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To, Dated: 18.05.
2024 The Manager, Yes, Bank Ltd., 4th Floor, Max Towers, Sector-16B, Noida-201301 Uttar Pradesh.
Reg.: Credit facilities against Ambience Mall, Gurgaon.
Dear Sir,
With reference to your e-mail dated 15.05.2024 we submit as under:
1. Income-tax refund: The amount of Rs.12,38,70,400/- received by M/s Ambience Developers
& Infrastructure Pvt. Ltd. (ADIPL) in the Corporate Account No.001681400011731 on 02.01.2024 is Income-tax refund and is not operating income of Ambience Mall, Gurgaon.
2. Utility Charges: The amount of Rs.93,22,113/- and Rs.79,68,853/- received by ADIPL in the Corporate Account No.001681400011731 on 18.01.2024 and 25.01.2024 respectively from M/s Ambience Hotels & Resorts Pvt. Ltd. is towards Utility Charges of Leela Ambience Hotel, Gurgaon and is not operating income of Ambience Mall, Gurgaon.
3. Transfer of funds from Escrow Account to ODP Account: Your bank has granted us OD limit of Rs.50 crore with the express understanding that the entire fund collected in the Escrow Account shall be auto-transferred to OD account on daily basis. The said arrangement was in place but later on, you stopped transferring funds from Escrow Account to OD account, thereby putting additional interest cost on us. We had therefore requested you vide our letter dated 06.10.2023 (copy enclosed) to restore the previous agreed arrangement. Accordingly, you were kind enough to accord permission to transfer funds from Escrow Account to OD account. However, now we have been informed that the funds will be transferred based upon Budget. Please note, neither any such condition was there in your original sanction nor we have agreed for the same at any point of time.
We, therefore, request you to please do not stipulate any such fresh condition and transfer the entire available funds from Escrow Account to OD account on daily basis in order to save interest cost. Please note, Bank is already charging interest at quite high rates and has not favourably considered our request for reduction of ROI. We, therefore, request you to please do not put further financial burden on us and transfer entire funds available in the Escrow Account to OD account on daily basis.
4. Merger of OD account of Rs.15 crore with Rs.35 crore: We are agreeable to merge OD account of Rs.15 crore (A/c No.001681400009684) with OD account of Rs.35 crore (A/c No.001681400009967).
