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| Exchange Disseminated Time | Sumeet Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 25, 2013 have decided to commence a Fixed Deposit (FD) Scheme pursuant to the provisions of the Companies (Acceptance of Deposits) Rules, 1975 under Section 58A of the Companies Act, 1956.
The minimum investment amount has been fixed at Rs.50,000/- with interest being compounded monthly and payable quarterly in Non-Cumulative Scheme and Rs. 20,000/-with interest being compounded monthly and payable on maturity in Cumulative Scheme.
The maximum tenure under both the schemes is three years with interest rate of 12.50% p.a. Under the scheme, the Company is paying an annual interest of 12% for one year, 12.25% for a period of two years and 12.50% for a period of three years.
As per the Companies (Acceptance of Deposit) Rules, 1975, the Company can raise approx. Rs. 58.65 Crore including Rs. 16.76 Crore from the Shareholders. |
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