Dag No. 2810, land measuring.0344 acre under Dag No. 2811, land measuring .7031 acre under Dag No. 2812, land measuring 1.8187 acre under Dag No. 2813, land measuring 0.0256 acre under Dag No. 2814, land measuring .3125 acre under Dag No. 2815, land measuring .1421 acre under Dag No. 2820, land measuring .1679 acre under Dag No. 2821, land measuring .0362 acre under Dag No. 2826, land measuring .1131 acre under Dag No. 2827, land measuring .0862 acre under Dag No. 3006, land measuring .1287 acre under Dag No. 3008, land measuring .0937 acre under Dag No. 3913, land measuring .0650 acre under Dag No. 2817, land measuring .3313 acre under Dag No. 2816/2865, land measuring .1650 acre under Dag No. 2818, land measuring .1000 acre under Dag No. 2839/2855, land measuring .1000 acre under Dag No. 2818/2858, land measuring 1 acre under Dag No. 3010, land measuring .4000 acre under Dag No. 3011, land measuring .1075 acre under Dag No. 3012, land measuring .2100 acre under Dag No. 3013, land measuring .1100 acre under Dag No. 3014, land measuring .2875 acre under Dag No. 3015, land measuring .4150 acre under Dag No. 3909 have been mutated in the name of Company 2 vide Mutation and Separation Case No. illegible dated illegible.|
|7.||Khatian||:||R.S. Khatian No. 356 has been submitted. But no P.S. or B.S. Khatian has been referred to us.Bank must obtain relevant P.S. and B.S. Khatians.|
|8.||Chain of Ownership||:||Upon perusal of R.S. Khatian No.356, it appears that land measuring 03 acre 25 decimals under Dag No. 1122 were recorded in the name of M.M. Ispahani Limited.Company 2 has become owner of the land by way of purchase from M.M. Ispahani Limited vide Deed of Sale No. 6671 dated 27.12.1954.|
|9.||Ground Rent Receipt||:||Not submitted.Up to date ground rent receipt showing payment in the name of Company 2 for the land 03 acre 25 decimal is required.|
|10.||Valuation Certificates||:||Not submitted.|
|11.||Non-Encumbrance Certificate||:||Non Encumbrance Certificate dated 08.05.2005 issued by Sree Rasjat Kumar Mallik, Searcher counter signed by concerned Sub-Registry for land measuring 3.25 acre from 1990 to 2001 have been submitted.Bank should obtain up to date Non Encumbrance Certificate counter signed by concerned Sub-Registrar for the land measuring 3.25 acre.|
|12.||Municipal Holding Record||:||Not submitted.|
|13.||Wanting papers/Documents||:||a) Relevant P.S. and B.S. Khatians.
b) Up to date ground rent receipt showing payment in the name of Company 2 for the land measuring 03 acre 25 decimal.
c) Up to date Non Encumbrance Certificate counter signed by concerned Sub-Registrar.
d) Up to date Municipal tax payment receipt, if applicable.
e) Valuation certificate.
|14.||Opinion||:||Upon perusal of the documents/papers we are of the opinion that Company 2 has acquired prima facie right, title and ownership over the land in question. Physical possession of Company 2 over the land should be ascertained and documents/papers referred in Clause 13 above should be obtained.Since Company 2 intends to mortgage the land to secure its own loan to secure the loan of Company 1 Limited as third party, Bank should ascertain as to whether Company 2 is empowered by its Memorandum of Association to mortgage its property as third party.We have provided this opinion on the basis of the documents/papers referred to us. We can not guarantee the genuineness of the documents. You may verify the genuineness of submitted documents with the concerned Sub-registry office or concerned authorities.|
All papers/documents referred to us are returned herewith. Kindly acknowledge receipt.