Ref. No.: KKSIL/SBI/2022-23/…. Date: 26.09.

2022

The Deputy General Manager,

State Bank of India,
Commercial Branch, 6th Floor, IFCI Tower,
Nehru Place, New Delhi - 110019

Subject: Request to allow Holding on Operation

Dear Sir,

This is further to the discussions held with you and thereafter in the lenders / consortium
meeting held on 14.06.2022, 22.07.2022 and 06.09.2022, and further to our letter reference
no. KKSIL/SBI/2022-23/1606 dated 16.06.2022 and KKSIL/SBI/2022-23/0207 dated
02.07.2022 and KKSIL/SBI/2022-23/1209 dated 12.9.2022.

This is also further to our personal meetings held with you on……

We have now been requesting for holding on operations since early June 2022. Now more
than 4 months have passed, during which time we have made numerous requests.

Till early September, we were still able to manage our operations through UCo bank.
However after the consortium meeting held on ……, we have been informed by Uco bank
that if some collections will be received in our account, then the said will be transferred to
SBI. Of course, since SBI has not granted us holding on operations, the said funds or some
part of it will not be released to the company for operations.

We have already explained and this is self evident that if all funds are blocked then the
operations of the company will come to a standstill. The vendors will not do further
constructions, the customers will not remit the funds until they are sure that the sub
vendors will be paid and therefore further work will continue at the site.

As already informed, the salary and other operational expenses are overdue for many
months now and now that all funds flow has been blocked, their hope of getting some
salary will be fully diminished and we cannot retain the team any longer.

We had already explained vide our letter dated 12.9.2022 that while we had stabilized the
remaining projects, but if the funds flow is broken and the customers and the sub vendors
lose confidence, the projects will go for BG invocation. Now this has happened in the …..
We once again request to banks to grant holding on operations after deduction of
5 % cut back, so that the company operations are not closed down.

We request for an immediate approval of the holding on operations.

Thanking you,

Yours truly,
For KKSPUN India Limited

Authorized Signatory