HFL TCN 'G' TERMS & CONDITIONS

  • Foodex Units to be purchased : Minimum : 5 units. Maximum Any quantity of units (more than five).
  • Less than five Foodex units can also be allotted in exceptional cases, subject to management approval.
  • One Foodex unit is equivalent to an amount of 20000/INR or 2000/AED or 500/USD (benefit calculation will be accordingly).
  • Gross benefit/deficit accruing will be distributed either by debit or credit to the members account in terms of specified quantity of food products.
  • Gross benefit/deficit will be distributed either by debit or credit to the membership account in terms of specified quantity of food products calculated at prevailing market prices.
  • Gross benefit/loss shall be remitted to the members account by Cheque/ECS or any other mode of payment permitted by law.
  • Gross benefit/loss will be distributed within sixty (60) working days after the completion of two (2) years.
  • • HGEL is registered under Indian Companies Act-1956(unlisted),whereby honorable Indian Constitution Permitted Muslim Community may follow Sharia (Law derived from the Holy Quran) as per Muslim Personal Law (Sharia) Application Act,1937.
  • • Foodex unit can be purchased from 1st working day of April to last working day of June every year.
  • Foodex Units purchased between 1st and last working day of April will be considered as 1st BATCH, and so on for Units purchased in the month of May (2nd BATCH) & purchased in the month of June (3rd BATCH) respectively.
  • For Example: Units issued between 1st and last working day of April 2013 (i.e.: 1st BATCH) will be locked and money will be traded in business from 1st May 2013 and benefit will be calculated from 1st May 2013 till 30th April 2015.However benefit will be declared in the 3rd week of June 2015 and remitted to Members Account.
  • HFL membership will be sold in April, May and June every year however HFL can close the unit selling in between the above mentioned three months with five (5) days prior notice. If prior notice is not served then the unit selling will be auto closed on last working day of June every year.
  • The duration of membership is restricted to a maximum limit of 364 days from the day of purchase of Foodex unit.
  • Purchase of HFL TCN 'G' Membership : INDIA: Cheque/DD in favour of 'Heera Foodex Pvt. Ltd.' NRI: Cheque/DD in favour of 'Heera General Trading Exports & Imports FZE'.
  • Withdrawal request can be submitted from the 1st working day till the last working day of April, May and June every year (subject to completion of lock-in period). Withdrawal remittance will be done by 1st week of July, August and September every year.
  • HFL is engaged in the trading of physical food products, hence every HFL TCN 'G' Member is, obviously involved in purchase of physical food products, up to the value of his/her membership. Member can demand goods of the same value.
  • HFL is involved in trading of physical food products, so is financially dependent on economic and market conditions, however time factor plays a remarkable role in the economy, which may lead to delay in the process of benefit/deficit distribution or any other related dues.
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    Zuhr 12:22
    Asr 3:43
    Magrib 6:29
    Isha 7:41

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