March 23rd, 2022

WITHOUT PREJUDICE
LEGAL NOTICE
R.P.A.D/E-MAIL

To,

1. M/s. Bhimashankar Developers

A Partnership firm registered under the
Indian Partnership Act, 1932

2. Mr. Rajnish Maneklal Bhandari

3. Mr. Anuj Maneklal Bhandari

4. Mr. Shreyans Anuj Bhandari

5. Mr. Yash Rajnish Bhandari

Address of No. 1 to 5:
C/o B U Bhandari Landmarks
1182/1/, First Floor, Pramod Apartment
Above HDFC Bank, FC Road
Shivajinagar, Pune 411004

Email:- sales@bubhandarilandmarks.com

Client:-
1. Mr. Haresh Gul Setpal
C-3, Office No. 303, Brahma Majestic,
3rd Floor, NIBM Road, Kondhwa,
Pune 411048

2. Mrs. Mehak Haresh Setpal

C-3, Office No. 303, Brahma Majestic,
3rd Floor, NIBM Road, Kondhwa,
Pune 411048

Re:- Arbitration award dated 01.12.2021 passed by sole arbitrator, Hon’ble

Mrs. Shalini Phansalkar Joshi in Arbitration Matter arising out of
Arbitration Petition (S.T) No. 11280/2021 (“Arbitration Award”)

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Under the instructions of our clients, we have to address all of you as under: -

1. Our clients state that in view of an amicable settlement between all of you and
our clients, an Arbitration Award was passed by the Ld. Arbitral Tribunal
presided over by the Sole Arbitrator Smt. Justice Shalini Phansalkar Joshi. Our
clients state that the Arbitration Award was passed on the terms mentioned in
the Memorandum of Settlement at Exh. 9 of the Arbitral Proceedings, executed
between all of you and our clients (“Award”).

2. Our clients state that all of you agreed that the Settlement Amount shall be
fixed at Rs. 75,00,000/- (Rupees Seventy Five Lakhs only), which shall be paid
by all of you to our clients in a timely manner as per the terms mentioned in the
Award, failing which, our clients will be entitled to recover the principal
amount of Rs. 90,00,000/- ( Rupees Ninety Lakhs only) along with interest at
the rate of 24% p.a. from 15.10.2021.

3. Our client states that our client has only received Rs. 40,00,000/-, out of the
Settlement amount. Our clients state that all of you have defaulted the payment
of Rs. 10,00,000/- comprising out of the Settlement Amount which was due to
our clients on 15.03.2022. Our clients state that our clients reminded all of you
several times to clear the payment within the stipulated time; however, all of
you did not pay any heed to the requests of our clients. Our client states that on
the instructions of all of you our clients paid an amount of Rs. 5,00,000/- to
M/s Puranik Builders Ltd. towards the purchase of the Flat mentioned in the
Award, which you were suppose to pay directly to M/s Puranik Builders Ltd.
towards the purchase of the flat. Our clients state that all of you have breached
the terms of the Arbitration Award in clear contempt. Our client states that our
client is now entitled to recover the principal amount of Rs. 90,00,000/- along
with future interest at the rate of 24% p.a. from 15.10.2021, out of which Rs.
40,00,000/- has been received and realised by our client.

4. Under these circumstances, we have been instructed by our client to call upon
all of you, which we hereby do, to pay our client the amount of Rs. 50,00,000/-
together with interest at the rate of 24 % from 15.10.2021 within fifteen days
from the receipt of this notice, failing which, our client will be constrained to
take necessary legal action against all of and/or such other civil and criminal
statutes as may be advised for the cost and consequences of which all of you,
shall solely be liable.

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5. Please note that this notice is without prejudice to and/or without impairing or
affecting, and shall not be construed as a waiver of, any rights, powers or
remedies which our client has, now or in the future, under applicable law,
equity etc., as the case may be or any other agreement/letter executed pursuant
thereto and/or under or in respect of any legal action that may have been filed
or taken and/or would be filed or be taken by our client against all of you.

Regards,

Gaurav Nashikkar
MJ & Partners

Copy to:-

M/s. Puranik Builders Limited

Address: Puranik One, Kanchanpushpa, Kavesar, Ghodbunder Road, Thane
(w) – 400 615