Over Due / Delayed Payments to MSME Units:
Under the Amendment Act, 1998 of Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertakings, penal provisions have been incorporated to take care of delayed payments to MSME units. After the enactment of the Micro, Small and Medium Enterprises Development (MSMED), Act 2006, the existing provisions of the Interest on Delayed Payment Act, 1998 to Small Scale and Ancillary Industrial Undertakings, have been strengthened as under:
(i) In case the buyer to make payment on or before the date agreed on between him and the supplier in writing or, in case of no agreement before the appointed day. The agreement between seller and buyer shall not exceed more than 45 days.
(ii) In case the buyer fails to make payment of the amount to the supplier, he shall be liable to pay compound interest with monthly rests to the supplier on the amount from the appointed day or, on the date agreed on, at three times of the Bank Rate notified by Reserve Bank.
(iii) For any goods supplied or services rendered by the supplier, the buyer shall be liable to pay the interest as advised at (ii) above.
(iv) In case of dispute with regard to any amount due, a reference shall be made to the Micro and Small Enterprises Facilitation Council, constituted by the respective State Government.
(v) Our permanent NSIC registration no is NSIC/GP/MAD/2015/0013815
Bank Services Available at our works, Theni :
i) Private Sector:
Tamilnad Mercantile Bank Ltd, HDFC Bank Ltd., ICICI Bank, Axis Bank, Lakshmi Vilas Bank Ltd., Karur Vysya Bank Ltd., City Union Bank Ltd. The Federal Bank Ltd,
ii) Public Sector:
IDBI Bank Ltd., Canara Bank, State Bank of India, State Bank of Travancore, Central Bank of India, Indian Bank, Indian Overseas Bank, Union Bank of India, Bank of India, Bank of Baroda, Punjab National Bank Ltd.,
Acceptance of Material
If we do not receive any written complaint regarding any quality issue/expiry date within 5 working days from date of receipt, we shall assume the material has been accepted in terms of quality etc. Any defect noticed should be intimated to us within 5 days so that our QCD is given an opportunity to attend to the complaint at the earliest.
Any tampering or removing MRP, batch no., mfd or expiry/use before date etc from the product shall render manufacturers warranty, null & void. Complaints after expiry date/best before date shall also render warranty null and void.
All transactions subject to Theni Jurisdiction, irrespective of terms and conditions stated in Customers Purchase order or other documents.
Any dispute arising out of this Agreement, the same shall be referred to the arbitration of 3 (three) arbitrators, one to be appointed by each party to the dispute, and the third and presiding arbitrator shall be nominated by the said two arbitrators before entering into any reference. The decision of the majority of arbitrators shall be final and binding on both parties. The venue of arbitration shall be at Theni and the arbitration proceedings shall take place under the provisions Indian Arbitration and Conciliation Act, 1996.
If at any time during the term of this Agreement the PO in whole or in the part of either party’s obligation under this agreement is prevented or delayed by any reason beyond the control of the Parties here to, including but not limited to fire storm, flood earthquake, explosion, accident, military operation, war rebellion, riot wreck, epidemic – embargo any virus in the system, any other electronic delay, or any laws, regulations or other Government actions, neither party shall be entitled to terminate this Agreement nor shall either party have any claim for damages against the other in respect of such non-performance or delay in PO, and shall entitled to resume as soon as practicable after any such event has come to an end or ceased to exist, provided that if the PO in whole or part of any obligations under this agreement is prevented or delayed by reason of any such event for a period exceeding ninety (90) days, the parties shall jointly discuss the feasibility of a rescheduling of PO. If either of the parties cannot with reasonable diligence be expected to continue PO, such party may at its option elect to terminate this agreement or such part there of as can be served therefore without affecting the PO of the remaining portion.