LETTER DATED 19-05-04 TO BRANCH OF GLOBAL TRUST BANK IN AHMEDABAD

PRIVATE AND CONFIDENTIAL

MR. P. S. MODY
C/O SHRI S.S.MODI
40 BMM SOCIETY
PALDI, AHMEDABAD 380 006

19-05-2004

The Head of Global Trust Bank
Global Trust Bank
NEAR ASSOCIATED PETROL PUMP
C G ROAD
AHMEDABAD

Sir,
Subject: My letter cum construed notice in relation to my suit
5827/2001 launched against you and others.

1. This is in reference to my private and confidential letter addressed to you on 24-7-99 , my notice through my advocate Mr. J.J.Patel dated 21-12-99 and my civil suit 5827/2001 against you ( as well as Dhanyuhsya, Jatin Jalundhwala and Core Health Care) which is pending in the City civil Court , Bhadra.

2. You are already aware that they have created charge for Rs 12.5 crores fraudulently on the assets of Rupmanglam Investment Pvt Ltd as well as Flovin Plastics Pvt Ltd. but your bank is giving tacit support to fraudulent acts meaning that your bank and the officials are hand in glove with Core Health Care group as well as Mr. Handa who has been referred as great bank robber as reported in news papers in the past to the tune of Rs 750 crores and the bank is not maintaining transparent approach and following a cowardly, timid and secretive approach.

3. Mr. Saurabh Soparkar , a Gujarat high court advocate has been already been referred as one of the escrow persons in various memorandum of understandings as presented by Dhanyushaya Fianancial in the city civil suit 5827/2001. Mr. Soparkar has denied that he has handed any document of ownership of Rupmanglam Investm,ent Pvt Ltd and Flovin Plastics Pvt Ltd and he has denied that he has played a role as escrow person as stated in his reply to the Bar Council of Gujarat in August 2003. Your borrower has deliberately misguided the honourable judges of the courts by not furnishing this relevant information to the city civil court that the documents have not been handed over to them as referred in various MOUs. In absence of stamped confirmation from Mr. Soparkar and Mr. Kashiparekh as per the various clauses , they are not authorized to create charge on the immoveable property.

4. I have learnt that your bank has taken personal guarantee of Mr. Sushil Handa and on the pretext of being replaced by creation of fresh charge enhanced to Rs 12.5 crores , Rs 11.00 crores charge along with personal guarantee of Mr. Handa was retired. This shows that there was dilution of security in a deliberate manner by retiring personal guarantee of Mr. Handa . No prudent and conservative banker would do it, unless there was some ulterior motive. This shows that your bank is tacitly as well as consciously supporting the fraudulent acts of Mr. Sushil Handa and Mr. Jatin Jalundhwala in misguiding the Bank and the bank is tacitly helping in Mr. Handa’s illegal acts of cheating the bank . This is being done with support of Mr. Jatin Jalundhwala , Ameet Desai and others such as Mr. Saurabh Soparkar , Mr. Hemant Kashiparekh and M/s Shah and Shah Associates, auditor of Dhanyushya and Core Health Care as well as officers of the bank You are deliberately playing blind, deaf and mute for obvious reasons of being in collusion with them. .

5. There has been rumor in the market that your borrower is negotiating with outsiders to sale or dispose the immoveable property as referred in civil suit 5827/2001 and that too at a far lower value than Rs 12.5 crores created by your bank. I do not know whether this is being done with the active support of your bank or not. However, by this letter cum construed notice, I am bringing it to the attention of the bank , that in case , you accept or approve any transaction for disposal of the property in any manner whatsoever, pending the disposal of civil suit 5827/2001 , I would be compelled to take criminal action against the bank including the person in charge of Global Trust Bank for disposing the property which you carefully note in case they do not produce you as their witnesses in criminal defamation 3326/99 against me and a copy of detailed findings prior to the sanction is furnished by you and you take trouble of producing the officers who conducted vigilance inquiry against Jatin Jalundhwala and Core Health Care. I would be also compelled to initiate criminal action against you and the bank for helping Mr. Handa and Mr Jatin Jalundhwala to retire personal guarantee of Mr. Sushil Handa and replacing by creating fresh charge of Rs 12.5 crores. This shows that you and your officers have deliberately joined hands with Mr. Sushil Handa.

6. Your bank CLAIM TO BE SATISFIED BY PRODUCING LETTER DATED 31-7-1999 FROM YOUR SOLICITORS in civil suit 5827/2001 proceedings AND ON OTHER HAND YOUR CLIENT –CORE HEALTH CARE HAS FILED AFFIDAVIT in the court THAT YOUR BANK HAS WRITTEN LETTER ON 3-8-99 which means that you are totally dissatisfied by the letter furnished by your own solicitors claiming that ownership vests with Jalundhwala/Dhnayuhsya Financial as regards to Rupmanglam and Flovin.

7. I would like to draw your attention that your client Core Health Care and his advocate are not remaining present in defamation case 3326/99 filed against me and they are not in a position to adduce documentary evidence as well as they are not in a position to produce the official of Global Trust Bank before Metropolitan Court. This shows guilty conscience of the officers of the bank that they know in their hearts that authority/control does not vest with them.

8. I am drawing your attention that your Mr. S.R. KrishnaMurthy ahs been already
sacked as reported by the bank itself to the media.

9. In civil suit 5827/2001, I had called for information such as - audited balance sheets of Dhanyushya Financial/Rupmanglam , minute book records of directors and shareholders of Rupmangalam as well as auditor certificate of ownership of full control of Rupmangalam from the auditors of Rupmanglam, etc and they have deliberately avoided to submit the particulars as they would be exposed of their fraudulent acts of banking fraud , tax evasion ,etc .

10. It is very clear that , your bank officials is not maintaining transparent approach in the interest of your corporate responsibility to the society as well as depositors and hence , I am being compelled to simultaneously draw the attention of CRISIL, SEBI, .MOODY’S and various investigating agencies in the country by marking copy of this letter to them as well as media to expose you in order to protect my interest in the immoveable property which please note..

11. In case , you choose to to harass me directly/ indirectly as already done in the past by releasing my private and confidential letter addressed to you on 24-7-99 which resulted in defamation case as well as five day police remand against the undersigned, I would like to warn you from employing such methods as it will backfire on you because this information is being put on internet too . You do not have any alternative but to file Police criminal complaint against Mr. Jalundhwala and Mr. Handa , Mr. Hemant Kashiparekh as well as auditor of Dhanyushya Financial and Core Health Care- that is M/s Shah and Shah immediately on receipt of this letter.

12. Spineless coward officials of e your bank do not maintain transparent approach nor have have had guts to take direct action against me in the past which already proves your guilty conscience. I am going to make horse drink water which you refuse to do. Your silence to furnish detailed reply along with documentary evidences of criminal action against Mr. Jalundhwala, Mr. Handa and others would confirm that you are hand in glove with these people which please note..

Yours sincerely,


P S Mody

Copy of the letter is being mass distributed to various authorities including media to expose your bank crooked officials who have colluded with Mr. Sushil Handa and Mr. Jatin Jalundhwala.