GLOBAL BUILDERS

                NOTES TO THE MAHA-RERA AUDIT REPORT

1) A Separate Bank Account for RERA Compliance (RERA account) is required per
   project registered under RERA.
   But due to lack of such facility in any of the scheduled Banks of Chalisgaon
   City, Global Builders (hereinafter referred as ‘The Promoter’) have maintained
   only one Bank Account in Kotak Mahindra Bank for operating all its business
   transactions. No such separate Bank a/c for RERA compliance have been
   maintained by the assessee.

2) As per Sec. 4(2)(l)(d) of the RERA Act, 70% of the amounts received from
   allottees shall be deposited in a separate bank account to be maintained with a
   scheduled bank to cover the construction cost, land cost and shall be used for
   that purpose only.
   However due to non-maintenance of any separate bank account, The Promoter
   has deposited all the amounts received from the allottees in its normal
   operating bank account.

3) The withdrawal from RERA account has to be made in proportion to %
   completion of work. But ‘The Promoter’ have made withdrawals from their bank
   account on ad-hoc basis & not as required by the RERA Act.

4) The Promoter’ has not obtained Certificate from an Architect, Engineer and CA
   (Form 1,2,3) per withdrawal, as required by the RERA Act.

5) ‘The Promoter’ has not filed quarterly declaration to the bank that withdrawals
    are in proportion to work completion and also were not backed by requisite
    certificates (Refer Circular no 3/2017 dated 7th June 2017)

   For    NEHA SURYAWANSHI & CO.                  M/S.GLOBAL BUILDERS
           Chartered Accountants




         [CA.NEHA K. SURYAWANSHI ]
                 Proprietor                                 Partner
               M. No. 159159
           Firm Reg. No.138246W

   Place : CHALISGAON.
   Date : 07/10/2019