Kolte Patil - option to withdraw

Kolte-Patil Developers Limited has issued a public notice to the Investors on 25th November 2007 in response to a letter received from SEBI on 19th November 2007. The notice outlines the points raised by one Mr. C.V.L. Sastry and response of Kolte-Patil Developers. As required by SEBI. Kolte Patil Developers has also given an option to the investors to withdraw from the issue. Should they feel so.

As seen from the said notice, the main issue is the claims made by said C. V. L. Sastry against Kolte Patil Developers in respect of its Project Whispering Meadows II, being developed over 3 acres of land at Bangalore. Out of 35,000 sq. ft. of super built up area claimed, Kolte Patil Developers has handed over 20,560 sq. ft. of super built up area to NTI Society, through which Mr. Sastry is claiming his rights against Kolte Patil Developers, and remaining area would be handed over in its Whispering Meadows Phase II. As directed by Supreme Court, Kolte Patil Developers has also deposited Rs. 3.5 crores with the IDBI Bank.

Kolte Patil Developers is developing about 39.38 million sq.ft. of saleable area in its various projects in Pune and Bangalore. Out of the said area, the area in dispute is only 14,440 sq. ft. of super built up area.