Thursday, September 2, 2010

Vanxim island saleout: how Rs.30 crores are getting paid to Mahendra and Sonali Gaunekar

This is extracted from pages 44-45 of the Joint development agreement dated 14/8/2009 between Ozone Leisure and Resorts Pvt Ltd (Rajeev Chawdary) as second party, Tuscan Consultants and developers Pvt Ltd (Rajeev Chawdary) as confirming party, Ozone Propex Pvt Ltd (Mr. S. Vasudevan), and the First party consisting of Mahendra Gaunekar and Sonali Mahendra Gaunekar:

6.2 The Security Deposit of Rs. 30,00,00,000/- (Rupees Thirty Crores Only) is paid to the first party, in the following manner:

(a) A sum of Rs. 25,00,00,000/- (Rupees Twenty Five Crores) has been paid to the First Party as follows:

(i) Rs. 2,00,00,000/- on 15.07.2005
(ii) Rs. 1,00,00,000/- on 23.12.2005
(iii) Rs. 5,00,00,000/- on 31.03.2006
(iv) Rs. 3,00,00,000/- on 23.08.2006
(v) Rs. 2,00,00,000/- on 03.10.2006
(vi) Rs. 2,00,00,000/- on 28.12.2006
(vii) Rs. 3,00,00,000/- on 19.01.2007
(viii) Rs. 4,00,00,000/- on 12.04.2007
(ix) Rs. 3,00,00,000/- on 16.04.2007

and the First Party does hereby acknowledge the receipt of the same.

The total financial implication of this agreement is limited to 30,00,00,000 (Rupees Thirty Crores only)

(b) The balance sum of Rs. 5,00,00,000/- (Rupees Five Crores only) shall be payable upon completion of the acquisition of the entire Schedule Property by the First Party and perfecting the title to the same.

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