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Mumbai, 30th August, 2016: To recover its Rs 100 crore project loan to RNA Exotica before it becomes a bad debt like BOI's loan and SBI's loan, Axis Bank is pressing the panic-button and threatening flat-buyers to immediately pre-pay large amounts (like Rs 25-50 lakh), forgetting about slab-completion schedules. Axis Bank has recently written strangely worded letters to RNA's Skyline Construction Co in respect of each and every flat (see specimen), saying that unless the entire remaining amount of the flat's consideration is remitted to its designated account, RNA Corp will not be allowed to sell the said flat to the name of the buyer. These letters, which are supposedly "No Objection Certificates" for the sale of flats to the purchasers, are being lovingly forwarded by RNA Corp to the individual flat-buyers with a tiny email (see example). Axis Bank's relayed letter is like holding a gun to the heads of helpless flat-buyers and saying: "Pay everything right now! Or else you will never get your flat!" And RNA Corp's forwarding email seems to suggest, "Yes, forget about installment payments based on slab-completion schedule. Just pay 100% right now".

In fact, Axis Bank's letter has come as a jolt to many buyers who were unaware that their flat was mortgaged by RNA to Axis Bank! Hundreds of RNA Exotica's buyers are suffering from sleepless nights, trying to figure out what course of action will be in their long-term interest. "Should we just pay the remaining amount to Axis Bank, so that it will release the lien over our flats? Or should we continue to pay in installments according to slab completion stages? Or should we go to Consumer Court? Or Civil Court? Or High Court? Or what?!!!" They are at a loss as to what to do next!

Axis Bank Threat

[NOTE: In our earlier article titled How RNA Corp taught ExoticArithmentic to Axis Bank, we revealed how Skyline Construction Co mortgaged unsold flats of RNA Exotica in 2011 and 2013 based on hugely inflated and completely unverifiable figures. Axis Bank gave the builder a Rs 75 cr line of credit in March 2011, and beefed it up to Rs 100 crore in March 2013, although the value of the collateral fell sharply.

Also, in RNA Exotica: Nine ways buyers got screwed, we analyzed the negative implications of the sale-purchase agreement.]

Now let us analyze the letter written by Axis Bank, supposedly addressed to Skyline Construction Co., but actually addressed to the flat-buyer directly. The subject line says, "No Objection for Release of Charge for Sale of Flat no. XXX in Building no. B Wing of RNA Exotica in favour of Mr YYY." The letter goes on to say:

  • RNA Exotica has been mortgaged exclusively to Axis Bank for a sanctioned line of credit of Rs 100 crores.
  • The said flat no. XXX is sold/proposed to be sold to Mr. YYY for a total consideration of Rs 1.8 crore (or some such amount), and that "We have been requested to issue our NO Objection for the said sale".
  • "We wish to inform you that we have No Objection for Release of Charge on the said premises to enable you to sell the said premises to said Mr YYY... subject to the specific condition that the total consideration mentioned above shall be deposited in designated account no ABCXYZ maintained with the Bank. Provided that if the Bank is not in receipt of the said sum of Rs 29.26 lakh in the designated amount as aforementioned, this NOC shall not have any effect and shall be deemed to be cancelled... and the charges over the said premises shall not stand released."

No, this is not really a "No Objection" letter; it is actually an Objection letter from Axis Bank to the flat-buyer with whom it really has no direct connection, and as such, it is illegal. As Axis Bank has given a project loan to the builder and not a home-loan to the buyer, it has no business communicating with the home-buyers.

IMPLICATIONS OF AXIS BANKS'S LETTER:

  1. REGISTERING OF SALE-PURCHASE AGREEMENTS MAY BE HELD UP. Home-buyers who already have a registered sale-purchase agreement are slightly more safe. But, for those buyers who only have an Allotment Letter from the builder, this letter implies that they will not be allowed to register their agreement until they have paid 100% of the consideration amount and got an NOC from Axis Bank.
  2. CONFLICTS WITH HOME-LOAN LENDING BANKS. Home buyers who have taken a home-loan from another bank may be in a fix. Their bank will insist on releasing funds only according to slab-completion, and therefore, they will never get Axis Bank's NOC until the final payment is made... and so, they may have to wait till that stage for registering their agreement.
  3. HUGE PRESSURE ON SELF-FINANCED BUYERS. On the other hand, home-buyers who did not take a home-loan may feel under pressure to pay the entire remaining amount of Rs 25 to 50 lakhs, or even more, all at once. Do they have the capacity to pay such amounts immediately?
  4. PAYING 100% NOW MEANS BEING AT THE BUILDER'S MERCY. If home-buyers succumb to the temptation of making 100% payment at this stage, then what financial power do they retain in their hands? After paying 100%, they are totally at the builder's mercy. Currently, construction activity is going on at the 33rdfloor slab. Even if one assumes that the building is only 35 floors (and not 40 floors), a huge amount of construction work still remains, namely brick-work, plumbing and drainage, electricals, plastering, flooring, interiors, fixtures, lifts, stairs and common amenities such as clubhouse, etc. etc. At least two more years of work -- or about 50% of the work – is still remaining to be done before the flat-owners can get possession. What if Skyline Construction Co stops work and claims that it has run out of money? What if it demands more money – say another 20 lakh per flat – to complete the project? Going to court may not sound like such a good option then, and flat buyers will be left with no option except to pay whatever the builder asks.

What is the solution to all this? One possible solution could be that flat buyers should pay this amount to Axis Bank, but only after filing a civil case and after RNA Corp gives an undertaking to the court that they will complete the project within a deadline. Groups of flat-buyers are reportedly planning to take some such step, although these discussions are still at a preliminary stage.

Aagey dekhiye, iss dhaaravahik ki Ugly kadee!

ISSUED IN PUBLIC INTEREST BY

Krishnaraj Rao

9821588114

krish.kkphoto@gmail.com

WITH MAJOR INPUTS FROM

Sulaiman Bhimani

9323642081

sulaimanbhimani11@gmail.com

Mumbai, 30 June 2016: Hundreds of savvy and well-educated flat buyers have purchased "luxurious" flats in RNA Exotica without noticing what their sale-purchase agreements clearly says: that RNA Exotica is actually a large and shabby slum rehabilitation scheme with a tiny island of rich flat-buyers. The rich people's housing project is married and tied to the rehab component in the same undivided compound -- a marriage made in hell! Not just RNA Exotica's sale-purchase agreement, but also project layouts and plans presented to MOEF, give a birds-eye-view of this nightmarish neighbourhood. With clever advertizing, a tight-lipped sales staff, and several clauses in the sale-purchase agreements that forbid investors from asking the right questions, RNA Corp has been consistently misleading its investors for many years. A prospective home-buyer never gets to read the true facts before he is inside the builder's trap!

So let us take a close look at all the ugly truths that the sale-purchase agreement reveals. As a specimen, take the sale-purchase agreement of actor Arif Zakaria (Flat no. 1903, D-Wing).

Inline image 1

NINE WAYS THE BUILDER SCREWED YOU:

  1. RNA Exotica is a Apartment and Slum Rehab Project in a single compound, so you can't object to general public and outsiders in your compound. The agreement makes sure that flat-buyers will have no right in future to object to the rehab building and car park constructed adjoining RNA Exotica, in the same compound. This clause tells flat-buyers in no uncertain terms that the public parking being constructed on the rehab building is not available for their cars. Read this on page 13 and this on page 21 of the registered agreement. So, the proud flat purchasers should know from this clause that their building compound is only semi-private, unlike most of the apartment compounds that are completely private.

  2. RNA Corp can construct anything on top of your flats, so keep quiet and mind your business. The agreement gives the builder the unlimited right to build anything on top of the "top floor" flat, and the flat-purchaser must keep mum about it. In other words, the builder can continue to commercially exploit any increase in FSI or any changes in rules, even if it causes great delay, inconvenience and losses to the flat-buyers, and the only thing that they can do is smile and feel privileged about owning a luxury flat in RNA Exotica.

  3. RNA Corp can construct servants' toilets, septic tanks, electric sub-stations, closed garages, etc. etc. anywhere in the compound or in the building, so shut your nose, mouth and ears.The ground plans or floor plans shown in the agreement can and will be extensively changed to suit the builder's requirements, and this is plainly stated in the agreement itself. All kind of noisy, smelly or intrusive structures can and will be constructed in various parts of the building and compound where you live, including the same floor where you live, but you cannot object on any grounds because you have signed on an agreement that ties your hands. Your rights as a flat-buyer are restricted to the premises that you have purchased, and not, as is the case in other building projects, the common amenities.

  4. RNA Corp can and will create third-party rights and entitlements to various parts of your building and compound, including clubhouse and various parts that you may mistakenly consider as your common amenities. Read this point carefully again, and you will see that this clause is not just a routinely-drafted formality, but is cleverly drafted to take away all your legal rights.

  5. RNA Corp can decrease the common areas and facilities in your building, and you waived your right to raise any objections.People book luxury apartments not just because of spacious flats, but because of spacious and well-designed common amenities and facilities. These amenities and common spaces are factored into the price of the flat as "super-built-up area". But, after paying lakhs of rupees up front to book a flat in RNA Exotica, buyers are informed by their registered agreement on page 37 that the common areas cannot be taken for granted, and they have no right to object!

  6. You unknowingly gave a power-of-attorney to RNA Corp to sign legal waivers on your behalf before all government authorities, without even informing you. According to this clause, the developer need not consult you or even inform before making big or small changes in the plans, because he can always sign an indemnity or undertaking on your behalf to tell the government that you are OK with anything that he does!

  7. You have surrendered your right to independently verify title and ownership of the plot of land on which RNA Exotica is built... because agreement says you have already verified it and satisfied yourself! Mr flat-buyer, when you signed on every page of the agreement in the Stamp Duty Registrar's office, you definitely were not looking for tricky clauses like this one. But here is a clause on page 17 and another on page 25 that says that you have already verified the title and satisfied yourself, and now you have agreed not to investigate any further, or raise any objections.

  8. Possession date is deliberately left blank. Therefore, you have no way of holding RNA Corp accountable for delay of several years, although there is technically a clause for delays. Read this clause on page 37 and its continuation on page 39.

  9. RNA Corp can allot you car parking according to their own sweep pleasure, and you cannot object. The builder may allot you a really shitty parking in the basement, podium or stilt, and the builder may sell favourably-positioned parkings to others. You have no right to object. Read this clause on page 41.

So, Mr and Mrs Flat Purchaser, it is only in theory that you bought a luxury apartment in RNA Exotica. Your luxury apartment exists only in pretty advertisements. The fact is, you just bought a 2BHK or 3BHK in a shitty slum rehab neighbourhood overlooking the railway tracks, and you signed up on a document that says that you have no right to keep the people of your neighbourhood and sundry public from accessing your compound... and you have no right to object to this entire scheme of things. The only thing you can say now is, "It was nice being screwed by you, Mr Anil Aggarwal."

Inline image 2

Sincere thanks to Sulaiman "Superman" Bhimani (9323642081) for his continuous detective work, which enabled and motivated me to write this article.

ISSUED IN PUBLIC INTEREST BY

Krishnaraj Rao

9821588114

krish.kkphoto@gmail.com

3

Media Release: RNA Corp teaches Exotic Arithmetic to Axis Bank! "One-two-ka-four, four-two-ka-one, my name is Lakhan"

22nd June, 2016: When builder Anil Aggarwal's Skyline Construction Co approached Axis Bank for a project loan for RNA Exotica in 2011, the bankers forgot simple arithmetic. On two separate instances -- in 2011 and in 2013 -- Axis Bank's SME loans division gave loans of Rs 75 crore and Rs 100 crore against hugely inflated mortgages of floor space in RNA Exotica. The flat size was inflated by 500 to 700 square feet per flat, and the number of unsold flats mortgaged was inflated by a couple of hundred flats in 2013. Anil Aggarwal, like Anil Kapoor (you know, the chap who sang, "One-two-ka-four, four-two-ka-one, my name is Lakhan") sang a seductive song to Axis Bank executives, who were more than willing to be seduced.

The late Anil Aggarwal's version of one-two-ka-four sounds like this: "770 square feet flat ka 1299 and 979 sq. ft. ka 1650... My name is RNA Corp! Jadoogar Anil Agarwal said 168 sold flats in 2011, but 66 sold flats in 2013. Numbers mein kya rakha hai? Now gimme your money, sweetheart."  The sweethearts at Axis Bank gave the builder a Rs 75 cr line of credit in March 2011, and beefed it up to Rs 100 crore in March 2013, even as the value of the collateral fell sharply!

RNA Exotica's Flat Sizes are on Steroids:

  • Skyline Construction Co's registered mortgage deeds in 2011 (and 2013) based on inflated and unverifiable figures, viz. 1299, 1650 and 1699 sq. ft. The correct sizes i.e. carpet areas, viz 770 and 979 sq. ft. are readily available through the flats' sale agreements.
  • The sale deed of flat no. D-1903 booked by actor Arif Zakaria shows 979 sq. ft. whereas the mortgage deed shows 1650 sq. ft. So, RNA Corp has represented to Axis Bank that this flat is 671 sq. ft. larger than its actual carpet area! And Axis Bank has unquestioningly accepted this figure as a basis for its mortgage!

This raises the question whether Axis Bank has double-standards – one for people like you and me, and another for people like Anil Aggarwal. Would Axis Bank have sanctioned a loan against our flats if you and I cited Super Built Up area instead of the carpet area?

Axis Bank loan was Supersized while RNA Exotica was Downsized:

  • RNA's Skyline Construction Co.'s March 2011 loan was of Rs 75 crore. In March 2013, Skyline prepaid the RNA Exotica project loan and got the mortgage released, and immediately took a fresh loan of Rs 100 crore. Unsold flats of RNA Exotica were mortgaged to Axis Bank. The 2011 mortgage deed shows the number of sold flats as 168 (2,41,350 sq. ft.), with a table of flat-buyers' names and flat numbers. The 2013 mortgage deed claims that the number of sold flats supposedly dropped down to 66 (i.e. 94,951 sq. ft.). How? Did Skyline sales staff spend two years buying back over 100 flats from investors, instead of selling additional flats? There is no table of sold and unsold flats in the March 2013 mortgage deed.
  • Why this reduction in the number of sold flats? Because RNA Corp, which had gone to town in 2010 claiming that RNA Exotica would be a 48-storey tower, (i.e. 10 floors podium parking, one floor E-deck, plus 37 upper floors) was not getting MMRDA's permission for building that many floors.
  • The March 2011 mortgage deed is based on calcuations of 30 upper floors (i.e. 459 flats, 16 flats per floor). In March 2013, there is reduction of 35 flats. That means roughly two floors less, bringing the total to about 28 upper floors. But is that final? NO!
  • According to a source at MMRDA, RNA Corp in June 2016 has permission to build only 21 upper floors. Frantic efforts are being made by the builder to get this raised to 25 upper floors. Even if such efforts succeed, further reduction of 48 flats will happen – i.e. a total reduction of about 80 flats. The top floor will be 36th floor (i.e. 10+1+25).
  • The falling expectations show in the sale agreements. Whereas Kushan Pritish Nandy's sale agreement registered in October 2014 said 30 upper floors, Arif Zakaria's sale agreement in August 2015 mentioned 25 upper floors!

One two ka four 1

Why Financial Jugglery was done:

In 2013, Anil Aggarwal's big problem was: How to get a higher loan amount sanctioned from Axis Bank against a much smaller mortgage? The solution was: by reducing the number of sold flats, the "stock" of mortgagable unsold flats would appear higher. (So, what is the real number of sold flats? My guesstimate is: if 168 flats were already sold in March 2011, then 100 more flats in the next 24 months @ four flats per month. So, 268 sold flats were falsely declared as 66 flats. If each flat is valued at Rs 1.5 cr on average, the property mortgaged to Axis Bank was worth Rs 300 cr less than claimed!)

If the building is of only 36 floors including podium, what will happen to flats such as these where sale agreements have been registered for flats on the 40th floor etc? Will the investors be compensated by RNA Corp for not delivering of the promised flats after paying money and waiting for several years?

All this financial jugglery for downplaying the risk of RNA Exotica becoming a Stressed Asset! RNA Corp has defaulted on smaller loans from Bank of India and State Bank of India. This auction notice says that RNA Corporate Park defaulted on SBI for Rs 61.50 crore, for which mortgaged land parcels in Palghar district will be auctioned. And this letter from Bank Of India to the secretary of RNA Royal Park, Kandivali, tells a similar story of default and bank recovery proceedings.

SBI is struggling to recover an amount of Rs 61.5 cr by auctioning land plots that turned out to be under CRZ, and therefore valued at a fraction of the original projected values. Will the one-two-ka-four loan transaction of RNA Exotica and Axis Bank have a similar ending? Wait and watch.

This story is based on inputs from RTI activist Sulaiman Bhimani 

(9323642081, sulaimanbhimani11@gmail.com).

ISSUED IN PUBLIC INTEREST BY

Krishnaraj Rao

9821588114

krish.kkphoto@gmail.com

 Links of articles related to RNA Corp. Misdeeds

 

Press Release: Slippages & Shrinkages in RNA Exotica, Oshiwara

19th June, 2016: Welcome to RNA Exotica, a premium building project by Skyline Construction Co, owned by Saranga Anil Aggarwal, where deadlines keep slipping and the number of flats to be constructed keeps shrinking year after year. The number of flats to be constructed has dropped by at least 80 since the March 2011, and the project completion date has slipped by six years. Further shrinkages may lie ahead, and slippages in possession date are definitely forecast. Also, visible manipulation of facts and figures in official documents should make investors sit up and wonder what is going on behind the scenes.
RNA Cartoon
 
The gory details: 
  1. In Axis Bank's first mortgage deed registered in March 2011, RNA Exotica's project completion date was mentioned as September 2012. Given the amount of work that had to be completed within 18 months by Skyline Construction Co, the deadline was obviously a bare-faced lie. Axis Bank's first loan to RNA's Skyline Construction Co for the project was of Rs 75 crore. At that time, 459 flats were to be constructed i.e. 30 floors of 16 flats each, plus 11 floors of common amenities such as parking etc. Unsold flats and future receivables of RNA Exotica were offered as mortgage. The number of sold flats was mentioned as being 168 (2,41,350 sq. ft.), and purchasers' names and flat numbers were mentioned in tabular form.
  1. In March 2013, Skyline got the mortgage released and immediately took a fresh loan of Rs 100 crore from Axis Bank for the same project. In the second mortgage deed registered in March 2013, the project completion date mentioned is March 2016-- which turned out to be another lie, causing anxiety and financial distress to many of the investors. In the 2013 mortgage deed, the project parameters changed quite dramatically. The total number of flats to be built in RNA Exotica were reduced by 35 (i.e. height reduction of two or three floors), and the number of sold flats miraculously dropped down to 66 (94,951 sq. ft.) only. (How? Did RNA Corp buy back flats from its investors?) Particulars of sold and unsold flats were not mentioned in this mortgage deed.
  1. After a meeting with angry investors on 5th May 2016, RNA Corp issued a statement signed by some unnamed spokesperson, that flats' possession will be given in December 2017. Judging from the present progress of RNA Exotica's construction, this also is a lie. Also, further reduction of the building's height is a high probability. According to MMRDA sources, the sanctioned number of floors currently is 11+21 floors. Will it go up to 25 floors? Possibly, but not necessarily. This height reduction reflects in registered agreements. Producer Kushan Pritish Nandy's flat purchase agreement registered in 2014 said 30 upper floors.Actor Arif Zakaria's purchase agreement registered in August 2015 said 25 upper floors. Reduction of even five floors (30 minus 5) means approximately 80 flats less than earlier planned, and the top floor would be the 36th floor (11 plus 25). So what will happen to sale-purchase agreements registered for flats on 40th floor etc?
  2. SRi SRI is popular for Art of Living, RNA Corp. is popular and infamous for Art of Lying and Art of Selling Non Existing Floors in the air (Hawa Mahal)
    Many twists and turns lie ahead. Dekhte rahye iss dhaaravahik ki UGLY kadee!
(Deep gratitude and appreciation to Sulaiman Bhimani (9323642081) for tracking this case over the past six years, digging up documents and interviewing sources.)
ISSUED IN PUBLIC INTEREST BY

Krishnaraj Rao
9821588114

3

Mumbai, 5th March, 2016: Last week, one of RNA builders' thousands of cheated flat-purchasers sent the builder a legal ultimatum, and started taking steps for going to court after discovering that their promised 17th floor flat in RNA Regal, a project in Kandivali West, is the proverbial pie-in-the-sky! In February 2011, Sandeep Kothari and Apeksha Khabiya, a non-resident couple based in Doha-Qatar, booked a spacious 17th floor flat in RNA Regal, based on the builder's promise that they would get possession within three years. The couple planned to return to India to live in this spacious 1365 sq. ft. dream house. After paying nearly Rs 30 lakhs up front as initial booking amount, the couple was kept in the dark by RNA Corp which fed them a steady diet of outright lies during the three-year waiting period. Every time the couple phoned RNA Corp, they were informed that the project was making satisfactory progress. In the end, the couple's rude awakening consisted of not one, but three shocking jolts!

Shock # 1: When the promised possession date arrived in March 2014, Sandeep and Apeksha were shocked to learn that no further progress had been made in three years, and that the project was practically at a standstill at “25% progress”, the same as the time when they had booked the flat in Feb 2011. Today, two years after making this shocking discovery, they are still no closer to getting their dream house.

Shock # 2: Almost five years after booking the flat and two yearsafter the promised possession date (March-April 2014), the couple was shocked to discover documents through Right To Information that showed that RNA Regal didn't even have BMC permission for going up to 17 floors and above!

Shock # 3: The couple recently sent their authorised representative to visit the site and make a first-hand observation about whether the construction work is in progress. They were traumatised to learn that no construction activities were going on, and the plot where RNA Regal was expected to come up, was partly blocked by slum dwellers. The authorized representative estimated that the encroachment by slumdwellers appeared to be two to four years old.

These are many causes for worry, not only for Mr and Mrs Kothari, but also for all the flat buyers in RNA Regal! RNA Corp's owners, namely the late Anil Aggarwal, as well as his sons Anubhav and Gokul Aggarwal, have evidently been keeping a large number of buyers in the dark.

Read the legal notice issued by GC Mehta and Associates on behalf of Mr and Mrs Sandeep Kothari: http://tinyurl.com/RNA-Regal-Kandivali

RNA Regal

How the NRI couple was cheated by RNA Corp:

  • The NRI couple booked a 1365 Sq. Ft. Flat on the 17th floor of RNA Regal, by paying Rs. 29.98 lakhs between February and June 2011 against the builder's demand for Rs. 29.28 lakhs, being 25% of the flat's total cost, along with expression of interest. Against this, the builder issued a letter of allotment.

  • The NRI couple made this booking based on the builder's representations that they would get possession of the flatwithin three years e. in the first quarter of 2014.
  • Afterwards, the NRI couple regularly followed up the progress of construction of RNA Regal and were assured by the builder's office that the project was satisfactory progressing.
  • When the date of possession arrived in March-April 2014, RNA Corp informed the NRI couple that still, only 25% of the construction was complete, and the project was stuck due to some “additional statutory requirements”.The couple was assured that efforts were being made and the necessary clearances would be obtained soon.
  • Upset at being kept in the dark until their promised possession date, the NRI couple now started enquiring about the project status by email on a regular basis.
  • In an email dated 4th April 2014, the builder assured that that construction work would resume by June 2014.
  • In an email dated 14th June 2014, the builder claimed that the approvals are expected within 10-15 days.
  • In an email dated 2ndJanuary 2015, the builder said that the necessary approvals would take another 2-3 months.
  • Later on, the NRI couple's emails dated 31/07/2015, 04/08/2015, 06/08/2015, 07/08/2015 20/08/2015 and 23/08/2015 and letters dated 08/12/2015 and 05/02/2016 were acknowledged by the builder's office only with great reluctance, but they all went unanswered.
  • Whenever the NRI couple or their authorized representatives visited India, they made it a point to visit the builder's office to inquire about the progress on this project and understand the earliest date of their getting possession, so that they could permanently return to India and live in this house. But during their every visit, the NRI couple were told about some or the other kind progress as well as difficulties that the RNA Corp had been facing. RNA Corp continually made promises, but there was no performance to back up these promises.
  • In spite of repeated requests, RNA Corp did not fulfill their obligation for executing a registered Agreement for Sale.
  • The NRI couple got a huge shock when they learned through RTI thatRNA Corp had not even obtained approval for constructing a building with 17 or more floors!
  • The Kotharis requested their authorised representative to visit the site and make first hand observation about the actual progress and whether the construction work is in progress. They were traumatised to learn thatno construction activities were going on and the plot where RNA Regal was projected to be constructed was partly blocked by slum dwellers. This encroachment appeared to be 2 to 4 years old!

Driven by all these unpleasant discoveries, Sandeep Kothari and his wife Apeksha have now reached the inescapable conclusion that RNA Corp has cheated them by retaining their money for more than five years, and has kept on making false statements as well as promises, which entitles them to invoke all legal remedies against the builders, especially under Consumer Protection Act, 1986.

For more details on this case, contact Advocate GC Mehta (Mob 9820141178 Email advocategcm@gmail.com)

Postscript: Of late, RNA Corp has been in the news for failure to fulfill legal obligations to various stakeholders, including flat-buyers, project-affected-persons, lending banks, and multiple government agencies such as MCGM and MMRDA. After years or even decades of slippery behaviour by the late Anil Aggarwal and his sons Anubhav and Gokul, the patience of many stakeholders appears to have run out completely.

ISSUED IN PUBLIC INTEREST BY

Krishnaraj Rao

9821588114

krish.kkphoto@gmail.com