BANK GUARANTEE

Know all men that by these presents that we the bharat _________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________

Whereas Shri Prakash. G. Choula of Mohini Engineer and Contractor are the promoters and are absolutely seized and possessed of or otherwise well and sufficiently entitled to all the piece and parcel of land bearing CTS No. 2323 of Village Malvani Malad area admeasuring 1555 sq. mtr or there-about (hereinafter referred to as the said property) AND WHEREAS the said property is reserved under the sanctioned Development Plan of P/S Ward for the purpose of Parking Lot. AND WHEREAS Prakash. G. Choula of Mohini Engineer and Contractor have requested the Director 9E.S & P) of the Municipal Corporation of Greater Mumbai to grant permission to develop the said property in accordance with the provisions made in Table 4 of Regulation No..9 of the Development Control Regulations for Greater Bombay 1991 which has come into force from 25th day of March 1991. AND WHEREAS the director (E.S & P) Of the Municipal Corporation of Greater Mumbai has agreed to grant permission to Prakash. G. Choula of Mohini Engineer and Contractor for development of the said property on execution of the Agreement and also giving this guarantee in favour of the Municipal Corporation of Greater Mumbai for the amount of 41,06,400/(Rupees Fourty One Lakh Six Thousand Four Hundreds Only) for faithful compliance of the terms and conditions mentioned in the Agreement being executed by ------------------------------------------------------ with the Director (E.S & P) of the Municipal Corporation of Greater Mumbai Cond 2

1. WE, THE BHARAT CO-OPERATIVE BANK (MUMBAI) LTD do hereby undertake to pay on demand to the Municipal Corporation of Greater Mumbai an amount not exceeding Rs. 41,06,400/- (Rupees Forty One Lakh Six Thousand Four Hundreds Only) commits any breach of any of any of the terms and conditions contained in the agreement being executed with the Director (E. S & P) of the Municipal Corporation of Greater Mumbai. 2. WE THE BHARAT CO-OPERATIVE BANK (MUMBAI) LTD do hereby undertake and agree to pay to the Municipal Corporation of Greater Mumbai without any demur, merely on demand from the Director (E.S & P) of the Municipal Corporation of Greater Mumbai, the amount due under this guarantee. Any such demand made on the Bank shall be conclusive as regard the amount due and payable by the Bank under this guarantee. However, liability under this guarantee shall be restricted to an amount not exceed Rs. 41,06,400/- (Rupees Forty One Lakh Six Thousand Four Hundreds Only) 3. WE THE BHARAT CO-OPERATIVE BANK (MUMBAI) LTD, hereby further agree that Guarantee herein contained shall remain in full force and effect during the period and till the obligation under the said Agreement is discharge by Prakash. G. Choula of Mohini Engineer and Contractor to the satisfaction of the Director (E.S & P) of the Municipal Corporation of Greater Mumbai. 4. WE THE BHARAT CO-OPERATIVE BANK (MUMBAI) LTD further agree and undertake to extend the period of this guarantee from time to time. 5. WE THE BHARAT CO-OPERATIVE BANK (MUMBAI) LTD hereby further agree with the Director (E.S & P) and/or his successor or successors in the office that the Municipal Corporation of Greater Mumbai shall have the fullest liability without our consent and without affecting in any manner our obligations hereunder to vary any of the terms and conditions of the Agreement entered into with the Director (E.S & P) of the Municipal Corporation of Greater Mumbai by Prakash. G. Choula of Mohini Engineer and Contractor. 6. WE THE BHARAT CO-OPERATIVE BANK (MUMBAI) LTD further undertake not to revoke this guarantee during its currency, except with the previous consent of the Director (E.S &P) of the Municipal Corporation of Greater Mumbai in writing.

Cond 3

Notwithst anding anything contained herein above 1. Our liability under this Bank Guarantee shall not exceed Rs. 41,06,400/- (Rupees Forty One Lakh Six Thousand Four Hundreds Only) in the aggregrate. 2. This Bank Guarantee shall valid to 07th December 2012 3. We are liable to pay the Guarantee amount or any part thereof under this Bank Guarantee only and only if you serve upon us a written claim of demand on or before 07/12/11. Thereafter all the rights of the beneficiary stands discharged whether this guarantee is returned or not. Dated this 8th day of December 2010

For THE BHARAT CO-OP. BANK (MUMBAI) LTD.

Sub. Manager

Sr. Manager

(Authorised Signaturies)