CiteTEXT
...account of committee/chit fund. It was further stated that the business of committee/chit fund was illegal under Section 23 of the Indian Contract Act. Affidavit dated...
...the false pretext of and illegal Chit fund/Committee, innocent people from humble family background are duped and induced by them into the business of Committee investment by promising huge returns on...Petitioner No. 2 about, Chit fund/committee scheme with huge returns, Respondent No. 2 also disclosed that the chit fund/committee organised by him is absolutely legal and organised by the local a.../participating in the chit fund/ committee (monthly). However, Petitioner No. 2 was apprehensive about the entire concept of investing in the committee, but Respondent No. 2 repeatedly assured...
..., wherein, under the false pretext of and illegal Chit fund/Committee, innocent people from humble family background are duped and induced by them into the business of Committee investment by promising.../ explained Petitioner No. 2 about, Chit fund/committee scheme with huge returns, Respondent No. 2 also disclosed that the chit fund/committee organised by him is absolutely legal and organised by...by investing /participating in the chit fund/ committee (monthly). However, Petitioner No. 2 was apprehensive about the entire concept of investing in the committee, but Respondent No. 2 repeatedly...
...matter as to how much money were collected from public/investors by the chit fund companies and how the said amount can be returned.
v. To set up a Special Committee by empowering the securities and exchan...companies. It is also submitted by the party in person that Jharkhand State should follow the neighbouring States, who have taken enough and adequate steps to stop the illegal activities of the chit fund...petition, this party inperson has preferred this petition for stoppage of illegal activities of chit fund companies, in order to, protect the hard earned money of the citizens. It appears that in...
...headed by the Chairman J.S Raj (otherwise known as Raj Committee) dated July 14, 1975 and the report of the Select Committee of Parliament. These reports give us an insight into the origin of Chit Fund...cheated of their hard-earned money by Chit Fund Companies by adopting dubious means and the subscribers were not being paid their prize money or dues back. The subscribers requested the Committee to do....4. In Karnataka the impugned Act came into force on January 2, 1984. There was no Act in this State for regulating Chit Fund business and as a result, some of the Chit Fund companies in...
...’, members agree to contribute to the fund a certain amount at regular intervals. Lots are drawn periodically and the member whose name appears on the ‘chit’ gets the periodical collection. His name...name ‘Chit Fund’ is rather a misnomer in this case.(c) Business Chits.—In this case, there is a promoter called foreman who enrols a number of subscribers...ignorance of the risk and the disadvantages involved. The ultimate solution, they said, lies in Commercial Banks weaning away the Chit Fund subscribers by offering attractive deposit and credit schemes. In...
...Chit Funds Act deals with minimum capital requirement for the commencement, etc. of a chit and creation of a reserve fund by a company and there is no corresponding provision in the Kerala Chitties Act...“ensure uniformity in the provisions applicable to chit fund institutions throughout the country as such a Central legislation would prevent such institutions from taking advantage either of th...—When does repugnancy arise?2. In the present case, the question to be answered is—Whether Kerala Chitties Act 23 of 1975 became repugnant to the (Central) Chit Funds Act...
..., further contended that to be a chit fund or to be a money circulation scheme, an element of uncertainty or luck is essential. It is the argument of Mr Ray that insofar as the transactions carried on by...chit’ means a transaction whether called chit, chit fund, kuri or by any other name by or under which a person responsible for the conduct of the chit enters into an agreement with a specified number...arise in the instant case. As the firm is not conducting or promoting a money circulation scheme, and as no case is made that the firm is conducting or promoting a chit fund, the Act cannot be said...
...by the Chairman, J.S. Raj (otherwise know as Raj Committee Report) dated July 14, 1975, and the report of the Select Committee. These reports have gives us an insight into the origin of chit fund....
23. In paras 6.17, 6.18 and 6.19, the Raj Committee observed as follows:
"It will be seen from the foregoing that chit fund legislation has been enacted only in a few States/Union...this batch of writ petitions.
2. In writ petition No. 17110 of 1984, the petitioner is a chit fund company registered in Tamil Nadu under the Tamil Nadu Chit Funds Act. But, it is...
...Committee. These Reports have given us an insight into the origin of Chit Fund business in this Country, the mechanism of Chit Fund transactions, the benefits that accrued to the needy public who are...Raj Committee recommendation in para 6.19 is as follows:“Conduct of other business by chit fund institutions: Chit Fund institutions may be prohibited from conducting any other type...for by the petitioners. They also submitted that the reports of the Expert Committee are not relevant for judging the validity of the Act and the alleged malpractices in chit fund business as found...
...Shri Maru Ram teacher in charge amalgamated fund.”4. The school authorities appointed an inquiry committee consisting of three members of which the said Shri...that in the facts and circumstances of the case, the decision of the Managing Committee and the orders passed by the Deputy Commissioner and the Commissioner on the basis of an illegal and biased...month of December was given to the appellant by Shri Maru Ram who was teacher in charge of the amalgamated fund. In the inquiry committee comprising three members, the said Shri Maru Ram was taken as one...
...assessee's income from the chit fund business did not fall within the scope of section 80P(2)(a)(i) of the Income-tax Act, 1961 (hereinafter referred to as “the Act”), and subjected the said income to tax...)(i) were that the business of conducting the chit fund was not one intended for providing credit facilities but was only in the nature of a saving scheme and that there was no restriction that only...members of the society could become subscribers in the chit fund.2. The assessee preferred an appeal to the Appellate Assistant Commissioner of Income-tax, Ernakulam, contending that the...
...,
Khammam district - 507 123.
...Appellant/Complainant
And
1) Margadarsi Chit Fund Private Limited, Represented by its Managing...Director, Registered Office: Fateh Maidan Road, Hyderabad - 500 004.
Margadarsi Chit Fund Private Limited, Panjagutta
branch, represented byits Branch...the other chit as surety and paid Rs.3,69,234/- on 31.01.2013 instead of Rs.4,23,766/-, which is illegal. In fact, she joined in the chit for the purpose of marriage expenses and paid the subscriptions...
...filed before the District Forum alleging that the illegal termination of the chit fund business and consequent non-refund of the subscription amount, resulted in deficiency of service. The prayer in the...
3. The service provider is a registered Chit Fund company engaged in Chit business. Admittedly, the complainant had subscribed to certain chits in the said bu..., in appeal No.33/CAP/2009-10 to No.42/CAP/2009-10. The Additional Registrar directed the opposite party to pay the award amount on the ground that said chit groups did not come under the Chit Fund Act...
...dated July 14, 1975; and the report of the Select Committee of Parliament provide an insight into the origin of the chit fund business in this country. It is true, these reports were not available...17. Sankhu Chakra Chit Fund and Finance Pvt. Ltd.(Writ Petition No. 15608 of 1993)18. Maharaja Chit Fund Pvt. Ltd.(Writ...Petition No. 17609 of 1993)19. Shrimukha Chit Funds Pvt. Ltd.(Writ Petition No. 19415 of 1993)20. Vijyamitra Chit Fund Pvt. Ltd...
...and also the representatives of Companies Associations alkover India and in Bangalore.”15. The Raj Committee while referring to the enactment of chit fund legislation only by few States...identified by the name of Foreman. The institution carrying on Chit Fund Business is indisputably of more than a century old, and was at no point of time under regulation of a Central enactment. The various...basis of relevant as well as substantial materials gathered by the Reserve Bank of India, memoranda received from various chit fund companies as well as materials submitted by the representatives of...
...A.P Sen, J.— This is a petition under Article 32 of the Constitution by M/s Organo Chemical Industries, Sonepat directed against an order of the Regional Provident Fund...Provisions Act, 1952, for delayed remittances of the Employees' Provident Fund, Family Pension Scheme contributions of their employees, including their own contributions, and the administrative charges thereon...referred to as “the Act”) to which the Act applies, committed defaults in payments of Provident Fund and Family Pension Scheme dues for the period from March to October 1975 and again for the period...
...committee is enjoined by sub-section (1) of Section 14 to pay into a fund called the ‘Market Committee Fund’ all moneys received from the traders as market fee on transactions of sale or purchase of...expenditure incurred by the market committee under and for purposes of the Act have to be defrayed out of the said Fund and any surplus remaining after such expenditure, has to be invested in such manner as...may be prescribed. Under sub-section (2), every market committee has to pay to the State Government out of its Fund the cost of any special or additional staff employed by the Government with their...
...‘debt’ within the definition or is exempted from the provision?4. In order to answer this issue, it is relevant to note the origin of Chit Fund business and mechanism of the chit...transaction.5. There is no necessity to write a treatise on chit and chit fund as it has been elucidated fairly in good number of cases and, in addition, the Parliament has enacted a law...recurring deposit scheme under which every member is entitled to receive the prized amount as loan from the chit fund except for the last prized winner. These are the essential features of a business ‘chit...
...accrued to the complainant from out of an illegal chit transaction run by the opposite parties. Running of the Chit Fund Scheme by the opposite parties under the name and style Sri Rishab Chit ...deficiency of service on the part of the opposite parties in as much as the running of illegal chit fund scheme by the opposite parties, cannot be construed as service at all. This point is accordingly...Chit Fund Scheme, run by them under the name and style Sri Rishab Chit Fund India Private Limited, is an illegal chit and its running was banned under the provisions of the Prize Chits and...