M3M Capital Financial Centre

Ms. Deepika, Planning Executive and Ms. Asha, Chartered Accountant briefed about the facts of the case. Sh. Abhijeet Singh (AR), Sh. Manik Sharma (AR) and Sh. Bharat Vigmal (AR) are present on behalf of promoter. The Authorized Representative of the promoter submits that the land applied for registration under Section 4 of the Act, 2016 wholly belongs to M/s Union Buildmart Pvt. Ltd. and is free from any kind of litigation. He further submits that presently the Fire Scheme Approval and the approval of the revised service plans and estimates are presently under process, and the said approvals have not yet been obtained as on date. Further, the Authorized Representative of the promoter undertakes to obtain and submit Fire Scheme approval & approved revised service plans and estimates within 6 months from the date of grant of registration. Further, he undertakes to submit the two separate Demand Drafts amounting to Rs. 25 lakhs each, as a security deposit for timely submission of the approved Fire Scheme and approved service plans and estimates within 6 months from the grant of registration. It is also expressly undertaken that in the event of failure to obtain and submit the aforesaid approval within the stipulated time frames, the corresponding security amount shall be liable to be forfeited by the Authority. The Authority has taken note of the submissions made by the AR of the promoter regarding the non-availability of the aforesaid statutory approvals as on date. In view of the above, and in the interest of regulatory compliance, the Authority hereby directs that the promoter shall submit the two separate Demand Drafts amounting to Rs. 25,00,000/- (Rupees Twenty-Five Lakhs only) each, in favour of the Authority as security amounts for timely submission of fire scheme approval and approved service plans and estimates within 6 months from the date of grant of registration. In the event of non-submission of the above approvals within the prescribed time frames, the corresponding security amount shall stand forfeited by the Authority, and such failure may also attract additional regulatory action as permissible under the Act of 2016, rules and regulations made thereunder. Approved as proposed subject to rectification of deficiencies mentioned above at S.no. 36. The Registration Certificate shall be issued after submission of the remaining deficiencies mentioned above at S.no. 36 including correction in Form A–H, online DPI and submission of two separate Demand Drafts of Rs. 25,00,000/- (Rupees Twenty-Five Lakhs only) each for submission of fire scheme approval and approved revised service plans and estimates within the time frame mentioned above, along with the deficiency mentioned at S. No. 36.