Minutes of meeting of Redevelopment Committee held on 13 January, 2026 at the Society office at 6:30 PM. Attendance: Mahesh Vyas (Chairman), Sunil Singh, Sunil Tyagi and Ajit Rai. Pammu joined as guest.

1. 2. 3. 4. 5. 6. 7. Minutes of the meeting held on 13 November, 2025 were approved. (Appendix A).

Leave of absence was given to Sanjay Kher who informed that he would not be able toattend the meeting because of an urgent need to travel to New Delhi. Leave of absence was also granted to Ashish Raikar because of a meeting he had to attend and could not avoid.

The meeting was convened at short notice to discuss the Agenda of a Managing Committee (MC) meeting scheduled at 7:30 PM on 13 January, 2026. A joint meeting of the MC and the Redevelopment Committee (RdC) was scheduled to discuss five points. Each of these were discussed during the meeting. Depositing the cheque of Rs.90 lakh Deposit received from Agami Spaces P Ltd.

According to the Tender Document, the Rs.10 lakh Earnest Money Deposit received earlier and the Rs.90 lakh Additional Security Deposit together form the Security Deposit. This security deposit can be used by us against the due and timely performance by the Developer during the Pre-execution period. Implicitly, the Deposit should be encashed for possible future use. However, Sanjay Kher seems to have reservations and advises consulting the Solicitor. We therefore recommend that the matter be placed before the General Body for its guidance.

Discussion on Agami & Weisshorn Term Sheet received.

The RdC discussed the Term Sheet and came to the following understanding: First, it is clear from the signed Term Sheet that Weisshorn will invest Rs.300 crore into the project. The money will be invested in tranches such that Weisshorn invests in tandem with investments by Agami who has committed to invest a minimum of Rs.150 crore. Weisshorn’s investment has an interest moratorium of 48 months and a lock-in of 60 months. We consider the Term Sheet to be a bilateral document between Weisshorn and Agami, and Patrakar CHS is not party to it. The basic purpose of the Term Sheet was for Agami to demonstrate to us that it has arranged adequate funding for the project. This purpose has been served. Sanjay Kher has raised a point that the change from equity to debt funding makes a significant material difference to the project and it raises questions of credibility and reliability of the Developer.

However, the RdC believes that the composition of equity and debt does not make a material difference to the project so long as the project is funded adequately. The RdC believes that the Term Sheet should not be made public.

Land Title Certificate details required by Agami Space P Ltd.

The RdC has not been informed about this matter and therefore does not have a considered view on the matter at the moment.

Update on Development Agreement (DA)

The draft DA was received and has been discussed with the Solicitor over several sessions. The DA was sent to the PMC and the PMC has given his observations. The Solicitor was unwilling to accept the PMC’s views and was insistent that the DA would stand as a single document of reference and the Tender Document need not be attached to the DA. We have insisted that we must recognise that the Tender Document is accepted by the general body and is the basis on which the Developer has bid and been selected. It is not correct to not incorporate it. The Solicitor’s stance was not acceptable. Given the Solicitor’s stance we8. believe that the Solicitor must be changed. Sanjay Kher has has expressed his view on changing the Solicitor that such a decision must not be taken in haste. But, the rest of the RdC believes that the Solicitor must be changed as soon as possible although they (the lawyers) have now agreed to include the comments of the PMC. Such agreeing was without any discussion with any member of the RMT. This is also worrying.

Appointment of consultant for direct and indirect taxes.

The RdC strongly recommends that direct and indirect tax consultants must be engaged and opinion received at the earliest before the DA is signed. The Hon. Secretary suggested a few names to the RdC and the RdC recommends the name of Bansi S Mehta & Co for direct taxes.

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