Hawkins Cookers Ltd, one of India's leading pressure-cooker makers is currently offering a limited period unsecured but high-interest rate fixed deposit scheme. It has invited applicants for cumulative as well as non-cumulative interest schemes with tenures of one (12 months), two (24 months) and three (36 months) years.
These unsecured fixed deposits can be sought by a company under sections 73 (2) (a) and 76 of the Companies Act, 2013, and Rule 4 (1) and (2) of the Companies (Acceptance of Deposits) Rules, 2014 and Hawkins is allowed to raise Rs 111.93 lakhs in fresh deposits for working capital needs and unforeseen contingencies.
Details of the scheme
It comes with cumulative interest payment where the interest is compounded monthly.
|Period||Interest rate p.a||Minimum deposit (in Rs)||Amount payable at maturity (in Rs)|
It comes with non-cumulative interest payment where the interest is compounded half yearly.
|Period||Interest rate p.a||Minimum deposit (in Rs)|
You can make additional contributions over the limit in multiples of Rs 1,000. The FDs will fetch compounding yields at the rate of 11.3 percent per annum.
The scheme is open for applicants from 18 September and ends on 30 September 2018 or the date of the company's next Annual General Meeting (AGM), whichever is earlier.
The Hawkins FD Scheme is rated MAA (Stable) which means "High credit quality at low risk," and falls under ICRA's medium-term rating scale and is used for public deposits only. The rating was obtained on 3 August 2018.
In comparison to bank FD, this scheme will fetch you higher returns but company FDs always hold an uncertainty element. Hawkins Cookers have however not know to make any default in repayments yet.
If you wish to invest it the scheme, make sure you are not putting a significant amount from your fixed income corpus into it. You also need to know that there are no premature withdrawal facility available.
Mode of payment and repayment
The interest will be paid to the applicants through ECS, Debit Credit, RTGS, NEFT or Warrant. The deposit will be repaid through ECS, Debit Credit, RTGS, NEFT or Cheque.
How to apply for Hawkins FD scheme?
To become a part of the scheme you can can send the application form to the Company Secretary at the following address:
Hawkins Cookers Limited
Maker Tower F101,
The application form is available on hawkinscookers.com. You can also click here to download the application.
Additonally, the application is also available with Bluechip Corporate Investment Centre Ltd., and you can reach them at:
Bluechip Corporate Investment Centre Ltd.,
101, 1st Floor,
Abdul Razzak Allana Marg, Fort,
Mumbai 400 001
Tel: 2265 9033/34
The company also said, "In the case of investors from Mumbai, application forms duly filled in together with "Account Payee" cheque payable at Mumbai duly crossed and drawn in favour of Hawkins Cookers Ltd. can be handed over at or sent directly to the registered office of the Company or submitted to Bluechip Corporate Investment Centre Ltd. at their address mentioned hereinabove."
"In other cases payment by way of "Account Payee" cheque payable at par at Mumbai duly crossed or Demand Draft payable at Mumbai, drawn in favour of Hawkins Cookers Ltd., should be sent directly to the registered office of the Company."