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Terms & Condition for The Investment Scheme

Application forms are available at the Company's Registered Office, Associate member to the Fixed Deposit Scheme or can be downloaded from the website of the company www.veteranvision.in.
Applications in the prescribed form are accepted at the office of the Company or Manager to the scheme.
Applications for Fixed Deposit should be in the prescribed form completed in all respects and accompanied by Cheque/ Draft. Applications may also be filled in and submitted online (by logging on to: www.veteranvision.in); uploading scan copies of all the requisite documents mentioned below and making online payment.
The deposits should be made by the Account Payee Cheque / Draft in favour of VETERAN VISION SERVICES PVT LTD payable at Delhi or by making payment through NEFT to Company's Designated Bank Account. No cash payment will be accepted through customer to company.
The deposits will be accepted from Resident individuals, Minors, Firms, HUF, Domestic Companies, Trusts only. No NRI payments will be accepted. Deposits on behalf of minors should be through their natural guardian who must sign the application form.
In case, the Deposit Schemes not being marked at all or not indicated clearly, the Company will consider the application to have been made under Scheme FBD. An option once exercised will be binding and irreversible. The deposits shall be accepted for a minimum amount of Rs. 1,000/- in multiples of Rs. 100/- over and above the minimum amount as specified above in Both schemes. The deposits shall be accepted for minimum 1year. Rate of interest, the payment thereof will be as per the scheme as mentioned on the application form. The period of deposits and the calculation of interest thereon will commence from the date of realization of Cheque/ Draft by the Company/ from the date of credit to Company's Designated Bank Account through NEFT and will become due and payable on specified dates.
Any revision in the rate of interest affected by the Management will be made applicable only to the fresh acceptance and to renewals maturing on or after the date on which the new rate of interest come into force.
For crediting the interest/ repayment of principal amount through Electronic Clearing Services (ECS) in depositor Bank Account, in case of any mistake in details provided in application form, the company will not be responsible for any delay/loss.
Interest will be calculated on the basis of 365 days.
No interest will accrue & paid after the date of maturity. To comply with “Know Your Customer” Guidelines prescribed by the Reserve Bank of India, depositors are required to mandatorily comply with the KYC requirements by submitting the following self-attested documents. (For all investors): (a) Latest Photograph (b) Certified Copy of Proof of Identity – PAN Card (c) Certified Copy of Proof of address - (i) Aadhar Card (ii) Pass Port (iii) Driving License (iv) Voter Id (v) Job Card issued by MANREGA duly signed by an officer of the state government. In case depositor has already submitted the above documents in his/her earlier deposits, then he/she need not submit the above documents again, but has to provide reference of his/her folio number or Deposit No. Income-tax will be deducted at source from interest whenever applicable in accordance with the provisions of the Income Tax Act, 1961 unless the depositor furnishes to the Company an appropriate certificate/declaration in duplicate in respect of each financial year as required under the Income Tax Act, 1961. The said statement should be furnished along with the application form in the first year and in February for each subsequent financial year. Currently Tax is deductible when interest paid or payable is during the financial year exceeds or is likely to exceed Rs.5,000/- In the event of death of the first joint holder the repayment of deposit together with interest due thereon will be made to the joint holder first in order of the survivor(s) on production of Death Certificates without reference to the heirs and legal representatives of the deceased.
In the event of the death of sole depositor the repayment of deposit together with interest due thereon, will be paid to the Legal representative(s) of the deceased on production of proper legal representation such as Probate or the Will, Succession Certificate or Letter of administration granted by a Court of Competent Jurisdiction, provided that the Company may in its absolute discretion dispense with the requirement of production of such legal representation upon such terms and conditions as it may consider adequate. Nomination facility may be availed of only by individuals applying singly. Minor may also be nominated. However, the applicants should appoint a guardian other than himself/herself. In the event of death of the deposit holder the Company will deal with guardian, till the minor attains majority. The nominee must be a Resident Indian only. An NRI cannot be nominated. If the nominee pre-deceases the deposit holder the applicant can, on production of a death certificate, substitute the name of the nominee and guardian. The Deposit Bond Receipt will be sent to the address given in the Application within 8 weeks after the realization of Cheque/ Draft by post/pre-paid courier. In the event of loss or destruction or mutilation of Deposit Bond Receipt, the Company may, at its sole discretion, issue a duplicate Deposit Receipt upon such terms as it may think fit. All expenses in this connection shall be borne by the depositor.
Fixed Deposit Receipts are not transferable. Intimation to the Company regarding change in address must be sent at least 30 days before the date on which payment falls due. The Fixed Deposit Receipt duly discharged on a Re.1/- revenue stamp should be sent to the Registered Office of the Company at least one month before the date of maturity, to enable the Company to refund the deposit on due date The company is not bound to give information of maturity of the deposits. No claim will be entertained by the Company if the Deposit Receipt is not presented at the time of refund/renewal.
Repayment of Deposits will mandatorily through Electronic Clearing Services (ECS) in depositor Bank account as provided in application form. Where the due date of repayment falls on Sunday, Bank holiday or any other day on which the Company's Office remain closed, the payment will be made on the next working day or soon thereafter as may be practicable.
The Company will not accept any lien, assignment, charge or any other encumbrance on deposits and/or interest thereon. The Company reserves the right as its sole discretion (a) to alter or amend without notice any or all the conditions stipulated herein (b) to accept deposits only for such periods as it may decide from time to time according to the provisions of the Companies (Acceptance of Deposits) Rules, 2014 (c) to reject any application for fresh deposits or renewal without assigning any reason (d) to repay the deposit prematurely before the date of maturity in the event of which rate of interest shall be as per the provisions of the Companies (Acceptance of Deposits) Rules, 2014 as amended.
The deposits will be subject to the Companies (Acceptance of Deposits) Rules, 2014 as amended from time to time under Section 73 & 76 of the Companies Act, 2013, and any other rules or regulations prescribed by the Central Government or the Reserve Bank of India or any other competent authority in his behalf.
The jurisdiction for all claims in respect of Deposit Schemes shall be Delhi only.
These terms and conditions form part of the prescribed application form.

 

DECELERATION BY DIRECTORS

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. The board of directors fully satisfied themselves fully with no respect to the affairs and prospectus of the company and that they are of the opinion that having regard to the estimate future financial position of 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 in one year from the date of issue of the circular.
The company has compiled with the provisions of Act and the rules made their under.
The compliance with the Act and the rules doesn’t imply that repayment of deposits is guaranteed by central government. The condition of this Bond is that the Developer, and the heirs, personal representatives, successors and assigns of the Developer are obligated to pay to the County the amount of this Bond in compliance with the terms of this Bond Agreement; this Bond is provided as security for Developer's performance pursuant to the Agreement, the Hanover County Code, the Virginia Code, and all applicable regulations and orders.
The County shall deposit the stated sum in an interest-bearing account in an institution insured by the FDIC for the term of the required performance and any extensions approved by the County.
If the Developer defaults in the performance of all or any part of the obligations of the Agreement, the County shall give written notice to Developer, specifying the principal items of breach. Notice given under this paragraph shall terminate whatever rights Developer may have to perform further work under the Agreement. An affidavit of an official of Hanover County that notice was given shall be sufficient evidence of such notice. In the event of default as provided in paragraph above, the County shall apply the cash bond and any accrued interest to the cost of completion of obligations required by the Agreement. Any amounts, including interest, remaining after completion, shall be returned to the Developer. If the amount of the cash bond is insufficient, Developer agrees to pay to the County the amount of any deficiency, and shall do so within thirty (30) days of the date of notice to the Developer of the deficiency. Computation of damages attributable to Developer's breach and chargeable against the bond shall include not only the direct cost of completion or correction, but also procurement costs, litigation costs, to include reasonable attorney's fees, reasonable administrative costs incurred by the County, expenses due to delay caused by Developer, maintenance and repair costs, and inspection fees.
The parties, if more than one, collectively referred to in this Agreement as the "Developer," shall each be fully, jointly and severally liable for all obligations of this Agreement, including performance and payment.v Any required notice shall be deemed effective if given in writing, by registered or certified mail, return receipt requested, to Developer in the name and at the address stated below; provided that change of address shall be effective if given in accordance with this paragraph. Any notice to the County shall be given to the Director, B-1/E-9, M.C.I.E., Mathura Road, Badarpur Delhi, South Delhi 110044. Notice of any change of address or change in legal status of the parties shall be given to the County immediately.

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