1. 

M/s NANDIGHOSH ESTATES PVT. LTD., registered under Companies Act, 1956, desires to sell Teakwood farms to the subscribers in easy monthly installments during the scheme period of five years.   

2. 

Every subscriber has to pay Rs. 1,000/- (Rupees One Thousand) only at the time of his/ her enrollment by executing the prescribed agreement and thereafter, to pay another sum of Rs. 4,200/- (Rupees Four Thousand Two Hundred) only seven days before the allotrnent of farm by lottery. The agreed conditional sale deed will be executed by the subscriber and   the company within one month from the date of allotrnent. 

3.

 The subscriber under category 'A' who pays the entire amount payable under the scheme in four monthly installments from the date when the First Installment becomes due for payment, will get 15% discount on total amount of Ps. 50,000/- (Rupees Fifty thousand) only. The subscriber who pays the entire amount in four monthly installments, as stated above, shall be entitled to participate in lucky draws, and in case he 1 she becomes the lucky winner, within the said four months period or in any subsequent monthly lucky draw, he/ she will be entitled to such benefits which category 'B' subscriber would have got as lucky  winner.    

4. 

The subscriber under category 'B' will have to pay the monthly installments regularly at the rate of Rs. 600/- (Rupees Six hundred) only excepting the 12th and 24th monthly installments which will be Rs. 5,000/- each (Rupees Five thousand) only making the total installment payment Rs. 44,800/-.   

5.

At the end of the said five years period the Vendee will get possession of the farm with 14 teakwood trees and he/she shall become absolute owner thereof from the date of obtaining such possession from the company.

6.

The subscriber is to become the member of the lottery conducted by the company and incase the subscriber becomes lucky winner, he/she will become entitled to possession of the farm only at the end of the five years period from the date of registration of the conditional sale deed.   

7.

The subscriber shall be deemed to be a defaulter incase, he/she fails to pay monthly installments for the period of 6 months, in which event he will not be entitled to take possession of the farm, but he/she will be entitled to get a refund of 50% of the amount paid by him/her without interest.

8.

The subscriber who fails to pay the monthly installments without becoming defaulter, can regularize his membership on payment of the defaulted amount with interest at 24%.

9.

The subscriber under category 'A' who fails to pay two installments shall be deemed as a defaulter and shall be entitled for a refund of only 50% of the amount paid by him/her after completion of the scheme period of 5 years.

10. 

The subscriber under category 'A' shall have the right to renew/regularize his/her membership only if he/she has not defaulted two or more installments

11.

The subscriber, who pays the installment after 15th of the particular month, will not be entitled to participate in the lucky draw for the said month.

12.

In case the subscriber becomes a lucky winner. In any of the draws he/she shall be entitled to take possession of the farm at the end of the scheme period of five years and on payment of income tax for the lucky draw.

13.

The lucky Winner will not be entitled to participate in the rest of the monthly subsequent draws including bumper draws and he / she is not liable to pay the subsequent monthly installments.

14.

The Bumper Prize Winner of 12th, 24th, 36th, 48th and 60th monthly lotteries will get each Maruti 800 Car or Rs. 2,25,000/- in cash which ever is lower. The Bumper Prize Winner shall be liable to pay the regular monthly installments as usual and  shall not be entitled  to participate in the remaining monthly draws. The Bumper Prize Winners are liable for payment of income tax for such prizes.

15.

The Company reserves the right to accept or reject an application from a subscriber and its decision shall be final and binding on the members.  

16.

The company shall not be responsible incase of acquisition of the farms by the Government or damage, if any, occasioned by natural calamities.  

17.

There shall not be any bumper draws unless the membership reaches 600; likewise there shall not be monthly draws unless the membership reaches 400.

18.

The scheme shall commence after a minimum of 600 subscribers is enrolled. However, the company reserves the right to start the same even if the number of subscribers is below 600.  

19.

The Company shall after receipt of Rs. 4,200/- from at least 400 members, shall take initiative to allot farms to each member through draw in which every member shall be allotted a farm.  

20.

Incase, the Company is not in a position to enroll at least 400 members, with in the period of six months it reserves its right to return the amount collected without interest to the members within two months of its declaration that the scheme is not viable.

21.

The subscriber is liable to meet the registration charges of the conditional sale deed, i.e., stamp duty, registration charges, scribing charges and other charges as applicable at the time of registration.    

22.

The venue for the draws of lottery shall be at the office premises of the company on the last Sunday of every current month at 3.00 p.m.

23.

The postal communication will be made by the company to subscriber to the address mentioned by him/her in his/her application and letters addressed to such address shall be deemed to have been received by him/her.

24.

The subscriber has to agree to pay the taxes or fees payable to the State Government or Central Government in respect of the farm.

25.

The Company reserves the right to cancel the scheme at any stage in case the scheme is found unworkable due to unforeseen reasons, and in that case the full amount received by the company will be refunded to the subscriber without interest.

26.

The Company will at its cost insure the Teakwood trees, and pay the premium for the same. In the event of failure of growth of teak wood trees, the compensation received by the company shall be paid to the subscriber at the end of the scheme period of five years without interest.  

 27.

The court at Berhampur only shall have the jurisdiction to decide the dispute that may arise between the company and the subscriber.  

28.

The Company shall pay the premium to the insurance company for personal accident insurance of the subscriber. 

29.

The insurance claims will be effective only after execution and registration of the agreed conditional sale deed by the parties.