TERMS AND CONDITIONS GOVERNING FIXED DEPOSITS FROM
PUBLIC, SHAREHOLDERS AND EMPLOYEES
Application should be made in the prescribed form duly completed in all respect and must be accomplied either by ACCOUNT PAYEE Cheque /Demand draft/RTGS/NFEFT and should be payable at Mumbai/Sameerwadi/Sakarwadi drawn in favour of the Company i.e. GODAVARI BIOREFINERIES LIMITED.
Minimum amount of Deposit acceptable will be as per Public Deposit Scheme.
Period and rate of interest per annum will be as per Public Deposit Scheme.
Interest will be calculated from the date of realization of Cheque /Demand draft.
Interest will be paid as per the Public Deposit Scheme.
Interest will cease on the date of maturity.
Income-Tax will be deducted at source from interest, as per Income-tax Rules in forces on the date of payment of interest.
The deposits will be repaid only on maturity and not on demand or notice expect at the sole discretion of the Company. The Company may decide to repay the Deposit, at the request of the Depositor before the maturity date, but after the expiry of 6 months from the date of deposit, subject to such terms including reduction in the rate of interest as per the Companies Act, 2013 and rules there under.
The Fixed deposit receipt duly discharged including discharge by joint depositor(s) on a revenue stamp should be sent to the Company 21 days before the date of maturity, to enable the Company to renew/refund the Deposit as the case may be on due date. In case of renewal, a fresh application from duly filled in should accompany the said discharged receipt. No communication shall be sent by the Company to the depositor regarding maturity. No claim will be entertained by the Company if the Deposit Receipt, duly discharged, is not so presented at the time of refund/renewal. No interest will be paid after the maturity date under any circumstances.
Signature by thumb impression of depositor(s) should be attested by a magistrate/Notary Public/Manger of the Bank in which the concerned depositor(s) has an account.
In the case of deposits in joint names, all correspondence will be addressed to the person whose name appears first on the deposit receipt. All cheques for the payment of interest will also be draw in favour of the first named depositor irrespective of the option for repayment exercised by the depositors. Any discharge given by such person for payment of interest shall be valid and binding on all the joint depositors.
In the event of the death of the first joint depositor, all payment on account of principal and/or interest will be made to the person first in order of the survivor(s) on production of the death certificate.
In the event of death of sole depositor, the fixed deposit amount together with interest thereon, will be paid to the nominee, if any stated in the application on the proof of identity or to the legal representative(s) of the deceased on production of proper legal representative(s) of the deceased on production of proper legal representation such as probate of the will, succession Certificate or Letter of Administration granted by a Court of Competent Jurisdiction.
In the event of loss of deposit receipt, the Company may issue a duplicate receipt on such term and conditions as it may deem proper. All expenses in this connection will be borne by the depositor.
The fixed deposits are not transferable and the Company will not accept or recognize any lien or assignment for the deposit and/or interest thereon.
The acceptances of deposit will be at discretion of the Company and the Company reserves the right to reject an application for fresh deposit or for renewal with assigning any reason.
Deposits will be subject to the Companies (Acceptances of Deposits) Rules, 2014, as amended up to date and any other Act/Rules prescribed by the Government from time to time and subject to Mumbai Jurisdiction.
Payment of interest and repayment of principal amounts will be made by ‘Account Payee’ cheque. The Cheque will be sent to the registered address of the depositor. Where the due date for payment falls on a Sunday/ Bank Holiday, the payment will be made on the next working day.
Fixed deposits will be accepted from resident individuals, registered societies, registered trusts and minors through their guardians
Fixed deposits will not be accepted from unregistered trusts and partnership firms, Private Ltd. Companies /Public Ltd. Companies.
The Company will not be responsible for any loss or delay in transit of the Cheque of interest or repayment.
The Company reserves the right to alter or amend without notices any of the conditions mentioned herein above.
These terms and conditions from parts of the prescribed form.