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AGREEMENT TO SELL BY DIRECTORS OF THE FIRM

This Agreement to Sell is made and executed on this **15th day of April, 2010

BETWEEN

  1. Mr. Bishnu Lal Bhalotia,
  2. Mr. Amar Bhalotia,

Present Directors of M/s. Rotary Investment Finance Co. Pvt. Ltd., having its registered office at 227/228, Arun Chambers, Tardeo, Mumbai–400034,
(Hereinafter referred to as the “First Party”, which term shall include their heirs, successors, legal representatives and assigns unless repugnant to the context)

–First Party

AND

Dr. Mohammad Ibrahim Khan, son of Late Ali Bahadur Khan
Mrs. Rubeena Khan, wife of Dr. Mohammad Ibrahim Khan,
Both residing at 24/30/5, Thornhill Road, Civil Lines, Allahabad,
(Hereinafter referred to as the “Second Party”, which term shall include their heirs, successors, legal representatives and assigns unless repugnant to the context)

— Second Party

WHEREAS
M/s. Rotary Investment Finance Co. Pvt. Ltd. is the absolute and lawful owner in possession of Plot Nos. 24 and 25, forming part of Freehold Plot No. 130(A), Civil Station, Allahabad, bearing Municipal Bungalow No. 24/30, Thornhill Road, Allahabad, as described in the Schedule hereunder, the title to which was acquired through a duly registered Sale Deed.

AND WHEREAS
The aforesaid property is located at a considerable distance from the company’s registered office, making it inconvenient for the company to manage and maintain it. The company has therefore decided to sell the said property.

AND WHEREAS
The First Party, being in lawful possession and having full rights of disposal over the said property, is competent to enter into this Agreement to Sell.

AND WHEREAS
The Second Party has offered to purchase the said property for a mutually agreed total sale consideration of Rs. _10,000,000** (Rupees **Ten Lakhs_** only)**, which offer has been accepted by the First Party, as being fair and reasonable and in accordance with prevailing market rates.

NOW, THEREFORE, THIS AGREEMENT WITNESSETH AS FOLLOWS:

  1. That the First Party agrees to sell, and the Second Party agrees to purchase, the immovable property as fully detailed in the Schedule below for a total sale consideration of Rs. _10,000,000** (Rupees **Ten Lakhs_** only).**
  2. That the Second Party has paid a sum of Rs. _500,000_** (Rupees Five Lakhs only)** as advance towards the total consideration amount. The First Party hereby acknowledges the receipt of the said amount.
  3. That all costs and expenses, including stamp duty, registration charges, legal fees, and related costs, shall be borne exclusively by the Second Party.
  4. That possession of the said property shall be handed over at the time of execution of the final Sale Deed.
  5. That the property described below is free from all encumbrances, mortgages, claims, litigation or liens of any nature whatsoever.

SCHEDULE OF THE PROPERTY

A portion or piece of land measuring 482.22 square yards (405.06 square meters), having dimensions of 70 feet × 62 feet, demarcated as Plot Nos. 24 and 25, being part of Freehold Plot No. 130(A), Civil Station, Allahabad, bearing Municipal Bungalow No. 24/30, Thornhill Road, Allahabad, and bounded as under:

  • East – Eastern boundary of Plot No. 130(A), Civil Station, Allahabad
  • West – 25-feet wide road connecting Thornhill Road and Cooper Road
  • North – Plot Nos. 1 and 2 adjoining Thornhill Road
  • South – Portion of demarcated Plot No. 23

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to Sell on the date first mentioned above in the presence of the undersigned witnesses. <br>

First Party:

  1. (Mr. Bishnu Lal Bhalotia)
  2. (Mr. Amar Bhalotia)

Second Party:

  1. (Dr. Mohammad Ibrahim Khan)
  2. (Mrs. Rubeena Khan)

WITNESSES

  1. Mr. RAJIV MEHTA, resident of 789, Lakeview Road, Aligarh
  2. Ms. ANITA SRIVASTAVA, resident of 321, Lotus Enclave, Kurnool

DRAFTED BY: Adv. MANOJ TIWARI
TYPED BY: Ms. RITA PRASAD