Vetting of property documents

Ref: LJ/PJ/08/07                                                                         Dated: August 26, 2007

Mr. AManager Credit Administration

Bank 1

Dhaka Main Office

Anchor Tower 1/1-B

Sonargaon Road

Dhaka-1205

 Mr. BRelationship Manager, Corporate Banking

Bank 1

Dhaka Main Office

Anchor Tower 1/1-B

Sonargaon Road

Dhaka-1205

Dear Sirs,

RE: VETTING OF PROPERTY DOCUMENTS AND DRAFTING OF DEED OF MORTGAGE AND IGPA A/C. COMPANY 1

We refer to your letter dated 05 August 2007 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. Owner of the property : (1) Company 2, represented by Mr. M of 28 Purana Paltan, P. S.– Motijheel now Paltan, District – Dhaka – 1000 (2) Mr. M, son of Late Mr. P of House No. 4, Road No. 14 (new), Dhanmondi R/A, P. S. Dhanmondi, District – Dhaka and (3) Mr. N, son of Mr. M of 28 Purana Paltan, P. S.– Motijheel now Paltan, District – Dhaka – 1000.
2. Description of the property : (1) All that piece and parcel of land measuring 2.76(two point seven six) acres situated within District – Gazipur, P. S. & Sub-Registry Office – Gazipur Shadar, J. L. No. 2, Mouza – Bokranmonipur, under the following Khatians and Dag numbers:
Khatian Nos. Dag Nos. Area of Lands

(in Acres)
C.S S.A. R.S. C.S. S.A. R.S.
159 186 706 822 1.54
133 258 695 824 1.22
Total 2.76
(2) All that piece and parcel of land measuring 0.32(point three two) acres situated within District – Gazipur, P. S. & Sub-Registry Office – Gazipur Shadar, J. L. No. 2, Mouza – Bokranmonipur, under the following Khatian and Dag numbers:
Khatian Nos. Dag Nos. Area of Lands

(in Acres)
C.S S.A. R.S. C.S. S.A. R.S.
91 279 136 581 1688 0.32
Total 0. 32
(3) All that piece and parcel of land, owned by Mr. N, measuring 0.35(point three five) acres situated within District – Gazipur, P. S. & Sub-Registry Office – Gazipur Shadar, J. L. No. 2, Mouza – Bokranmonipur, under the following Khatian and Dag numbers:
Khatian Nos. Dag Nos. Area of Lands

(in Acres)
C.S S.A. R.S. C.S. S.A. R.S.
121 325 99 582 1702 0.35
Total 0.35
3. Area : Land measuring (2.76 + 0. 32 + 0.35) total 3.43(three point four three) acres.
4. Title Deeds Referred : 1)      Deed of Sale No. 573 dated 09.01.2002 executed by 1) Mrs. Farzana Moazzem, 2) Mr. Shachindra Banik in favour of Company 2, represented Mr. M.

2)      Deed of Sale No. Illegible dated 09.01.2002 executed by 1) Captain M. Moazzem Hossain, 2) Mrs. Farzana Moazzem in favour of Company 2, represented Mr. M.

3)      Deed of Sale No. Illegible dated 09.10.2003 executed by 1) Mrs. Saimon, 2) Mr. Md. Borhan Uddin, 3) Mrs. Ful Meher,  4) Mrs. Hajera Akhtar, 5) Mrs. Momena Akhtar in favour of Mr. M, son of Late Mr. P.

4)      Deed of Sale No. Illegible dated 09.10.2003 executed by 1) Mrs. Sofura Khatun, 2) Mr. Md. Sona Miah 3) Mr. Md. Abdus Sattar 4) Mr. Md. Mozaffar Hossain 5) Mr. Md. Lutfar Rahman in favour of Mr. M.

5)      Certified Copy of Deed of Sale No. 20913/05 dated 17.08.2005 along with delivery receipt executed by 1) Haji Md. Sona Miya 2) Haji Md. Abdus Sattar 3) Ms. Roksana Begum 4) Ms. Madina Akhtar 5) Ms. Delwara Begum in favour of Mr. N.

Please note that Deed of Sale No. Illegible dated 09.01.2002 in the name of Company 2, represented by Mr. M, Deed of Sale No. Illegible dated 09.10.2003 in the name of Mr. M, son of Late Mr. P, Deed of Sale No. Illegible dated 09.10.2003 in the name of Mr. M should be collected with deed number.
5. Bia Deeds : Not Submitted
6.

Mutation

 : 1.      Submitted Mutation Parcha along with DCR from which it appears that land measuring 1.00 acres under S.A dag No. 706, R.S. dag No. 822 of S.A. & R.S. Khatian No.159 and 186 respectively, Mouza – Bokranmonipur has been mutated in the name of Company 2, vide Mutation and Separation Case No.8915/2001–2002 dated 20.05.2002 certified by Assistant Commissioner of Land, Gazipur Sadar, Gazipur.

2.      Submitted Mutation Parcha along with DCR from which it appears that land measuring .54 and 1.22 total land measuring 1.76 acres under S.A dag No. 706 and 695, R.S. dag No. 822 and 824 respectively, Mouza – Bokranmonipur has been mutated in the name of Company 2, vide Mutation and Separation Case No.7553/2001–2002 dated 11.05.2002 certified by Assistant Commissioner of Land, Gazipur Sadar, Gazipur.

3.      Submitted Mutation Parcha along with DCR from which it appears that land measuring 0.32 acres under S.A dag No. 581, R.S. dag No. 1688, Mouza – Bokranmonipur has been mutated in the name of Mr. M vide Mutation and Separation Case No.4683/2003 – 2004 dated 24.11.2003 certified by Assistant Commissioner of Land, Gazipur Sadar, Gazipur

Please note that submitted Mutation khatian for land measuring 3.08 acres out land measuring 3.43 acres. Bank should be obtained mutation khatian in the name of Mr. N for land measuring 0.35 acres
7. Khatian : Not submitted.
8. Chain of Ownership : Without C.S., S.A. & R.S. khatian and bia deed of sale it is not possible to ascertain the particular chain of ownership of the scheduled property.

However from Deed of Sale No. 573 dated 09.01.2002 and Deed of Sale No. Illegible dated 07.01.2002 it appears that, 1) Mr. Budhadeb Barman 2) Mr. Atiram Barman 3) Mr. Shachindra Barman and 4) Mr. Rashid Chandra Barman (all R.S. Tenants), who became owner by way of inheritance from their father Mr. Kailash Chandra Barman, sold 1.16 acres land to Mr. Md. Iqram Ullah vide Deed of Sale No. 5980 dated 21.04.80 and sold land measuring 1.60 acres to Mr. Md. Mustafa Anwar vide Deed of Sale No. 5979 dated 21.04.80. Thereafter, Mr. Md. Iqram Ullah sold land measuring 1.16 acres to Mr. Mustafa Anwar vide Deed of Sale No. 17870 dated 01.10.97. Thereafter, Mr. Mustafa Anwar sold land measuring 0.78 acres to Mrs. Farzana Moazzem vide Deed of Sale No. 23476 in the years 1997,  sold land measuring 1.32 acres to Captain M. Moazzem Hossain vide Deed of Sale No. 23475 dated 29.12.97,  and sold land measuring 0.66 acres to Mr. Shachindra Banik vide Deed of Sale No. 23474 dated 29.12.97. Company 2 then became owner of land measuring 1.00 acres vide Deed of Sale No. 573 dated 09.01.2002 executed by 1) Mrs. Farzana Moazzem and 2) Mr. Shachindra Banik and land measuring 1.76 acres vide Deed of Sale No. Illegible dated 07.01.2002 executed by 1) Captain M. Moazzem Hossain 2) Mrs. Farzana Moazzem.

From Deed of Sale No. Illegible dated 09.10.2003 it appears that, Mrs. Saimon became owner of land by way of inheritance from her husband Late Ramiz Uddin, Mr. Md. Borhan Uddin, Mrs. Ful Meher, Mrs. Hajera Akhtar became owner of land by way of inheritance from their father Late Ramiz Uddin and Mrs. Momena Akhtar became owner of land by way of inheritance from her husband Mr. Md. Late Idris Ali, who in turn had inherited the land from his father Late Ramiz Uddin. Thereafter, Mr. M became owner of land measuring 0.16 acres vide Deed of Sale No. Illegible dated 09.10.2003 executed by 1) Mrs. Saimon, 2) Mr. Md. Borhan Uddin, 3) Mrs. Ful Meher, 4) Mrs. Hajera Akhtar, 5) Mrs. Momena Akhtar.

From Deed of Sale No. Illegible dated 09.10.2003 it appears that 1) Mr. Tarachan Barman and 2) Mr. Lalchan Barman (both S.A. Tenant) became owner by way of inheritance from their father Mr. Monmohan Koch (C.S Tenant). Thereafter, Mr. Tarachan Barman and Mr. Lalchan Barman sold land vide deed of Exchange No. 4249 dated 07.04.90 to Mr. Abdur Rashid and Mr. Nurul Haq. Mr. Abdur Rashid and Mr. Nurul Haq then sold the land vide Deed of Sale No. 16462 dated 14.01.98 to 1) Mrs. Sofura Khatun, 2) Mr. Md. Sona Miya 3) Mr. Md. Abdus Sattar 4) Mr. Md. Mozaffar Hossain 5) Mr. Md. Lutfar Rahman. Thereafter, Mr. M became owner of land measuring 0.16 acres vide Deed of Sale No. Illegible dated 09.10.2003 executed by to 1) Mrs. Sofura Khatun, 2) Mr. Md. Sona Miya 3) Mr. Md. Abdus Sattar 4) Mr. Md. Mozaffar Hossain 5) Mr. Md. Lutfar Rahman.

From the certified copy of Deed of Sale No. 20913/05 dated 17.08.2005 it appears that 1) Haji Md. Sona Miya 2) Haji Md. Abdus Sattar 3) Ms. Roksana Begum 4) Ms. Madina Akhtar 5) Ms. Delwara Begum became owner of land by way of inheritance from their father, Late Haji Helal Uddin (S.A and R.S. Tenant). Thereafter, Mr. N became owner of land measuring 0.35 acres vide Deed of Sale No. 20913/05 dated 17.08.2005 executed by 1) Haji Md. Sona Miya 2) Haji Md. Abdus Sattar 3) Ms. Roksana Begum 4) Ms. Madina Akhtar 5) Ms. Delwara Begum.

 
9. Ground Rent Receipt : Land Development Tax Payment Receipt No. Q 023856, land measuring 2.76 acres under Mouza – Bokranmonipur, Gazipur, tax paid up-to-1413 B.S. in the name of Company 2 has been submitted.

Land Development Tax Payment Receipt in the name of Mr. M and Mr. N  for land measuring .32 and .35 total .67 acres needs to be obtained.
10.

Valuation Certificates

 : Not submitted.
11. Non-Encumbrance Certificate : Not submitted.Up to date non-encumbrance certificate is required to be obtained.
12. Municipal Holding Record : Not submitted.Bank should obtain up to date Municipal tax payment receipt, if applicable.
13. Wanting papers/Documents :
  • a) Deed of Sale No. Illegible dated 09.01.2002 in the name of Company 2, represented Mr. M, b) Deed of Sale No. Illegible dated 09.10.2003 in the name of Mr. M, son of Late Mr. P, c) Deed of Sale No. Illegible dated 09.10.2003 in the name of Mr. M.
  • Mutation in the name of Mr. N regarding land measuring 0.35 acres under R.S Dag No. 1702.
  • C.S. Khatian No. 91, 121; S.A. Khatian No. 159, 133, 279, 325; R.S. Khatian No. 186, 258, 136, 99
  • Bia Deed of Sale No. 5979 dated 21.04.80, No. 17870 dated 01.10.97, No. 23476 in the year 1997,  No. 23475 dated 29.12.97,  No. 23474 dated 29.12.97, No. 16462 dated 14.01.98, No. Illegible dated 09.10.2003, Deed of Exchange No. 4249 dated 07.04.90,   .
  • Up-to-date Ground Rent Receipt in the names of Mr. M and Mr. N for land measuring .32 and .35 total .67 acres  .
  • Up-to-date Non-encumbrance certificates for land measuring 3.43(three point four three) acres from concerned Sub-Registrar Office.
  • Municipal tax payment receipt, if payable.
  • Valuation Certificates, optional;
14.

Opinion

 : Upon perusal of the documents/papers we are of the opinion that Company 2, Mr. M and Mr. N (the ‘Landowners’) have acquired prima facie ownership over the land in question.

However, we have perused the Memorandum of Association of Company 2 and found that the Company does not have the power to give third party mortgages.

Therefore, Company 2 cannot execute Deed of Mortgage and Irrevocable General Power of Attorney (“IGPA”) in order to secure the liability of Company 1 without amending their Memorandum of Association.

Bank can only accept the property of Company 2 after Company 2 has amended its Memorandum of Association in accordance with Companies Act 1994.

Bank may accept the properties of Mr. M and Mr. N as security of loan to be given to Company 1 subject to ascertaining the physical possession of the present owners over the land and upon obtaining documents/papers mentioned in clause -13 above.

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-registrar office or concerned authorities.

In view of the fact that Company 2 (owner of 2.67 acres out of total 3.43 acres of the proposed mortgage properties) is not authorised to execute Deed of Mortgage and IGPA in order to secure the liability of Company 1 without amending their Memorandum of Association, we are awaiting your further instruction regarding whether we should draft the Deed of Mortgage and IGPA.

If you have any further query, please do not hesitate to revert back to us.

All papers/documents referred to us are returned herewith.

Kindly acknowledge receipt.

Thanking you.

Yours faithfully,

(________________)                                                  (_______________________)

Barrister-at-Law Advocate


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