Vetting of property documents related Company

Our Ref: LJ/PJ/07/2007                                                              Dated: July 19, 2007

Mr. A

Manager Credit Administration

Bank 1

Dhaka Main Office, ‘Anchor Tower’

1/1-B, Sonargaon Road

Dhaka-1205

Dear Sir,

RE: VETTING OF PROPERTY DOCUMENTS A/C. COMPANY 1.

Please refer to your letter dated 09.07.2007 and our previous opinion dated 13.02.2007 on the above subject.

We have perused the documents/papers (all in photocopies) that you have referred to us and our opinion is as follows:

1. Owner of the Property

 

 : COMPANY 2, represented by its Managing Director Mr. P of Plot No. 122/1, Tejgaon Industrial Area, Dhaka
2. Description of the Property : All that piece and parcel of land measuring 16.00 (sixteen) katha more or less situated within District-Dhaka, P. S.- Tejgaon, Sub-Registry Office-Mohammadpur, being Plot No. 122/1 of Tejgaon Industrial Area, created between Plot No. 122 and 135 by Ministry of Establishment’s Memo No. 1592/Sthapatta dated 31.05.1994.
3. Area : Land measuring 16.00 (sixteen) katha more or less.
4. Title Deed Referred : Certified copy of Indenture of Lease No. 1764 dated 04.06.1994 executed by the Peoples Republic of Bangladesh in favour of M/s. Company 2 represented by its Managing Director Mr. P.
5. Bia Deed : Not submitted.
6. Mutation : Submitted DCR along with Proposal Sheet, issued by  Assistant Commissioner of land, Tejgaon Revenue Circle, Dhaka from which it appears that land measuring 0.2640 (point two six four zero) acres under plot No. 122/1of Tejgaon I/A, Dhaka has been mutated in the name of M/s. Company 2.
7. Khatian : Not submitted
8. Chain of Ownership : M/s. R. Z. Knit Fashions Limited has been allotted land measuring 16.00 (sixteen) katha more or less situated within District-Dhaka, P. S.- Tejgaon, Sub-Registry Office-Mohammadpur, being plot No. 122/1 of Tejgaon Industrial Area, Dhaka created between Plot No. 122 and 135 by Ministry of Establishment’s Memo No. 1592/Sthapatta dated 31.05.1994 vide Indenture of Lease No. 1764 dated 04.06.1994.
9. Ground Rent Receipt : Land development tax payment receipt No. T 484780 has been submitted, from which it appears that ground rent has been paid up to 1413 B. S for land measuring 0.2640 acres under Plot No. 122/1, Tejgaon I/A, Dhaka in the name of M/s. Company 2.
10. Valuation Certificates : Valuation certificate in the name of M/s. Company 2 of Tejgaon I/A, Dhaka issued by Rouf & Associates has been submitted.
11. Non-Encumbrance Certificate : Submitted Non-encumbrance Certificate along with Govt. Receipt No. 17168 dated 01.03.2007 issued by Md. Jahangir Hossain, deed writer and searcher, S.R. Office, Gulshan, Dhaka from which it appears that land measuring 16.00 (sixteen) katha more or less under  Plot No. 122/1 of Tejgaon Industrial Area, Dhaka created between plot No. 122 and 135, by Ministry of Establishment’s Memo No. 1592/Sthapatta dated 31.05.1994, Tejgaon Industrial Area, Dhaka which is unencumbered from 1995 to 2007.
12. Municipal Holding Record : Not submitted

Up-to-date Dhaka City Corporation tax payment receipt in the name of present owner should be obtained., if payable;
13. Wanting papers/

Documents

 : §   Municipal tax payment receipt in the name of present owner, if payable;

At the time of execution of mortgage deed:

Permission from Ministry of Establishment to mortgage the property  by M/s. Company 2 in favour of the Bank;
14. Opinion : Upon perusal of the documents/papers, we are of the opinion that M/s. R. Z. Knit Fashions Limited has acquired prima facie ownership over the land measuring 16.00 (sixteen) katha more or less. Physical possession of the present owner over the land should be ascertained. Bank may accept the property as security of loan subject to obtaining documents/papers referred in clause 13 above.Please note that R. Z. Knit Fashions Limited at present does not have the power to execute Third Party Mortgage securing the loan to be given to GDS Chemicals BD (Pvt) Ltd. in favour of the Bank because the Company does not have the said power in their Memorandum of Association. Therefore, before executing the Mortgage formalities the Bank should ensure that R. Z. Knit Fashions Limited has changed its Memorandum of Association accordingly.

We have provided this opinion on the basis of the documents/papers referred to us. We can not confirm the genuineness of the documents. You may verify the genuineness of submitted documents with the concerned Sub-registry office or concerned authorities.

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

In accordance with your instructions we have drafted the following documents:

1.      Deed of Mortgage along with Affidavit

2.      Irrevocable General Power of Attorney along with Affidavit;

Please note that, the Deed of Mortgage along with Affidavit and Form XVIII have to be filled with the RJSC within 21 days of registration of the same with the sub-register of land.

All papers/documents referred to us are returned herewith.

Kindly acknowledge receipt.

Thanking you.

Yours faithfully,

(__________________)

Barrister-at-Law

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