M3M Elie Saab At Scda

Ar. Neeraj Gautam, Associate Architectural Executive and Sh. Ashish Dubey, Chartered Accountant briefed about the facts of the project. Sh. Abhijeet Singh (AR), Sh. Manik Sharma (AR) and Sh. Bharat Vigmal (AR) are present on behalf of the promoter. The Authorized Representative of the promoter submits that presently, the Fire Scheme Approval and service plans & estimates approval are under process and the said approvals have not yet been obtained as on date. Further, the AR of the promoter undertakes to obtain and submit the Fire Scheme Approval and Approved Service Plans and Estimates within 4 months from the date of grant of registration. Further, he undertakes to submit two Demand Drafts / Bank Guarantees amounting to Rs. 25 lakhs each, as a security deposit for timely compliance with the above requirements. It is also expressly undertaken that in the event of failure to obtain and submit the aforesaid approvals within the stipulated time frames, the said security amount(s) shall be liable to be forfeited by the Authority. The Authority has taken note of the submissions made by the Authorized Representative 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 two separate Demand Drafts / Bank Guarantees, each amounting to Rs. 25,00,000/- (Rupees Twenty-Five Lakhs only), in favour of the Authority, as security amounts for timely submission of the following approvals: a.       Fire Scheme Approval: within 4 months from the date of grant of registration; and b.      Service Plans and Estimates: within 4 months from the date of grant of registration. In the event of non-submission of any 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. The Registration Certificate shall be issued after submission of corrected REP-I and deposition of two BG/DD of Rs. 25 lakhs each for submission of Fire Scheme approval and Service plan and Estimates within the timeframe mentioned above.