The Mayavaram Financ... v. The Registrar Of Chi...

Mohan, J.

After hearing Mr. K. Chandramouli, learned counsel for the appellant and the learned Government Pleader, Pondicherry, we are of the view that excepting to clarify the following points, we do not think of interfering with the judgment. The clarification is:: Should the appellant prove that the subscribers have not even paid the first instalment, there is no necessity to follow the procedure set out under Ss. 20 and 21 of the Pondicherry Chit Funds Act of 1966. This is because, in law, he becomes a subscriber only on payment of the first instalment. The Writ Appeal is dismissed. No costs.

RR/VCS.