Orient Press ltd. — Capital/Financing Update 2020

Sep 5, 2020

Corporole Office : I I01,.l 102, "G" Wing, 1 'l " Floor, Lotus Corporote Pork, Off: Weslern Express Highwoy, Goregoon (Eosr), Mumboi 400 063, Mohoroshtro, lndio. Tel. No. (Boord) : +91 l022l 42977310 / 350 E: orienl@orientpressltd.com . W : www.orienlpresshd.com CIN : 12221 9MHl 987P1C042083

September 05,2020

he General Manager Corporate Relations Department SE Ltd. lPhiroze f eejeebhoy Towers lDalal Street umbai 400 001

The General Manager Listing Department The National Stock Exchange oflndia Ltd. "Exchange Plaza", C-1, Block'G' BKC. Bandra (East) Mumbai 400 051

Scrip Code: 526325

Scrip Code: ORIENTLTD

Dear Sir[s),

Sub.: Circular for Fixed deposits

In continuation with our intimation dated 31't August,2020 please find enclosed herewith a copy of Circular for accepting deposits from the Members of the Company as per the provisions of Section 73(2) of the Companies Act, 2013 and Companies [Acceptance of Deposits) Rules, 20L4. We have already intimated you about this matter in Outcome of Board Meeting however copy of Circular was left to enclose.

The above disclosure is given pursuant to Regulation 30 of SEBI ILODR) Regulation, 2015.

Kindly take the same on record.

Thanking you Yours faithfully For ORIENT PRESS LIMITED

Company Secreta Officer

ORIENT PRESS LIMITED

CIN: L22219MH1987PLC042083

Registered Office: L-31, MIDC, Tarapur Industrial Area, Boisar-401 506, Dist. Palghar (Maharashtra) Phone: 02525-661116 Fixed Deposit Processing Centre: 1101,1102 "G" Wing, Lotus Corporate Park, 11th floor, Off: Western Express Highway, Goregaon (East), Mumbai-400 063, (Maharashtra) Tel: 022- 42977310/335, E-mail: share@orientpressltd.com

FIXED DEPOSIT SCHEMES

FIXED DEPOSIT SCHEME FOR SHARE	CREDIT RATING INDICATES AN ADEQUATE
HOLDERS	SAFETY

The Company invites Fixed Deposits from the Members of the Company, in multiples of Rs.10,000/- subject to a minimum of Rs.50,000/- and also subject to the terms and conditions governing the acceptance of deposits on the basis of applications made in the form prescribed by the Company.

SCHEME 1 : NON – CUMULATIVE DEPOSIT

Period	Rate (P.A.)*	Interest Payable
Two Years	9.50%	Quarterly on 30th June, 30th September, 31st December & 31st
Three Years	9.50%	March

Interest for broken period of quarter will be calculated from the date of deposit till the last date of the quarter based on the number of days in that quarter.

DEPOSIT HIGHLIGHTS

Deposits will be accepted by crossed "A/c. Payee only". Cheques or Bank Drafts should be drawn in favour of "ORIENT PRESS LIMITED" on any Schedule bank payable at Mumbai.

The Company reserves right to:

• i) Revise / review the interest rate(s) within the maximum permissible limits as stipulated by the Government of India from time to time.
• ii) Change/alter/modify all or any of terms of the Fixed Deposit Scheme without prior notice.
• iii) Accept or reject any application without assigning any reason thereof.

FORM DPT-1- CIRCULAR IN THE FORM OF ADVERTISEMENT INVITING FIXED DEPOSITS FROM MEMBERS/SHAREHOLDERS {Pursuant to Section 73(2)(a) and Section 76 and Rule 4(1) and 4(2) of the Companies (Acceptance of Deposits) Rules, 2014}

1. General Information :

	(A) Name, Address, website and otherContact details of the Company	::	Orient Press Limited ("the Company")L-31, MIDC, Tarapur Industrial Area,Boisar-401 506, Dist. Palghar (Maharashtra)Tel : 02525-661116
		:	Corporate Office: 1101,1102, "G" Wing, Lotus CorporatePark, 11th Floor, Off: Western Express Highway, Goregaon(East), Mumbai-400 063(Mah.)
		:	Phone: 42977310/335
		:	Email : share@orientpressltd.com
		:	Website :www.orientpressltd.com
(B)	Date of Incorporation of the Company	:	nd January, 19872
(C)	Business carried on by the Companywith the details of Branches or unitsif any.	:	The Company is primarily engaged in thebusiness of printing of continuous stationery,Flexible Packaging and Carton Packaging1)Continuous Stationery Security Printing& Commercial Printing:The Continuous Stationery, Security Printing& Commercial Printing division is situated atL-31 & L-32, MIDC, Tarapur Industrial Area,Boisar-401506, Dist. Palghar (Maharashtra).2)Flexible Packaging :A) The Flexible Packaging Division situatedAt G-73, MIDC, Tarapur Industrial Area,Boisar-401506, Dist. Palghar (Maharashtra)B) 103, Kasna Ecotech Extention-1,Greater Noida-201308Dist. Gautam Buddha Nagar,Uttar Pradesh
			3)Multi-Colour Paper Board Carton, Rigid Box, Printing& Flexible PackagingThe Multi-Colour Paper Board Carton, Rigid Box, Printing &Flexible Packaging Division is situated at Survey No. 297/1-PVillage Sayali, Silvassa 396240, U.T. of Dadra & NagarHaveli.
	(D) Brief particulars of the Managementof the Company	:	The Company is managed by the Board ofDirectors

		E. Names, Addresses, DIN and Occupations of the Directors :
--	--	-------------------------------------------------------------	--

	Name	Address	DIN NO	Occupation
i.	Mr. Ramvilas MaheshwariChairman & ManagingDirector	601, 6th Floor, Kalsaria Apartments,Upper Govind Nagar, Malad (East),Mumbai - 400 097 (Mah.)		00250378	Service
ii.	Mr. Rajaram MaheshwariExecutive Director	502, 5th Floor, Kalsaria Apartments,Upper Govind Nagar, Malad (East),Mumbai - 400 097 (Mah.)		00249954	Service
iii.	Mr. Sanjay MaheshwariWhole-time Director	502, 5th Floor, Kalsaria Apartments,Upper Govind Nagar, Malad (East),Mumbai - 400 097 (Mah.)		00250072	Service
iv.	Mr. Prakash MaheshwariWhole-time Director	601, 6th Floor, Kalsaria Apartments,Upper Govind Nagar, Malad (East),Mumbai - 400 097 (Mah.)		0024973	Service
v.	Mr. R KannanIndependent Director	Karachi Citizens CHS 205-B ,New LinkRoad, D N Nagar, Andheri (West),Mumbai - 400 053 (Mah.)		0022798	Consultant
vi.	Independent Director	Mr. Ghanshyamdas Mundra E-204, 2nd Floor, Ashok Garden, T2 180/188 00035877T J Road, Sewree, Mumbai- 400 015 (Mah.)			Consultant
vii.	Mr. Vilas DigheIndependent Director	4-14 Tehmi Terrace, 30C, Plot 806Dr. Ambedkar Road, Dadar T T,Mumbai - 400 014 (Mah.)		02064647	Business
viii.	Mrs. Vinita ChhaparwalIndependent Director	A-403,DB Woods Chs.Ltd., Krishna VatikaMarg Gokuldham, Goregaon (East),Mumbai-400 063 (Mah.)		01649684	Profession

F Management's perception of risk factors: Risk Management is integral to the Company and is controlled through awareness, training, discipline, commitment and prudent risk management strategies. Risk Management for the Company is the process of identification, analysis and control of all such risks that may threaten assets, resources or earning capacity of the Company.

G. Details of default including the amount involved, duration of default and present status, in repayment of :

i.	Statutory dues	:	Nil
ii.	Debentures and interest thereon	:	Nil
iii.	Loan from any Bank or Financial Institution and interest thereon :		Nil

Particulars of the deposit scheme :

(A)(B)	Date of passing of Board ResolutionDate of passing of Resolution in the General		::	22-5-201427-9-2014
(C)	Meeting authorizing the invitation of such depositsType of deposits, (i.e. whether secured or unsecured)		:	Unsecured
(D)	Amount which the Company can raise by way of			on the basis of Balance
	deposits as per the Act and the rules made thereunder			Sheet as at 31.03.2020
	and the aggregate of deposits actually held on the:			Rs.2763.17Lakhs
	last day of the immediately preceding financial			Rs.640.50 Lakhs
	yearand on the date of issue of the circular or			Rs.800 Lakhs
	advertisement and amount of deposit proposed to			Rs.371Lakhs
	be raised and amount of deposit repayable withinthe next twelve months.		:
(E)	Terms of raising of deposits		:
	Duration		:	2 and 3 years
	Rate of Interest		:	9.5%
	Mode of payment and repayment		:	By cheque/RTGS/NEFT/FT
(F)	Proposed time schedule mentioning the date ofopening of the scheme and the time period for		:	Scheme is already openUntil September 30, 2021
	which the circular or advertisement is valid		:	or until the date of next
				Annual General Meeting
				of the Company which
				ever is earlier
	(G) Reasons or objects of raising the deposits.		:	General Business Purpose
(H)	Credit rating obtained, name of Credit Rating		:	CARE BBB;Negative,
	Agencies, Rating obtained, Meaning of the			CARE RATINGS LTD
	Rating obtained. Date on which rating was			(Reaffirmed Outlook revised
	Obtained			fromstable to Negative)18th March, 2020
(I)	Short particulars of the charge created or to be		:	N.A.
	created for securing such deposits, if any.
(J)	Any financial or other material interest of the		:	None
	Directors, promoters or key managerial personnelin such deposits and the effect of such interest in
	so far as it is different from the interests of other
	persons.
1.	Details of any outstanding deposits :
(a)	Amount outstanding	:	Rs.640.50 Lakhs	as on 31-3-2020.
	(b) Date of acceptance	:		From 1st December, 2014
	(c) Total amount accepted	:	Rs.132.50	Lakhsduring F.Y 2019-20
	(d) Rate of interest	:	*9.50%
(e	Total number of depositors	:	132
	(f) Default, if any, in repayment of deposits	:	Nil
	and payment of interest thereon, if any,including number of depositors, amount
	and duration of default involved
	(g) Any waiver by the depositors of interest	:	No
	accrued on deposits.

*The Fixed deposit accepted before 31.03.2018 carry interest @ 10% per annum.

2. Financial position of the Company :

(a) Profits of the Company before and after making provisions for tax for the three Financial years immediately preceding the date of issue of circular.

			(Rs. In Lakhs)
Particulars	Financial Year ended	Financial Year ended	Financial Year ended
	March 31, 2018	March 31, 2019	March 31, 2020
Profit before tax	572.27	94.16	(131.47)
Profit after Tax	373.00	98.85	(140.36)

(b) Dividend declared by the Company in respect of the said three Financial years, interest coverage Ratio for last three years (Cash profit after tax plus interest paid).

Dividend DeclaredInterest Coverageratio	Financial Yearended March 31,2018	Financial Year endedMarch 31, 2019	Financial Year endedMarch 31, 2020
Dividend Declared	Rs.1.25 per share	Rs.0.75 per share	Nil
Interest Coverage ratio	2.80	1.17	0.75

(c) A summary of the Financial position of the Company as in the three Audited Balance Sheets immediately preceding the date of issue of circular or advertisement.

STATEMENT OF ASSETS AND LIABILITIES

PARTICULARS	As at March 31,2018	As at March31, 2019	As at March31, 2020
1. ASSETS
Non-current assets
a. Property, plant and equipment	5,898.10	6,290.81	5,779.41
b. Capital Work-in-progress	856.60	109.34	40.81
c. Investment Property	485.02	472.14	660.16
d. Other Intangible Assets	25.40	19.90	23.05
e. Financial assets
i. Investments	158.92	170.74	171.32
ii. Loans	13.20	11.50	8.31
iii. Deposits	68.69	67.72	111.24
iv. Other financial assets	10.15	15.13	9.71
f. Income Tax Assets (net)	167.92	194.19	210.82
g. Other non-current assets	56.55	72.76	26.93
Total Non-Current Assets	7,740.55	7,424.23	7,041.76
Current assets
a. Inventories	5,531.93	6,776.86	7,421.95
b. Financial assets
i. Trade receivables	4,709.32	4,482.84	3,871.76
ii. Cash and cash equivalents	122.42	77.19	102.09
iii. Other Bank Balances	222.88	225.51	215.37
iv. Loans	13.11	14.91	13.60
v. Deposits	113.33	125.74	81.82
vi. Other financial assets	124.70	234.83	85.82
c. Income Tax Assets (net)	53.49	60.98	62.60
d. Other current assets	631.90	570.18	500.84
Total Current Assets	11,523.08	12,569.04	12,355.85

(Rs. In Lakhs)

Total Assets	19,263.63	19,993.27	19,397.61
2. EQUITY AND LIABILITIES
Equity
a. Equity share capital	1,000.00	1,000.00	1,000.00
b. Other equity	7,198.18	7,152.02	6,917.81
Total Equity	8,198.18	8,152.02	7,917.81
Liabilities
Non-current liabilities
a. Financial Liabilities
i. Borrowings	1,246.12	1,106.54	542.90
ii. Other Financial Liabilities	193.07	94.00	47.62
b. Provisions	208.31	221.01	243.22
c. Deferred tax Liabilities	285.79	243.40	250.97
d. Other Non-current Liabilities	17.26	--	--
Total Non-Current Liabilities	1,950.55	1,664.95	1,084.71
Current liabilities
a. Financial liabilities
i. Borrowings	3,503.20	3,814.58	4,106.57
ii. Trade payables
a. Total outstanding dues of micro enterprisesand small enterprise	-	-	8.71
b.Total outstanding dues of creditors otherthan micro enterprises and smallenterprises	3,891.76	4,606.87	4,565.28
iii. Other financial liabilities	863.47	1,095.97	1,087.58
b. Provisions	31.87	40.68	43.40
c. Current tax Liabilities	-	-	-
d. Other current liabilities	824.60	618.20	583.55
Total Current Liabilities	9,114.90	10,176.30	10,395.09
Total Equity and Liabilities	19,263.63	19,993.27	19,397.61

(d) AUDITED CASH FLOW STATEMENT FOR THE THREE YEARS IMMEDIATELY PRECEDING THE DATE OF ISSUE OF CIRCULAR OR ADVERTISEMENT:

		(Rs. In Lakhs)
PARTICULARS	2017-2018	2018-2019	2019-2020
i.Cash Flow from Operating Activities
Profit/(Loss) before tax, extraordinary items	572.27	94.16	(131.47)
Adjustment for
Finance Costs	427.84	682.80	623.97
Depreciation and Amortization	683.68	793.73	620.63
Loss on sale of assets (net)	(189.51)	(14.92)	(3.34)
Provisions for Bad and Doubtful debts	(12.56)	2.67	12.02
Net( gain)/Loss arising on investments	(0.11)	(12.01)	(0.58)
Net( gain)/Loss arising on fair value change of borrowing	40.69	(10.02)	(9.42)
Dividend income	(0.04)	(0.02)	(0.02)
Unrealised foreign exchange (gain)/loss (net)	11.65	2.51	(7.94)
Interest income	(33.56)	(25.29)	(31.96)
Rent received	(55.42)	(55.49)	(124.64)
Operating Profit before working Capital changes	1444.93	1458.12	947.25
Adjustment for
Increase/Decrease in Trade and other payable	1065.83	684.75	(112.83)
Increase/Decrease in trade receivables	(727.33)	134.85	892.20
Increase/Decrease in inventories	(738.55)	(1244.94)	(645.09)
Fixed Deposits with banks and balance in unpaid
Dividend account not considered as cash Equivalents	(23.86)	(2.61)	10.14
Cash generated from operations	(423.91)	1030.17	1091.67
Direct taxes paid (net of refund)	(270.07)	(58.11)	(18.24)
Net cash generated from operating activities (A)	750.95	972.06	1073.43
ii.Cash Flow from Investing Activities
Sale/Purchase of fixed assets and additional In CWIP.	(1359.72)	(407.21)	(228.52)
Sales / (Addition) of/to non –current investments	0.08	(0.18)	--
Rent received	55.42	55.49	124.64
Interest received	33.56	25.29	31.96
Dividend income	0.04	0.02	0.02
Net cash used for investing activities (B)	(1270.62)	(326.59)	(71.90)
iii.Cash Flow from Financial Activities:
Finance Costs	(427.84)	(682.80)	(623.97)
Proceeds from issue of share capital	1146.10	--	--
Proceeds /(repayment) from/(of) long-term borrowings	79.24	(170.07)	(554.23)
Proceeds / (repayment) from/(of) Short-term borrowings	(117.11)	311.38	291.99
Dividend Paid	(99.94)	(123.63)	(75.00)
Dividend Distribution Tax Paid	(20.55)	(25.69)	(15.42)
Net cash used/generated in Financial Activities (C)	559.90	(690.81)	(976.63)
Net increase/(decrease) in cash and cash Equivalents	40.23	(45.34)	24.90
During the year (A+B+C)
Cash and cash equivalents at the beginning of the year	82.30	122.53	77.19
Cash and cash equivalents at the end of the year	122.53	77.19	102.09

(e) Any change in accounting policies during the last three years and their effect on the profits and the reserves of the Company : No change in the Accounting policies.

4. A declaration by the Directors that :

• (a) The Company has not defaulted in the repayment of deposits accepted either before or after the commencement of the Act or payment of interest thereon on such deposits.
• (b) The Board of Directors have satisfied themselves fully with respect to the affairs and prospects of the Company and that they are of the opinion that having regard to the estimated future financial position of the Company, the Company will be able to meet its liabilities as and when they become due and that the Company will not become insolvent within a period of one year from the date of issue of the circular.
• (c) The Company has complied with the provisions of the Act and the rules made thereunder
• (d) The compliance with the Act and the rules does not imply that repayment of deposits is guaranteed by the Central Government.
• (e) The deposits accepted by the Company before the commencement of the Act have been repaid.
• (f) In case of any adverse change in credit rating, depositors will be given a chance to withdraw deposits without any penalty
• (g) The deposits shall be used only for the purposes indicated in the Circular.
• (h) The deposits accepted by the Company are unsecured and rank pari-passu with other unsecured liabilities of the Company.

This circular is issued on the authority and in the name of the Board of Directors of the Company; the text hereof has been approved by the Board of Directors at its meeting held on 31st August, 2020.

For ORIENT PRESS LIMITED

Sd-

R.V. MAHESHWARI CHAIRMAN & MANAGING DIRECTOR

Sd-

Place : Mumbai R.R. MAHESHWARI Date : 31.08.2020 EXECUTIVE DIRECTOR

Sd-

SANJAY MAHESHWARI WHOLETIME DIRECTOR

Sd-

PRAKASH MAHESHWARI WHOLE-TIME DIRECTOR

Sd-

VINITA CHHAPARWAL INDEPENDENT DIRECTOR

ORIENT PRESS LIMITED

CIN : L22219MH1987PLC042083

Registered Office : L-31, MIDC, Tarapur Industrial Area, Boisar -401 506, Dist. Palghar (Mah.) Phone : 02525-661116 Fixed Deposit Processing Centre: 1101,1102 "G" Wing, Lotus Corporate Park, 11th floor, Off: Western Express Highway, Goregaon (East), Mumbai- 400 063 (Mah.), Tel: 42977310/335. E-mail: share@orientpressltd.com

APPLICATION FOR ACCEPTANCE/RENEWAL OF DEPOSIT FROM MEMBERS OF THE COMPANY

I/We hereby apply for a fixed deposit with your company as per details below:

1. DEPOSIT WITH YOUR COMPANY AS PER DETAILS GIVEN BELOW

Name(s) of Applicant(s)	First Name	Middle Name	Surname	PAN	Shareholder
					YesNo
First Applicant	Mr./Mrs. ____________________________________			__________	___________
Father's/Husband	Mr./Mrs. ___________________________________			___________	___________
Second Applicant	Mr./Mrs. ___________________________________			___________	___________
Third Applicant	Mr./Mrs. ___________________________________			___________	___________
				Minor's date of birth
Guardian	Mr./Mrs. ___________________________________			_________________
(in case of Minor)
	First Applicant		Second Applicant		Third Applicant
DP ID
Client ID
Share Folio No.
2.SCHEME DETAILS
			PERIOD (Months)
		24	36
Non Cumulative
3.DEPOSIT DETAILS
Amount Rs. _________________ Rupees _____________________________________
Cheque/D.D./RTGS No. _____________________ dated _____________________
Drawn on _______________________________
Renewal of FDR No.
4.ADDRESS
Pin Code ____________________		Tel. No. ________________________
E-Mail ID _________________________________

5. INTEREST PAYMENT & TAX STATUS (Enclose PAN Copy)

Tax to be deducted PAN NO. ________________________

Dated _________________________

Tax not to be deducted, 15H / 15G enclosed / N.A.

Other FDRs _________________________

6. REPAYABLE TO

First named applicant ___________________________

Either/ Anyone or Survivor ___________________________

7. NOMINEE DETAILS

Mr./Mrs./Miss (Name of Guardian in case of Minor ____________________________

________________________________ Pin Code _______________________

8. DECLARATION

I.	We note that the receipt when issued will not be transferable.
II	We agree to abide by the rules of the Deposit Scheme
III.	I/We hereby declare that the amount deposited is not out of the funds acquired by me/us and notBy borrowing or accepting deposits from any other person as per Rules 10 of the Companies(Acceptance of Deposits) Rules, 2014.
III.	I/We declare that I am/we are resident(s) in India.
IV.	I/We request the Company to accept/renew the sum stated above as Fixed Deposit with theCompany in accordance with the terms and conditions stipulated by the Company and printed in theform which I/We have read and understood and agree to abide by.

9. BANK DETAILS (Enclose Cancelled Cheque)

Name of Bank_____________________________________________
Branch_____________________________________________
Saving/Current Account no. __________________________________
IFSC Code No. ___________________________
i.Digit MICR Code : __________________________________

10. IGNATURE [in the same order as given in (1)]

1. __________________________________
1.__________________________________
3. __________________________________
Place ___________________________	Date ________________________

TEMPORARY RECEIPT

Received from _________________ Rs._________________ vide Cheque/D.D /RTGS No. _______________

Dated _____________ drawn on ______________ for ____________ months, under non-cumulative/cumulative scheme.

For ORIENT PRESS LIMITED

Company's Seal and Signature

ORIENT PRESS LIMITED

CIN: L22219MH1987PLC042083

Registered Office: L-31, MIDC, Tarapur Industrial Area, Boisar-401506, Dist. Palghar (Maharashtra) Phone: 02525-661116

Fixed Deposit Processing Centre: 1101,1102 "G" Wing, Lotus Corporate Park, 11th floor, Off: Western Express Highway, Goregaon (East), Mumbai- 400 063 (Maharashtra), Tel: 42977310/335, E-mail: share@orientpressltd.com

FIXED DEPOSIT SCHEME RULES

• (a) The minimum amount of the Fixed Deposit should be Rs.50,000/- and thereafter in multiples of Rs. 10,000/- for a period of not less than two years. In case of a payment of deposit by cheques, the receipt will be issued only after the realization of the cheque. The cheque should be issued in favour of "ORIENT PRESS LIMITED". We accept the application in the name of the minors supported by Father/Mother/Guardian.
• (b) The Company reserves the right to accept or reject any application without assigning any reason therefor.
• (c) The Company will pay interest for 2 years and 3 Years to the first named depositor, quarterly by an A/c Payee cheque/RTGS/NEFT/FT.
• (d) The Fixed Deposit Receipt fully discharged shall have to be surrendered at the time of repayment of the deposit or at the time of renewal.
• (e) Repayment of deposit will be made by Cross Account Payee Cheques/DDs/RTGS/NEFT/FT at the Company's cost.
• (f) Where the deposits are given in joint names, the discharge of the deposit receipt by jointly/either or survivor/first name or survivor/anyone or survivor will give complete discharge to the Company for repayment or renewal Deposit.
• (g) Where the deposit is made in joint names, all communication will be addressed to the First name depositor.
• (h) The Company will not recognize or accept any lien or assignment interest thereon.
• (i) Notification to the Company regarding change of address, tax exemption, etc. must be lodged at least 45 days before the date on which interest falls due.
• (j) The Company will not be responsible for delays or loss in postal transit of Deposit Receipts and cheques sent to the Depositors. In the event of loss of cheques, duplicates will be issued on such reasonable terms as to indemnify and otherwise as the Company may think fit.
• (k) Deposits are unsecured and are subject to the Companies (Acceptance of Deposits) Rules, 2014 and other applicable rules or regulations for the time being in force.
• (l) Deposits are subject to Mumbai jurisdiction.
• (m) Interest will be paid from the date of realization of cheque/drafts.
• (n) Premature Withdrawal :
  • 1. No premature withdrawal will be allowed before the completion of six months from the date of receipt as per the Companies (Acceptance of Deposits) Rules 2014. In case of request for premature withdrawal after the expiry of six months. The interest rate payable shall be 1% lower than the interest rate applicable for the period for which the deposit has run. However, all premature withdrawals are subject to the Companies (Acceptance of Deposits) Rules 2014 as amended from time to time.
  • 1. Request for premature withdrawal may be permitted with specific reason at the sole discretion of the Company only and cannot be claimed as a matter of right by the depositor, subject to the Companies (Acceptance of Deposits) Rules, 2014.
• (o) The Deposits will be subject to the Companies (Acceptance of Deposits) Rules, 2014.
• (p) Submission of the PAN copy is mandatory.

In case where the interest amount exceeds Rs. 5,000/- (or any such amount notified by the Government from time to time in a Financial Year, income tax will be deducted at source as per section 194A of the Income Tax Act, 1961 at the rates in force). If the depositor, who are not liable to pay income tax and the interest to be paid/credited in the Financial Year does not exceed the maximum amount exempt from the tax, depositor may submit a declaration in Form 15G in triplicate in beginning of every Financial Year, so as to receive interest without deduction of tax at source, failing which tax will be deducted at source in accordance with Section 194A of the Income Tax Act, 1961. Senior citizens may submit a declaration in form 15H. TAX DEDUCTED DUE TO NON COMPLIANCE WITH THIS CONDITION WILL NOT BE REFUNDED.

(q) Where income-tax is deducted at source, a quarterly TDS certificate will be issued.

• (r) As per section 206AA of the Income Tax Act, 1961 every person receiving any sum or income from which tax has been deducted is required to intimate his Permanent Accounts Number (PAN) to the person responsible for deducting such tax and in absence of that the deductor will deduct tax at source @ 20%.
• (s) All interest and/or maturity proceeds of fixed deposits which are unclaimed and unpaid for a period of more than seven years from the date they become due for payments shall be transferred by the Company to the credit of Investor Education & Protection Fund established by the Central Government of India, and claim from a depositor shall lie against the Fund in respect of any such unpaid/unclaimed amount as per the rules.
• (t) Deposits will not be renewed automatically upon maturity unless expressly asked for by filling in the new prescribed application form atleast 7 days before the date of maturity. Where the Deposit Receipts is not presented for renewal on or before the due date, the depositors will not be entitled to interest after the date of maturity. No change in the first name of the depositor is permitted at the time of renewal.
• (u) These Rules form a part of the prescribed Application Form.