ORDER

                                                                                                                                                   "date:08/11/2012

To,

The New India Assurance Company Limited Ravin Chambers,

9-Bhaktinagar Station Plot,

Opp: Patel Dharmashala,

Rajkot-360 002

Sub: Fire Claim under policies issued by you

Loss due to Fire on 02-03/05/2011

Acceptance of part payment under protest

Dear Sir,

With reference to above subject we would like to state as under.

1. That above loss was reported to you immediately after happening of the event and subsequently you have appointed Mr.Anil Fadke as your surveyor.

2. That we have extended our fullest co-operation during his course of visit to our site and supplied him all the necessary information, documents, account reports etc. demanded by him from time to time.

3. That considerable time has elapsed after happening of loss however; you have not released even a single penny on ad- hoc/ on account payment which you have promised us.

4. That even after more than 18 months time we have not been informed about status of our claim despite our several reminders, RTI applications, numerous letters and follow up. You are aware that we have obtained financial assistance from banks and incurring huge losses day by day in form of interest burden and keeping in view, our responsibility towards bank we cannot sit idle without taking any action from our side and therefore, we have appointed independent Surveyor Mr.D.T.Patel for inspection and assessment of loss. Mr. D.T.Patel has visited our factory premises earlier.

5. That despite our advance intimation about meeting with the IRDA license surveyor you did not remain present in the said meeting and therefore, as per schedule the meeting was arranged, we have apprised the surveyor about loss and submitted necessary documents as demanded by him. After satisfying with our compliance and information, the surveyor Mr.D.T.Patel submitted his report to us. As per the report Mr.D.T.Patel has assessed the loss at Rs.3,55,89,385/-

6. That now, it has been came to our you have sent two cheque amounting Rs.35,00,000/- and Rs.41,00,000/- directly to our banker without obtaining our consent. We believe that the payment you have made is an ad-hoc payment pending final settlement of claim by your higher authorities. Please not that we accept this payment under protest and keep our right reserved to recover balance amount of your co-insurance claim liability recoverable from you under all the policies you have issued in relation to the subject matter of claim under reference.

7. That we shall let you know the exact amount of your balance share payable by you after getting clarification from Mr. Anil Fadke to whom also we have written a letter for his clarification for exact apportionment of share of liability of yours as well as of National Insurance Company Limited. Please also note that we do not agree with the quantum of loss assessed by Mr. Anil Fadke as the same is far below the amount of loss we have actually sufferred and therefore, we stick to the quantum of loss assessed by Mr. D.T.Patel under intimation to you.

8. That the payment made by you does not amount to full amount of loss suffered by us and payable by you as per your co-insurance share and therefore, we have accepted the payment of your cheque under protest and not as full and final settlement of claim.

9. That we have accepted this amount only to save us from bank's harsh action as we have no other option but to surrender before your dominant position as bargainer.

10. That we reiterate that we have accepted the amount under protest by keeping our right reserved for recovering balance amount from you which please be noted.

We shall write you very shortly for exact amount recoverable from you.

Please be advised accordingly.

Thanking You,

Truly Yours,

For Raj Ginning Industreis,

sd/-

partner"

“FORM ACL -10(1)

Loss Voucher- Non Motor & P.A.

Received from NATIONAL INSURANCE COMPANY LIMITE