Dear Bharat Developers family and friends,

We wanted to share with you all the latest news from within the company and also a few facts with regards to the incidence which occurred in January 2014.

Our Director Pardip Singh Birring held a press conference on 18th June 2016 in Goa in front of 15 journalists and 3 news crews, and we have shared below the 'Press Release' details and also a link to the TV channels wherein this was aired.

PRESS NOTE FROM BHARAT DEVELOPERS 18/06/16

Firstly I'd like to thank you for giving us the opportunity to have our voices heard. I am Pardip Singh Birring, I was one of the directors of Bharat Developers & Realtors Pvt Ltd at the time of the incidence in Ruby Residency project on 4th Jan 2014. I along with Amit Arondekar, Directors on behalf of Bharat Developers & Realtors Pvt Ltd wanted to take this opportunity to state a few facts regarding this tragic incidence and subsequent event. In the case of ALL of our projects we own the land, and then contracted the construction work to building contractors on turn key basis.

In the case of Ruby Residency we had contracted the construction work to M/s Coastal Builders, a firm owned by Mr. Vishwas Dessai, and we had entered into a turn key agreement with them on 29th November 2010.The agreement clearly mentioned his role, his liability and the quality of the materials to be used. In cases wherever possible, the material was also specified, for example ACC Cement was specified in the case of Ruby Residency.It is important to state that in this agreement, M/s Coastal Builders had indemnified us for any loss, claim or damage resulting from any incidence on the site. In addition there was also a defect liability clause. Therefore if there was any defect in workmanship within 6 months of handover, he was legally obliged to correct it, repair it or reconstruct it. On the basis of the signed contract between us, we have also filed a recovery suit for loss, damages and compensation against Vishwas Dessai and also his firm M/s Coastal Builders in the amount of Rs. 27 crores.

It is important to note that all we are doing here is stating facts. Criminal cases to ascertain who was responsible for this incidence, whether it was the builder, the architect, the consultants, the government departments or the building contractor, will become evident when our trial concludes, and we fully respect and honour the decision of the courts when they decide in this matter.

Further after this incidence, our company operations had been stopped; properties attached, bank accounts frozen and licenses suspended for the whole of our projects in the Canacona area. We hadtherefore also challenged the legality of the notice to stop all of our construction work in the Administration Tribunal in Panaji , and the Honourable Tribunal had passed an order on the 2nd March 2016, stating that the suspension was unfair, unreasonable and in breach of principles of natural justice and therefore he was pleased to quash and set aside the earlier order suspending our licenses.

We would further like to inform that M/s Bharat Developers 7 Realtors Pvt Ltd have not committed any illegalities and the honourable courts after scrutinizing the evidence were pleased to grant us bail and also release our properties from attachment. Thus all this has happened after complying with and as per the procedure of the honourable courts.

We would also like to bring to your notice that after the order of the Honourable Tribunal, to which the Canacona Municipal Council was a party, we had formally applied to them to restore our construction licenses as per the order of thehonorabletribunal. The first application was made to CMC on 8th March 2016, with a reply from them stating that they didn’t have a copy of our files, we sent them a reminder on 25thApril 2016, but had no reply. We would like to point out here, that subsequent to the order of the tribunal, the CMC was required to restore the license immediately. However they did not even respond to our further letters. Therefore by Section 184(6) of The Goa Municipalities Act, if a permission of construction is not granted within 60 days, it is deemed to have been granted. Therefore on 11th May 2016 we had deemed permission to resume construction, on this date we had also requested CMC to communicatethe fees or charges to be paid by us, but even those have not been communicated till date. We are pleased to say that today two of our projects in Canacona have resumed construction activities under approved licenses and plans and we look forward to handing over possession to clients as and when their apartments become ready.

We realize throughout this whole incidence that two sets of people have suffered through no fault of their own, the clients who have invested their life savings buying properties and secondly the families of the labourers who tragically lost their lives. For the 20 families who’s apartments had collapsed, the majority have been compensated, or we have given them an alternative apartment in our other projects, and for the remaining few clients they will be compensated very shortly. In addition the remaining clientsin this phase, who have patiently been waiting all this time, we soon hope to have a resolution. We would like to assure thatour investigations are almost over and we will be in touch with each and every investor very soon. We would like to thank all these investors and clients for their unwavering support and patience throughout this difficult time and we want to reiterate that we stand by the reputation and commitments of Bharat Developers, and we hope to put the past behind us and move forward.

With regards to the Labourers, it is important to state that they were not employed by us Bharat Developers but were directly employedby and working for our contractor M/s Coastal Builders. However till date the proprietor Vishwas Dessai has refused to take any responsibility for them or to settle and compensate them. But on the grounds of humanity and social responsibility we will behelping families of the employees who had lost their lives. This however does not absolve Vishwas Dessai or his firm M/s Coastal Builders from any liability in this matter and legal remedy can be pursued against him by the workers families.

As it stands no other persons/company or agency has taken any responsibility in this matter, we also could have denied any responsibility but our commitment to Goa and especially to Canacona is long term, and hence we wanted to clear all the matters. We would also like to bring to your notice that Bharat Developers has also incurred huge losses being in crores due to this incidence, however, this will not deter us from furthering and strengthening our relationship with Goa. We understand that justice needs to be served to the hundreds of Goan families who have invested in Bharat developers and also to the families of the people who have lost their lives, and by not allowing us to conduct and operate our business these investors and labourers families cannot be helped or compensated. So we hope and praythat with the support of our well wishers, the investors and above all, the government departments, in helping us continue our constructionactivities,we can settle all the people who have been aggrieved in this incidence.

I’d like to thank you for your time and for listening.

For your perusal I will be distributing a copy of the court order allowing us to start our construction and also a copy of the agreement between us and M/s Coastal Builders’