04.01.2011.

Shri T M Bhasin,
Chairman & Managing Director,
Indian Bank,
Headquartes,
Chennai.
Email ID: cmdsec@indian-bank.com

Subject: Respectful Proposal to INDIAN BANK against unsuccessful

Auctioned Property in Delhi (at Sainik Farms) –
A/c Fidelity Industries Ltd, Chennai –
Auction executed on 30th December 2010

Hon’ble Sir,

First of all, SINCERE HIGH GREETINGS to you, to your family and to one and all in the
INDIAN BANK FAMILY for allround prosperous YEAR 2011.

Sir, we take this sincere opportunity to introduce very well established Real Estate
Consultants with our terriotories expanded in Delhi and NCR and also handling
various public and private sector banks’ NPA covered transactions with ease because
of our enjoying a dynamic clientale list.

We sincerely looked forward to participate in the above subject auction proposal.

However, to attend to certain urgencies, our valued client had to rush to Mumbai and
by the time he came back by 29th evening, we could not organize participation by 29th
evening especially in terms of organizing Demand Draft from any of the bank(s) in
late evening on 29th as 30th Dec was the date for auction to take place.

However, immediately afterwards we visited Delhi Zonal Office as also came in direct
contact with the Chief Manager (ARMB) in Chennai. However, as was anticipated
from all these deserving Executives from Delhi Zonal Office and Chennai’s ARMB, we
need to wait till say 15th of Feb 2011 or so for the next time auction under the above
subject transaction to take place and can deservingly participate in the auction.

Sir, all the powers and privileges that fall under your kind disposal, may we sincerely
come forward with the following facts which may kindly be given due consideration
and immediate effective communication be relayed to us for further course of action
at our end:

1. One of our Delhi based Client is ready to participate in this auction by

immediately depositing the payment of Rs.7 Crores in favour of Indian Bank so that
this auction of property in Sainik Farms, Village Deoli, Tehsil Mehrauli, New Delhi
(with land measuring 5650 Sq Yards) goes in his favour.

2. Taking into account the factual position with the ground reality that prevails in
Delhi as far the scenario of real estate is concerned, we would definitely like to stress
on a definite point that immediately after departure of Commonwealth Games in
Delhi, the real estate sector has been experiencing a serious fall in the market value
of properties in Delhi and NCR almost on every daily basis.
 May be, to be on the sure side, the price that you are anticipating by
auctioning a particular property in Delhi today will not see its upswing or even
maintainability in any case. Main factor to this great setback is attributed to the
Delhi Govt’s MASS ARTIFICIAL PUBLICITY that the arrival and the execution of
Commonwealth Games will change the entire scenario of real estate sector in Delhi.
However, to the disgrace and dismay of Delhi, the factual position has just gone the
opposite.

Therefore, to the best of our advise to you is if some GOD SENT OPPORTUNITY
is coming to INDIAN BANK, this must be grabbed instantly and we sincerely await
your further immediate directions for our client to participate in this auction
immediately by his paying to the bank the reserve price of Rs.7 Crore rather than
waiting for another auction through tendering process to appear on the scene and
takes another atleast TWO MONTHS TIME which might not tell a good story to the
Indian Bank as far as the immediate settlement of this transaction in the books of
INDIAN BANK is concerned.

On adequate instructions from your good offices, we will provide all

authorizations and requisite documentation, if need be, from our client immediately.

We await your further directions.

With sincere thanks,

Yours sincerely

(Jeetender Verma)
New Delhi
09811981130/09810296913