Monday, 31 August 2015

2BHK & 3BHK Apartments for sale in Electronic City, Bangalore at Suvastu...

IMPORTANCE OF SPECIFICATIONS IN CONSTRUCTION WORKS


 https://www.bangalore5.com/



The basic function of a structure is to carry loads for which it is built and then to transfer them safely to the soil underneath. While performing this primary function it should cater for following aspects also.


2) Serviceability of structure.

3) Durability – time span for which it should serve satisfactorily.

4) Functional-to serve the purpose for which it is built.

5) Aesthetic-beautiful to look at-soothing effect.


7) Maintainability in service.

8) Adequate foundation.

9) Cost effective (economical)

Each of the above mentioned aspects has a bearing on the specification of a building to be constructed in one way or the other. Proposed building may be (i) Temporary (ii) Semi-permanent or (iii) Permanent, their specification also differ from each other in certain respects.

As soon as a building structure is conceived, specification of its construction comes into picture from that stage itself. First it comes in architect’s mind, next it is given a shape in the form of drawing in planning stage. Planning stage is a very important phase where an architect has to keep all the above nine aspects in his view and has to develop the plan of the proposed building to his maximum satisfaction. There may be number of constraints / obstructions / specific problems which may come in the way of execution of the work at site. All that need to be studied thoroughly at this stage itself and plans should be finalized accordingly. In the planning stage main function is to spell out clearly the layout of the proposed building (i) in space (ii) on ground and (iii) below ground. In addition to it, it covers specifications of work in a broad and general way. It doesn’t cover execution part of the work in detail.

Execution part of the work is covered in Detailed Specification of work which becomes Contractual Document and has legal binding in execution of the work to be strictly followed. Any violation of these Detailed Specifications of work not only affects the quality of work of the structure but some times leads to certain disputes. Disputes are referred to Arbitrators who consume considerable time to settle the issue. Hence framing of specification of a work is a very important activity and should be dealt with cautiously and efficiently. They should be framed in an unambiguous way and all activities to be performed under that item shall be spelt out explicitly. Any loophole left in the specification gives scope to the other party to take advantage.

AIMS OF SPECIFICATIONS


2) To work as a guide to the contractor as well as supervisory staff for quality execution work.

3) To protect interest of owner against low quality material, bad workmanship and enables him to reject it when needed.

4) To facilitate Contractor to procure quality material, adequate tools and appliances, machinery and plant for the work in time.

5) For proper estimation of work and provision of funds are needed for the work in time.


TYPES OF SPECIFICATIONS

1. General Specification : to give general and broad idea of the whole work with description of its items in brief – help in preparation of estimate and it also appears in notes in plans of the work.

2. Detailed Specification : becomes part of Contractual Document. It can further be sub-divided into three parts:


2) Technical specifications – gives in detail the technical aspect like quality of material, method of execution of work etc. of any special work contemplated and not covered in standard specifications. It also covers the machinery and equipment required for work and also specifications of proprietary commodities if needed for a work.

3. Standard Specification: Specifications of building work standardized by Central Public Works Department (C.P.W.D) or State P.W.D or other Government Department like Railways, Ministry of Transport, etc. They have their own Standard Specifications, which cover practically all normal items of work of a building construction.

Points to be kept in view for preparation of specifications:

1)Specifications should be properlyworded in an unambiguous way. Don’t use ‘if’ and ‘but’ to the extent possible. It should be concise and self explainatory.

2) Don’t miss any activity under any item of work. Such loophole shall be advantageous to other party.

3) Cover all items of works to be executed at site. Make non-scheduled items if they are not covered by scheduled items. For that purpose, detailed site inspection is a must beforehand. All obstruction at site – i) under ground (ii) on surface and (iii) overhead must be identified beforehand in order not to miss any item of work or activity associated with such obstructions.

4) There should not be any grammatical mistake in framing sentences. Punctuations should be correct. Same tense should be continued throughout. Avoid use of pronouns to the extent possible.

5) Specification should be framed in an unbiased way keeping principles of Law of Natural Justice in view and transparency in dealing. Interest of the owner and of the contractor should never be overlooked specially in items where risk is involved to carry out the work.

6) While framing specifications of certain items, the norms of Value Engineering and Value Analysis should be applied. They are good decision making tools when number of alternatives are available to do a job.

Specifications laid down either (i) in the form of plans or (ii) in the form of Detailed Specification for the quality of materials used, method of execution of work to be followed etc. are to be framed with great care. The reason being that they are connected with nine items mentioned above in one way or the other. Let us see how they are related to each other.


The building structure shall be strong enough to carry imposed loads. Therefore imposed loads need to be specified. Again strength of material which carries the load should be specified. How the work should be carried out should be brought out in specification in clear terms. You may give reference to I.S.Codes dealing in these aspects. The method of design of structural members should be spelt out clearly.

A building may be (i) Permanent (ii) Semi-permanent or (iii) Temporary. Specification should take care of this aspect. For semi-permanent and temporary structures some relaxation can be given in specifications.

Strength of a structure need to be ensured under various combinations of loads experienced by it. They are mainly Dead Load, Live Load, Wind Load and Earthquake force. Therefore each one should be specified and considered in the design. Earthquake zone and wind pressure zone numbers must be given in specification. Utilitywise buildings are graded. Hospital buildings are more important than residential buildings. Hence Important Factor for the building structure from its utility point of view needed to be considered in earthquake behaviour and needed to be specified clearly.

Normally complete floor is considered to be loaded with Live Load at a time in the analysis of a multi-storeyed building. But certain types of building under-go a peculiar loading pattern in case of Live Load application. Say for example a multi-floor, multi-bay R.C.C. framed school/college building – central bay having a class room and on either side of it are narrow verandah bays. In practice two typical loading pattern shall occur i.e. (1) When class is on, the central bay is loaded with Live Load and adjacent bays shall have no Live Load, (2) When class is over, the central bay gets unloaded and adjacent bays get loaded. The strength of the frame needs to be checked for these two critical loading patterns for its adequacy since in practice two pattern of loading are going to materialize. Prayer halls, assembly halls, cinema halls, having multi-storeyed multi-bay frames come under such category and need a careful check from strength point of view. If analysis of structure is done on computer software, these two patterns of loading must be fed as an input.

Normally in a R.C.C. framed multi-storeyed building architect adopts same cross-section of external column for its entire height from ground floor to top floor. This is needed to have same projection of column from wall face for the entire height of the building from elevation consideration. In R.C.C. column concrete takes compression and steel rods take tension. Therefore, it becomes essential to know the critical locations in the column run in the height where (i) concrete is subjected to maximum compression and (ii) where steel rod is subjected to maximum tension and they are within safe limits of permissible values of concrete strength in compression and of steel reinforcement in tension. In ground floor, column carries load from all floor hence this location is critical for maximum compression in concrete. Column in top most storey carries load from only terrace floor hence maximum stress in tensile steel is expected in column in top storey. As such reinforced concrete sections of column need to be invariably checked for two extreme conditions for its adequacy in strength. Usually in practice check at ground floor column is only made. STAAD-PRO 2003 version software takes care of this contingency of strength at all floor columns. 

2. Serviceability of Structure:

Rigid and stiff structure is meant to carry load. Excessive sag, deflection, yield, elongation, twist, sway, and vibration make a structure unserviceable. Crack’s width in concrete in a reinforced section should not be excessive. liquid retaining surfaces of a structure should be crack-free o make it leak proof. I.S. codes specify their limitations from serviceability considerations and these specifications need to be followed strictly while planning a building structure.

3. Durability:

Durability defines life of a building structure. If the structure is permanent its serviceable life should not be less than 80 years. More and more strict specifications of quality of material and strict control over workmanship enhances the life span of a structure. Specifications for semi-permanent and temporary structure need not be so rigid as needed for permanent structure but they should cater for the need of semi-permanent and temporary structure. One should be more careful in framing specification when a temporary or semi-permanent structure has a possibility of converting it in a permanent structure in due course of time.

Besides input of quality of material and workmanship, environment has a significant adverse effect on durability of structure. Aggressive environment in industrial area injurious to the health of structure and responsible for rapid deterioration of structure need special care in framing its specification. Drying and wetting sequence of such structure leads to deterioration. Saline atmosphere in coastal areas has also detrimental effect on structures located near sea/ocean. Building structures in high mountainous altitudes, their situation in seismic belts need special care in specification. Buildings located in cyclonic or desert zone have their own peculiarities. Buildings in snow clad area needs special care in roof structure. Similarly intense density of rainfall need steeper slopes in roofing elements. Richer concrete mix, anti-corrosive treatment of reinforcing bar, extra protective cover to reinforcement rods, epoxy surface coating as a protective layer, special type of cements etc., become necessary specifications of the special type of works. 

4. Functional requirement:

A school building cannot serve as a residential building. A residential building cannot serve as an industrial building. An industrial building cannot serve as a hostel building. Each building has its functional requirement. In a hospital building, ramp must be provided between two floors beside provision of a lift side by side. Operation room is a must in a hospital. Play ground is a must for school building. Therefore, such functional requirement becomes a specification for planning a layout of a building. It should be spelt out in explicit terms in the layout plans and Detailed Specifications. There are certain norms for each category of building and each has its own specifications high-lighting its requirement to make it functional in service satisfactorily. These specifications must be framed carefully in building bye-laws to cater for functional requirement. An architect has a very significant role in this field.

5. Aesthetic aspect:

Here the specifications are given by an architect in the form of a plan. Depressions, projections, curves, off-sets, proportioning of dimensions, arches, domes, cones, colour schemes are brought into picure by an architect while preparing plans to make a building beautiful. Aesthetic beauty adds to the value of a building also. Various colour schemes for a building can be developed now-a-days on a computer in a short time to select one.

6. Vaastu:

Vaastu teaches us how to align our dwellings to the tune of Nature’s Energies to derive maximum benefit out of them for our welfare and health. The specification of Vaastu tenets are adopted at stage of planning of layout of building similar to developing aesthetic aspect. There are certain Vaastu tenets for execution of building construction work also. These specifications should be followed in practice and Specified in Detailed Specifications in work.


Vaastu considers a building as a living organism – a Vaastu Purush. Vaastu shashtra is based on scientific doctrines. Institute of Vedic Vastu and Research Foundation (IVVRF), Indore (India) is an institution engaged in research work and training programmes on Vaastu discipline. Effect of Vaastu tenets can be studied with the help of scientific instruments available with namely Lecher Antenna, Electro stress meter, Dr.Gauss meter, Bio-feed-back energy tester, GDV Camera, TIF Detector, Radalert and Allergence air sampler etc.

7. Maintainability in service:

There are certain in-built items in Standard Specifications which are included in it as a protective measures for a building structure as a whole. These items infact serve as preventive measures to protect the structural components of a building structure against external ill effects and reduce maintenance activity of a building structure against external ill effects and reduce maintenance activity to a great extent in its service period. Leveling coarse below foundation base is provided to protect foundation from any ill effect from beneath. Plastering on wall is done to protect the brick masonry from external exposure to ill effects on both sides. Colour wash on plastering is done to protect plaster itself from exposure to environment. Flooring finish is provided to protect structural slab from any damage from outside and also protect it from its wear and tear. Weathering coat is given to terrace to protect roof from weathering effect and also serve as insulation for sun heat. Proper slope is given to roof surface to drain off rain water without any stagnation. Damp-proof course is provided to protect wall above plinth from dampness. Sunshades are provided to doors and windows to protect openings from rain and sun. Anti-termite treatment is given to protect building as a whole from ill effects of termite attack. Timber is protected by giving paint or polish finish. Reinforcement rods in R.C.C. work are provided with concrete cover to protect them from ingress of injurious elements from outside. Water proofing compounds are added in plastering mortars to protect external walls against seepage of water through them. Slabs are projected beyond external walls to protect them from rain water falling down from terrace. These items mentioned above appear in specifications and are directly connected with durability and maintainability of building structure as such.

Some of the items which are basically needed during maintenance stage are to be constructed and therefore must be specified e.g. manholes for drainage, ladder for access to over head water tank, railing for platform, compound wall with barbed wire fencing on top of it, adequate size of duct to facilitate any replacement or repair of down pipe or for painting or white washing etc. All such items which are needed for maintenance of the building at a later stage must be included in specifications for execution of work.

8. Adequate foundation:

Loads carried by building structure is to be transferred to soil underneath by foundation safety. Therefore specification of foundations is very important. It should take care of interaction of structure with soil. Soil may be rocky hard strata, it may be sandy or it may be clayey. Rocky strata doesn’t yield underload while sandy and clayey strata yield. Sandy strata bears load by frictional resistance between sand particle while clayey strata bears load by cohesion resistance between clay particle. Foundations differ from each other if they are to be laid over rocky strata, sandy strata or clayey strata mainly because of above mentioned behaviour of founding strata. Safe bearing capacity of soil is decided based on (i) pressure resistance considerations and (ii) settlement considerations. Sandy strata is controlled normally by pressure resistance consideration and clayey strata is controlled normally by settlement consideration.


Black cotton soil is problematic for founding a building structures. Minerals like montmorillanite and illite readily absorb moisture, swell and become slushy in rainy season. Whereas, in summer, they dry out, become hard and their surface gives rise to typical map pattern cracks, Such soils are known as expansive clay. Such soils are available in plenty in Indian sub-continent. Differential heavy pressure on structure of such Expansive clays result in distress in a structure. 

Expansive clays have their active zone of 2 to 2.5m depth from ground surface. Below this depth is stable zone. Therefore in such soils foundation should be laid in stable zone. In framed constructions, a gap of 150mm depth must be left between soffit of plinth beam and ground surface. This makes provision of space for expansion of clay to avoid upward reaction of expansion on the structure proper. Specification of under-reamed pile foundation is useful for application in such situations. In such cases also a gap of 150mm is kept between ground level and grade beam for load bearing walls.

Shapes of footings have their own functional need. In clayey strata, square or circular shaped footing do carry more load in comparison to the capacity of strip footing of the same area. Again load carrying capacity of a footing on sandy strata increases with the increase in width of the footing. Load carrying capacity per metre width of square or strop footing. These aspects play an important role in decision making to specify type and shape of footing.

In an industrial area where waste discharge from a factory contaminates the ground water and proves to be injurious to the foundation, special care needs to be taken in framing specifications for foundations in such locations.

To do full justice to foundation of a structure, therefore, it is essential to have detailed soil exploration done at site of proposed building. Detailed Specification for soil exploration work need to be made. Type of laboratory and field tests to be conducted, number of bores to be taken, depth of bores and their location need be specified, soil exploration report must give its recommendations for type of foundation suitable for the location along with the depth of founding.

9. Cost effective (economical)

After taking care of all eight items mentioned above the last ninth item is that a building structure should be cost effective. This is of vital significance because it is closely connected with the purse of a client / owner. The structure should be cost-effective without compromising any of the other eight items connected with the structure. 


Number of seminars, conferences, workshops and exhibitions had been organized. Indian Institute of Science, Bangalore have published ‘ALTERNATIVE BUILDING TECHNOLOGIES’ in November 2003. Number of alternatives have been suggested and economies have been worked out. They are more cost-effective when repetitive bulk work is involved like housing projects wherein saving in one is multiplied by number.

Buildings using cold formed steel sections are slowly gaining popularity in India. They are having number of plus points such as (i) Economical (ii) accelerated speed of construction (iii) Dry kit-of-parts (iv) Low weight (v) flexibility to make changes in internal planning in future (vi) No shrinkage or distortion (vii) Durability and longevity (viii) Ease of transportation, handling and erection (ix) provision of holes for service pipes and conduits (x) No form work. They can be used for multi-storeyed building-sheds-industrial structures, workshop structure, airoplane hangers, bus stands etc.

Adoption of a new technology in a routine way in mass is a slow process. Human tendency is to go in for a conventional way to be on safe side. Rigid and explicit worded specification of works involved in a new technology is a need to switch over to new technology with confidence. Green house, energy saving, rain water harvesting and pre engineered building technologies should also be covered in standard specifications.

Framing of specifications for a building construction work is a subject by itself which involves number of items as discussed above in brief. Thorough indepth knowledge of the construction practice, its magnitude, its constraints, available expertise to do the work and suitable technology for adoption need a judicious decision making mind above all. Any slip in this regard may cause many issues / disputes which shall adversely affect the work in many ways during the execution of work and / or even after completion of the work as well.

Saturday, 29 August 2015

2BHK Apartments for sale in Electronic City, Bangalore at Siddartha Srin...

RECHARGING THE BOREWELLS


 https://www.bangalore5.com/




It is through cracks in the hard rock almost 100 feet below water is drawn to the surface through borewells. Some very deep borewells exist in Bangalore. In order to lift the water from such a depth, more energy is required.




There are two plain methods of recharging the borewells. One is the surface spreading technique in which water is accumulated in tanks or ponds or lakes and this slowly infiltrates into underground where it finally reaches the borewells. Another method is knows as the point recharge technique and it is more useful for apartments and individual homes. Rooftop rainwater or surface water is accumulated and made to sink-in near the borewell through recharged wells. Perforations are sometimes made in the casing of the borewell so that the water gets into the casing to reach the cracks from where water is being drawn.


Rooftop rainwater has the least likelihood of being contaminated so it is preferable to recharge a borewell with this kind of water. It is also a good practice to recharge all borewells which had an abundant yield earlier but are now yielding less or those which had some yield but have now run dry. There is no need to recharge a borewell which is already yielding well.



Friday, 28 August 2015

2BHK & 3BHK Apartments for sale in Varthur, Bangalore at Midtown Opulent

MAIN BUSINESS OF THE BANKS


 https://www.bangalore5.com/


BUSINESS OF BANKING COMPANIES :

(a)Section 6 of the Banking Regulation Act provides for the form of business in which banking companies may engage. The relevant provisions of the Banking Regulation Act 1949 read as under: 

(b) “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public repayable on demand or otherwise, and withdrawable by cheque, draft order or otherwise. 


Explanation- Any company which is engaged in the manufacture of goods or carries on any trade and which accepts deposits of money from the public merely for the purpose of financing its business as such manufacturer or trader shall not be deemed to transfer the business of banking within the meaning of this clause: 

Section 6 deals with the form of business in which banking companies may engage – (1) In addition to the business of banking, a banking company may engage in any one or more of the following forms of business, namely:- 

a. The borrowing, raising, or taking up of money; the lending or advancing of money either upon or without security; the drawing making, accepting discounting, buying, selling, collecting and dealing, in bills of exchange, Hoondeeds, promissory notes, coupons, drafts bills of lading, railway receipts warrants, debentures, certificates, scrips and other instruments, and securities whether transferable or negotiable or not; the granting and issuing of letters of credit, traveller’s cheques and circular notes; the buying selling and dealing in bullion and species the buying and selling of foreign exchange including foreign bank notes; the acquiring, holding, issuing on commission, under writing and dealing in stock, funds, shares, debentures, debenture stock, bonds, obligations, securities and investments of all kinds; the purchasing and selling of bonds, scrips or other forms of securities on behalf of constituents or others, the negotiating of loans and advances; the receiving of all kinds of bonds, scrips or valuables on deposit or for safe custody or otherwise; the providing of safe deposit vaults; the collecting and transmitting of money and securities;

b. Acting as agents for any government or local authority or any other person or persons; the carrying on of agency business of any description including the clearing and forwarding of goods, giving of receipts and discharges and otherwise acting as an attorney on behalf of customers, but excluding the business of a managing agent or security and treasurer of a company. 

d. The effecting, insuring, guaranteeing, underwriting, participating in managing and carrying out of any issue, public or private, or State, municipal or other loans or of shares, stock, debentures or debentures stock of any company, corporation or association and the lending of money for the purpose of any such issue. 


f. Managing, selling and realizing any property which may come in to the possession of the company in satisfaction of any of its claims; 

g. Acquiring and holding and generally dealing with any property or any right, title or interest in any such property which may form the security or part of the security for any loans or advances or which may be connected with any such security. 


i. Undertaking the administration estates as executor, trustee or otherwise. 

j. Establishing and supporting or aiding in the establishment and support of associations, institutions, funds, trusts and convenience calculated on benefit employees or ex-employees of the company or the dependents or connections so such persons; granting pensions and allowances and making payments towards insurance subscribing to or guaranteeing money for charitable or benevolent objects or for any exhibition or for any public general or useful object; 


l. Selling, improving, managing, developing, exchanging, leasing mortgaging, disposing of or turning in to account for otherwise dealing with all or any part of the property and rights of the company. 

m. Acquiring and under taking the whole or any part of the business of any person or company, when such business is of a nature enumerated or described in this sub-section; 


o. Any other form of business which the Central Government may, by notification in the official Gazette, specify as a form of business in which it is lawful for a banking company to engage. 

(2) No banking company shall engage in any form of business other than those referred to in sub section (1).

Read more:

Thursday, 27 August 2015

2BHK, 3BHK & 4BHK Apartments for sale in Nallurhalli, Bangalore at Vijay...

HISTORY OF BANKING LAW IN INDIA


 https://www.bangalore5.com/

THE RISE OF JOINT SOTCK BANKS IN INDIA

Agency Houses – started with the beginning of the occidental banking in India. The Calcutta Agency Houses, the trading firms, which undertook banking operations for the benefit of their constituents. Prominent among these were Messrs Alexander & Co., and Messrs Fergusson & Co. Both firms combined banking with other kind of business, and both were the predecessors of the early joint-stock banks in India. The Bank Hindustan, a mere appendage of the former, was the earliest bank started under European directions in India. 

The Presidency Banks - The Indian Government did not awaken to the great need for banks in India till 1809, the year in which the Bank of Bengal obtained its charter with a capital of Rs. 50 Lakhs, one fifth of which was contributed by the Government, who shared in the privilege of voting and direction. The charter restricted the Bank’s rate of interest to a maximum of 12 per cent. The power of note issue, however, was not given to the Bank till 1823. In 1839, the bank was given the power to open branches and to deal in inland exchange. The two other Presidency banks viz., the Bank of Bombay and the Bank of Madras were established in 1840 and 1843 respectively. The former had a share capital of Rs. 52,25,000/- and the later Rs. 30 Lakhs, the Government subscribing Rs. 3 Lakhs in each case. As the notes issued by the Presidency Banks didn’t become popular, they were replaced by Government paper money in 1862. 

The Swadeshi Movement: - Its impetus for starting new Banks – Thanks to the Swadeshi movement, which prompted Indians to start many new institutions, the number of joint- stock banks increased remarkably during the boom of 1906-13. The peoples Bank of India Ltd, the Bank of India Ltd., the Central Bank of India Ltd., Indian Bank Ltd., and the Bank of Baroda Ltd., were started ruing this period. The boom continued till it was overtaken by the crash of 1913-17, the most severe crisis that the Indian joint –stock banks have so far experienced. 

The Presidency Banks referred to above, were amalgamated in to the Imperial Bank of India, which was brought in to existence on 27th January 1921, by the Imperial Bank of India Act of 1920. This Act however, gave the Bank no power to issue notes and thus left it without control over currency of the country. But it was allowed to hold Government balance and to manage the Public debt and clearing houses till the establishment of the Reserve Bank of India in 1935. The Reserve Bank of India took over all these functions from the Imperial Bank of India, but the latter was given the privilege of acting as agent of the former in places in which it had no branches. Although the Imperial Bank of India was created by a special act called the Imperial Bank of India act 1920, the liability of its share holders, like that of share holders of any other bank registered under the Indian Companies act, was limited. The only difference was that the word “ limited’ did not form a part of its name, as it does in the case of banks constituted under the latter Act. With the passing of the state Bank of India act 1955, the under taking of the Imperial Bank of India was taken over by the newly constituted State Bank of India. It has the largest number of branches all over India, and does considerable business in commercial banking like other banks. It was mainly for this reason that this bank was no converted in to a Central banking institution of the Country.

Pursuant to the provisions of the State Bank of India (Subsidiary Banks) act, 1959, the Bank of Bikaner, the Bank of Indore, the Ban of Jaipur, The Bank of Mysore, the Bank of Patiala, the Travancore Bank, the State Bank of Hyderabad and the State Bank of Saurashtra have been constituted as subsidiaries of the State Bank of India. This has extended the area of operation of the State Bank of India. 

Establishment of the Reserve Bank of India. – Although suggestions have been made from time to time that India ought to have a Central Bank, they did not take definite shape until 1926, when the Royal Commission on Indian Currency and Finance recommended that a Central Bank should be started in India so as to perfect her credit and currency organization. The proposal assured importance and a fresh bill was accordingly introduced by Sir George Schuster in September, 1933. It was enacted in due course, and became law on the 6th March 1934 and the Reserve bank of India started functioning with effect from 1st April. 1935. The Reserve Bank of India made determined efforts to place the banking and monetary structure of the country on a sound basis, either through advice or persuasion or through a well devised system of inspection of bank. 

PASSING OF BANKING ACT – The Banking Companies act, 1949, was passed to consolidate and amend the law relating to banking companies. The need for this was felt owing partly to the abuse of powers by persons controlling some banks and the absence of measurers for safeguarding the interest of depositors of banking companies in particular and partly to the economic interests of the country in general. With effect from 1.3.1966 the name of the act has been changed to the Banking Regulation Act 1949 (10 of 1949).

Wednesday, 26 August 2015

A HOME ON LAP OF NATURE




It is a common misconception prevailing in the minds of builder and owners that the more exotic the materials are used for construction, the more attractive and longer lasting the structures would remain. Even when the locally available materials are used, the built structures will display the strength and long endurable vitality. They could easily withstand climatic extremities of that particular region and the building also looks perfectly coalesced one with the surrounding ambience.

It is quite common to find sea facing buildings showing signs of premature ageing, the window frames corroded, walls darkened, the paint peeling off because of the high levels of salt content. Climate has a very important role to play in the maintenance of buildings. The type of materials used, the method of construction opted shall determine the health of a building. 

Local materials like sand and stone are normally structured to suit the climate conditions of the place. Hence, when buildings are constructed using locally available materials, invariably the structures display the strength to withstand the extremes of climate in that particular region. In such cases, climatic erosion of building will be very least.

The type of architecture of a place too reflects an adherene to this climatic factors as buildings have to be naturally adapted to tackle extremes of climate in the absence of artificial means of support. Thus a cold place would reflect more or wood based structures to retain the warmth, a more tropical climate would display high ceilings to eliminate the circulation of hot air.

Currently buildings use materials as well as designs that are based more on styles suited to taste than to the local climate. For instance, the typical Kerala architecture encompasses slopping roofs and wide corridors to tackle the heavy rains. However, the modern structures do not display such conformity with local requirements.

Similarly, the stones used in some of the old buildings in Mumbai have withstood the test of time as well as climate. The same cannot be said of the more current buildings where locally available materials have not been used. Again, the locally available laterite stones in Mangalore are best suited to tackle the heavy rains and the sea in the coastal belt, but how many local buildings use it, is a totally different question. 

To avoid such mismatch and the resulting problems, it is best to go in for structures that are inherently suited to local climatic conditions. However, there are materials like steel which every modern building cannot dispense with irrespective of its location. While steel does not get corroded easily, it is important to go in for the right type of steel which is treated for anti corrosive properties to be used in coastal areas, as otherwise it can prove to be risky for the buildings. Similarly, non-ferrous materials like aluminium, polymer and wood should be used in coastal areas to prevent rusting. Wood, when seasoned well, can withstand the worst of climates. Of course the wood used here should be stable wood. 

Hollow bricks or terra-cotta blocks are a good option for a hot place as the hollow space aids in keeping the structure cool contrary to popular belief, these blocks are strong, they don’t need to be plastered and what is more, these blocks don’t chip. The Mangalore clay tiles are also very effecting in keeping out the heat and hence highly suited for hot regions. Stones are a good option in hot places as well as coastal regions. Stones, besides keeping out the heat, need low maintenance. They are capable of withstanding extremes of climate.

Traditionally buildings were structures in such a way that the main wall or entrance was away from direct sunlight. This way, the interiors remained cooler. The thickness of the walls too ensured minimal transfer of heat. However, with structures now sporting thinner walls and the building conforming more to the fa├žade than the direction of the sun, it is not surprising to find less naturally cool interiors.

Modern building also sport more of glass walls than brick structures. If these glass walls face the South or West, the building is sure to heat up. The situation is worse if glass walls face south west as the maximum heat is from this direction. Bricks, terracotta tiles and stones are best suited to insulate the building from heat.

Another factor that leads to overhealing of interiors is the absence of sunshades for windows. Traditional buildings not only used less of glass but the windows too sported wooden doors protected by sunshades. These sunshades not only acted as shields from the sun but also kept out the rain. These recessed windows were marvelous protectors from the harsh climate.

While it is best to use locally available materials and conform to local architecture to reap the maximum benefit in terms of climate tolerance, it is not feasible to do so at all times as other factors such as lifestyle, the use the building is to be put to have a say in the design. It is then best to compromise in a manner that the building continues to be climate friendly albeit the modern design and this compromise can be achieved by opting for local materials wherever possible and arriving at a design that is sensitive to local conditions.

Windows now-a-days perform multifashion functions. Their basic shapes have changed considerably, breaking the conventional usage and encompassing all the sides and also on the ceilings towards the clouds sky and nature. From angles to arches, skylights to sliding glass doors, the window accessories cover virtually every size, shape and type of window. Naturally some materials are more flexible than others, so one has to make sure that any fusion of modern fashion appealing to the eye all could accommodate the shape of the window. Immediately after selecting any attractive window shape for the house, one can select from the available innumerable fashions for that shape and operational application. Some skylight systems are manual or motorized lifting systems specifically manufactured for rectangular windows and especially suited for skylights. 

Skylights 

Skylights are a type of window that is built into the roof that provides a natural light source for a room. A skylight is mounted parallel to the place of the roof and is much more effective at adding natural light to a room than a window is. In most cases, the sole purpose of the skylight is to provide more light, however some skylights also open to provide ventilation. Skylights give your room a beautifully natural look.

Skylights are available in a variety of sizes that will easily integrate your ceiling and roof construction. The increase in natural light can help decrease your over all energy costs. Skylights that open up can also provide ventilation in rooms that may not be well-ventilated.

Skylights must be located where the sun can shine on them directly. A skylight does not produce a useful amount of daylight if it is shades by adjacent structures or foliage. Similarly, skylights are not worthwhile in areas that have heavy cloud cover for a large period of time.

In single-floor buildings, skylights may provide a large fraction of illumination requirements. Sunlight is so intense that skylights can provide virtually any illumination level that is required. These are agencies which specialize in skylights. You can even get them custom fabricated.

Skylights are commonly made from glass, glass composites, plastics and plastic composites. All these materials can be treated to reduce light transmission and cooling load, either by adding dyes that absorb light or by adding a reflective surface. The advantages of glass include unlimited life, high light transmission, hardness and rigidity.

While fixing a skylight, always get edges of skylights sealed very well with silicon to ensure no seepage of rain water. The skylight must have a proper slope and must not be flat, to ensure good drainage of water. Have other large windows in the room and ensure that the room has good ventilation to prevent a heat trap. It is preferable to have skylights in common areas where you don’t spend too much time and not in the bedroom as you won’t have privacy. The glass must be toughened so that it is shatter-proof.

The disadvantage of glass is its vulnerability to breakage, along with the safety hazard that falling glass creates. Glass can be made more resistant to breakage by increasing its thickness, by heat treating it, and by combining it with reinforcing materials. All safety improvements for glass add cost, and they usually add weight. Plastic materials are much lighter in weight, and they are resistant to shattering, so they pose only a minimal safety hazard. If you find the room gets too hot in the afternoon, simply install a set of Venetian blinds or other adjustable window covering over the skylight opening.

Tuesday, 25 August 2015

2BHK Apartments for sale in Chandapura, Bangalore at MVS Orchids

PARI PASSU AGREEMENT


 https://www.bangalore5.com/


It is very common that an Industrial Company borrows different loans from more than One Bank and/or other Financial Institutions, simultaneously and commonly and a common deed of mortgage is executed by such Company in favour of such financial bodies for mortgaging its assets as a common security for such loans. In such a case the financial bodies also enter into an agreement which regulates their mutual relations as mortgagees. 

Leader (Lead Bank/Financial Institution) - Generally one of the financing body is treated as a Leader who is given authority to exercise the powers of the mortgagee contained in the deed or in law. 

Such agreement may be incorporated in the deed of mortgage itself or made separately to which the mortgagor Company is also made a consenting or confirming party. By such agreement the rights of the financial bodies are made to rank pari passu that is on equal footing irrespective of the amounts advanced by them. Such agreement is known as PARI PASSU AGREEMENT and is also known as CONSORTIUM AGREEMENT.

Such an agreement is also sometimes entered into when two or more financing bodies advance loans to the same borrower company on different occasions, when the subsequent advancing body insists on its loan being made on pari passu basis with the previous advancing body and to which the latter agrees. In such a case the agreement provides that all the mortgages shall rank pari passu and will be enforceable on that basis and irrespective of their priorities. 

Such agreements when separately entered into would require registration under the Registration Act, 1908. 

Salient features of a Pari Passu agreement:


1. The Banks/Financial Institutions shall grant accommodation to the Company by way of Cash Credit facility of an amount not exceeding certain aggregate limit; and such aggregate limit shall stand distributed among the Banks/Financial Institutions (percentage or share basis). And at the aggregate limit the respective shares of the Banks/Financial Institutions may be varied from time to time by mutual consent. 

2. The Banks/Financial Institutions will open in their respective books separate term loan and/or Cash Credit accounts in the name of the Company irrespective of such term loan and/or Cash Credit facility with each of them and will ensure that drawings out of and payments into each of the said term loan and/or cash credit accounts are regulated by the Company in such a manner that the amounts due from time to time for principal and interest on each of the said term loan and/or cash credit accounts are kept as nearly as practicable pro rata to the respective limits granted by the Banks/Financial Institutions. 


3. The rights under and in respect of the security created by the Company in favour of the Banks/Financial Institutions by way of mortgage and hypothecation shall rank pari passu in all respects and for all intents and to all purposes inter se the Banks/Financial Institutions and without any preference or priority of one over the other(s). The Banks/Financial Institutions shall stand in the same position without claiming prior rights and divide and appropriate the realization of the security in such shares and such manner as mentioned herein.

4. Except as regards acts, matters and things which may be done by each of the Banks/Financial Institutions including as provided in the said Deed of Mortgage and the Deed of Hypothecation, the Leader will act on its own behalf and on behalf of the other Banks/Financial Institutions in all other acts, matters and things pertaining to and connected with the said accommodation by way of term loan and/or cash credit facility and the security thereof. The other Banks/Financial Institutions hereby authorize the Leader to act as their agent and for and on behalf of each of them to function as such Leading Bank/Financial Institution in respect of all other acts, matters and things pertaining to and connected with the said accommodation by way of cash credit facility and security thereof.

5. Except as regards acts, matters and things which may be done by each of the Banks/Financial Institutions as provided in the said Deed of Mortgage and the Deed of Hypothecation, all rights and powers vested in the Banks/Financial Institutions under the said Deed of Mortgage and the Deed of Hypothecation and under any other arrangements, agreements or otherwise in respect of all other acts, matters and things pertaining to and connected with the said accommodation by way of term loan and/or cash credit facility and security thereof by way of mortgage and hypothecation or otherwise shall be exercised by the Banks/Financial Institutions, through the Leader.Taking possession or realization of outstanding dues through Sale by the participant Banks/Financial Institutions.

6. Without prejudice to the preceding two clauses i.e., 4 and 5 herein above, any one or more of the Banks/Financial Institutions may also take any steps to take possession or realize or enforce the mortgaged and hypothecated security either through the intervention of the Court or otherwise howsoever and in whatever manner it/they may think fit and for that purpose exercise all rights and powers vested in it/them by Law and/or under the said Deed of Mortgage and Deed of Hypothecation and/or under any other arrangements or agreements or otherwise, or may close the term loan and/or cash credit account(s). 

Provided that, at the beginning of the working hours of the day immediately preceding any such action intended to be taken by any one or more of the Banks/ Financial Institutions under this clause, due notice of such intention and of the action intended to be taken shall be communicated in writing by such Banks/Financial Institutions to the other Banks/Financial Institutions and the latter or any of them shall immediately, as soon as possible, after the receipt of such notice/intimation, demand repayment of the monies due on the relative term loan and/or cash credit account(s) of the Company with its/them and notify its/their respective intentions in writing either to act jointly in such action with such Banks/Financial Institutions taking the action or otherwise. In the event of the Banks/Financial Institutions agreeing to act jointly in such action then all the Banks/Financial Institutions shall act jointly through the Leader. In the event of failure, neglect or refusal by any one or more of such other Banks/Financial Institutions to join in any such action, the Banks/Financial Institutions taking action shall make the other Banks/Financial Institutions so failing, neglecting or refusing, as party Defendant(s) in any legal proceedings which such Banks/Financial Institutions may take against the Company. The proceeds of any realizations in such legal proceedings shall be available for and be appropriated to the indebtedness of the Company to all the Banks/Financial Institutions due and outstanding under the respective term loan and/or cash credit account(s) with such Banks/Financial Institutions. The failure, neglect or refusal of any of the Banks/Financial Institutions to join in such action shall not affect the rights of such Banks/Financial Institutions so failing, neglecting or refusing in any manner whatsoever vis-a-vis the Company and/or the mortgaged and hypothecated security. 

7. In the event of the Banks/Financial Institutions deciding in common to enforce the security and realize the amount due to them respectively, the Leader shall take necessary action, in consultation with the other Banks/Financial Institutions, to enforce the security either by selling the mortgaged property and hypothecated goods by auction sale outside the Court and in exercise of the power contained in the said Deeds or by filing a suit in the proper Court for sale of the said properties and realization of the amounts due to the Banks/Financial Institutions. In the event of taking such action the Leader will be entitled to take possession of the property or to get a receiver appointed thereof through Court and to make all such applications and to take such other action as may be thought proper and in the interest of the Banks/Financial Institutions. The Leader will always keep informed the other Banks/Financial Institutions of such actions and applications and the results thereof. In the event of taking any legal proceeding the same may be taken by the Leader in its own name as Plaintiff and join the other Banks/Financial Institutions as co-plaintiffs or as formal defendants and the Banks/Financial Institutions shall give all co-operation to the Leader in that behalf, as may be required by Law. 

8. Subject to the provisions contained in preceding two clauses i.e., 6 and 7 herein above, in the event of the mortgaged and hypothecated security being realized howsoever and in whatever manner, the proceeds of such realization, including monies received from Insurance Companies or otherwise in respect of the security remaining after deducting there from the cost, charges and expenses incidental to such realizations shall in the first instance be appropriate towards or in satisfaction of all indebtedness of the Company due and outstanding to the Banks/Financial Institutions, such indebtedness being the amount outstanding under the term loan and/or cash credit accounts, and the interest due thereon upto the date of realization of the security whether actually debited or not to the said term loan and/or cash credit accounts together with any cost, charges and expenses debitable to the term loan and/or cash credit accounts whether actually debited or not, pro-rata in accordance with the total amount of such indebtedness due and outstanding under and in respect of the said term loan and/or cash credit accounts as aforesaid with each of the Banks/Financial Institutions and thereafter the balance, if any, shall be available for, and be appropriated to the outstanding indebtedness or liabilities of the Company on any account or in any manner to the Banks/Financial Institutions pro-rata in accordance with the total amount of such other outstanding indebtedness or liabilities. And in the event of the net proceeds of realization remaining as aforesaid being insufficient for repayment of whole of the respective amounts due to the Banks/Financial Institutions the same shall be appropriated in liquidation of the indebtedness of the company to the Banks/Financial Institutions as aforesaid pro-rata in accordance with the total amount of such indebtedness and liabilities. Until such appropriation, the monies realized by the Leader or any or more of the Banks/Financial Institutions or by its/their agents, nominees, officers, shall be held by the Leader or any such Banks/Financial Institutions or by its/their agents, nominees or Officers in Trust for all the Banks/Financial Institutions in accordance with their respective rights. 

In the event of the net sale proceeds found insufficient to pay of the amounts due to the Banks/Financial Institutions as aforesaid the Banks/Financial Institutions or any of them will be entitled to take separate proceedings to realize the deficit in such way or manner as they or it think fit.

(d) Renewal /Enhancement of limits

9. Where it is desired that an increase in the aggregate term loan and/or cash credit limit shall be made and/or that the shares of the various Banks/Financial Institutions shall be varied, the Company shall be required to apply to the Leader which shall conduct the initial appraisal for the grant or otherwise of such increase in limit or change in the distribution of the limits and shall approve, after consultation with and by the consent of each of the Banks/Financial Institutions of such increased limit, including the distribution of such increased limit or any change in the allocation of the limit among the Banks/Financial Institutions.


10. The Company shall be required to send to all the Banks/Financial Institutions simultaneously the stock statements, all financial and other statements, reports, returns, certificates and information and such other periodical data as may be decided upon. The Leader shall work out the drawing power of the Company under the Term loan and/or Cash Credit accounts maintained with each Banks/Financial Institutions and advise as early as possible the other Banks/Financial Institutions of the drawing powers of the Company allocated to each of them.

11. Each of the Banks/Financial Institutions shall advise the other Banks/ Financial Institutions before the 5th working day of each month figures relating to the average drawing, total credit and debit summations and maximum & minimum drawings during the previous month.

12. Each of the Banks/Financial Institutions shall adhere to the drawing powers allocated to them and will not normally permit excess drawings otherwise than with the specific consent of all the Banks/Financial Institutions. 

(f) Obtain information from the Company at periodical intervals:

13. The Leader shall from time to time call upon the Company and obtain from the Company

(i) an inventory of upto date hypothecated goods and book debts; 

(ii) copies of the early balance sheet and profit & loss account statement of the 

Company; 


(iv) a copy of the annual report of the Company;

(v) a copy of the minutes of the General meetings of the share holders of the

Company;

(vi) Information regarding any suits or legal proceedings taken by or against the

Company;

(vii) such other information as the Leader may think fit and such information and copies of such documents as afore said shall be supplied to the other Banks/

Financial Institutions forthwith.Nothing however will prevent any Bank/Financial Institution from calling for such documents and information from the Company independently but in such case such information and copies of documents shall be passed on by such Bank/Financial Institution to the others of them.

(g) Further loan and Enforcing additional security:

14. Nothing shall prevent any of the Banks/Financial Institutions from enforcing any additional security by way of personal guarantees of the Directors of the Company or otherwise taken in respect of the term loan and/or cash credit facility covered by the Deeds of Mortgage and Hypothecation provided that the moneys realized there from shall be credited to the account of the said term loan or cash credit facility and provi-ded intimation in writing is given by such Banks/Financial Institutions to the others of them.

15. If any of the Banks/Financial Institutions advances any further loan to the Company and obtains further security of the properties comprised in the Deeds of Mortgage and Hypothecation, such Banks/Financial Institutions shall give immediately information thereof to the other Banks/Financial Institutions. 

(h) Any change in the terms and conditions of the facilities:

16. None of the Banks/Financial Institutions shall agree to any change in the terms and conditions of the term loan and/or cash credit facility agreed to between such Banks/Financial Institutions and Company without giving at least one weeks prior intimation thereof in writing to the other Banks/Financial Institutions. 

(i) Rights and Responsibilities of the Leader:

17. Subject to or without prejudice to what is herein provided, each of the Banks/ Financial Institutions agree that all acts done by the Leader pursuant to the terms of these presents as well as in exercising the powers of the Banks/Financial Institutions as secured creditors under the said Deeds of Mortgage and Hypothecation shall, be deemed to be the acts by or on behalf of all the Banks/Financial Institutions and each of such Bank/Financial Institution agree to ratify the same.

18. The Leader shall undertake to take all necessary steps or actions as and when necessary under the said Deeds of Mortgage and Hypothecation to safeguard the security as well as to call for all necessary information and document from the Company as may be necessary or relevant to the security to keep a watch over the working and business of the Company and to keep the other Banks/Financial Institutions informed about the same from time to time. 

19. All inspections of the mortgaged and hypothecated security or of the affairs of the Company will be conducted by a team comprising representatives of the Leader and such other Banks/Financial Institutions as may be determined from time to time in consultation with and by the consent of all the Banks/Financial Institutions.

20. The Leader shall obtain from the Company at the beginning of every quarter of the calendar year an estimate of the aggregate amount that it proposes to draw during that quarter and the Leader shall advise the other Banks/Financial Institutions their pro-rata commitments for the ensuing quarter. It shall be open to each of the Banks/Financial Institutions to levy separate commitment charge at such rate as it may determine from time to time to the Company and any such commitment charge may be debited to the Company’s term loan and/or cash credit account(s) with the Banks/Financial Institutions. 

21. The other Banking business of the Company and/or the rights, benefits, obligations and liabilities arising out of such business shall be shared among the Banks /Financial Institutions on a pro-rata basis in relation to the limits allocated to each of the Banks/Financial Institutions. It shall be open to the Company to place such business directly with the Banks/Financial Institutions and the data in this regard shall be exchanged among the Banks/Financial Institutions through the Leader every quarter or at such intervals as may be agreed by and among the Banks/Financial Institutions so that necessary directions could be given by the Leader to the Company with a view to ensuring that each of the Banks/Financial Institutions has an appropriate share in the other banking business of the Company and/or the rights, benefits, obligations and liabilities arising out of such business. Provided, however, that such other banking business of the Company already being handled by any or more of the Banks/Financial Institutions at the commencement of the participation arrangement and/or rights, benefits, obligations and liabilities arising from such business will not be shared with the other Banks/Financial Institutions and all rights, benefits, obligations and liabilities arising out of such business will accrue to or be suffered by the concerned Banks/Financial Institutions transacting such business. 

(j) Levy of Service charges by the Leader:

22. The Leader may charge a fee for its service rendered as a Lead Bank/ Financial Institution and such fee shall be determined in consultation with and by the consent of all the Banks/Financial Institutions and such service e fee shall be borne by the Company and shall be debitable to the term loan and/or cash credit account maintained with the Leader. In case it is not possible to recover the service fee from the Company or from security realized, all the Banks/Financial Institutions will share the service fee in the proportion to the limits sanctioned by them and reimburse the Leader with the same.

23. The Leader shall keep the other Banks/Financial Institutions informed of all the major developments relating to the affairs of the Company suitably and, if necessary, by arranging periodical meetings of the representatives of all the Banks/ Financial Institutions being parties hereto to discuss the matters arising out of the said accommodation and take decisions in respect thereof and such meetings may be held with or without an invitation having been sent to the Company for attending the meetings. Also, the other Banks/Financial Institutions or any one or more of them coming to know of any developments relating to the affairs of the Company shall keep the other Banks/Financial Institutions including the Leader informed about the same and the Leader shall in such cases, if necessary arrange special meetings of the Banks/ Financial Institutions. 


(a) by realization of the mortgaged and hypothecated security

(b) from the Insurers in respect of the Insurance of mortgaged and hypothecated security in any other manner from the Company, shall be held by the Leader or such other Banks/Financial Institutions for and on behalf of all the Banks/Financial Institutions and shall be paid and appropriated in the manner and proportion as indicated in these presents.


25. In case any one or more of the Banks/Financial Institutions intend to withdraw from the participating arrangement, the manner in which and the extent to which such withdrawal shall take place shall be discussed and settled between all the Banks/ Financial Institutions. 

26. No Banks/Financial Institutions shall without the consent of the other(s) agree to any modification of the terms of the said Deed of mortgage and Deed of Hypothecation nor without like consent grant time or other indulgence to the Company after the mortgaged and hypothecated security has become enforceable or is being enforced.

27. All acts, deeds and things done or purported to be done by the Leader for and on behalf of the Banks/Financial Institutions shall be treated as acts, deeds and things done by all of them and the Banks/Financial Institutions shall ratify and confirm the same and shall indemnify and keep indemnified the Leader in respect thereof.

28. Without prejudice to the generality on the rights, powers and responsibilities of the Leader, it shall be the responsibility of the Leader:

(i) to ensure that all the requirements of Law, necessary for the conduct of the said accommodation by way of the term loan and/or cash credit facility and the creation and continuance of the security thereof are complied with; and

(ii) in case it is necessary to file a suit for any reason whatsoever in the conduct of the said accommodation by way of term loan and/or cash credit facility, to file a suit(s) against the Company on its behalf and on behalf of the Banks/Financial Institutions with the consent of and at the cost of all the Banks/Financial Institutions.

29. The Banks/Financial Institutions other than the Leader shall, if necessary, execute General Power of Attorney in favour of the Leader authorizing the latter to execute all powers and rights given to the Banks/Financial Institutions under the said Deed of Mortgage and Deed of Hypothecation for the protection, enforcement and realization of the security created thereby provided that no such powers or right shall be exercised by the Leader under such power of attorney without the express consent of the other Banks/Financial Institutions and shall not be exercised to the prejudice of the rights of the other Banks/Financial Institutions.


30. The original Deed of Mortgage and Deed of Hypothecation and all the title deeds relating to the Mortgaged properties handed over by the Company shall remain in the custody of the Leader and the other Banks/Financial Institutions shall be furnished with the true copies thereof for their record. The other Banks/Financial Institutions jointly or separately shall have the right to take inspection of such deeds and title deeds as and when required and to be furnished with copies or extracts there from as and when required.