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Judgment Search Results Home  Phrase:chit funds act  Page:2

Jan 29 1971

Chockanathan Chit Fund and Finance (P) Ltd., Pondicherry and Ors. vs. ...

  • Decided on : 29-Jan-1971

Court : Chennai

Reported in : AIR1972Mad99

... up has been made. we do not see anything objectionable in this chapter.9. regarding s. 52 in the pondicherry chit funds act 1966 similar to the one in the madras chit funds act which has been struck down in 1966-1 mad lj 313, we consider that section 52 is not so obnoxious as to ... 1966-1 mad lj 313. the only provision that was held unconstitutional was sec. 52.6. as the impugned enactment is a copy of the madras chit funds act 1961, we issued a notice to the advocate general. madras who appeared and supported the enactment practically on the same lines as that done by sri ... are for the issue of a writ of mandamus restraining the union territory of pondicherry from enforcing the provisions of the punditry chit funds act 1966. under the constitution (fourteenth amendment) act, 1962, pondicherry was constituted as a union territory and de jure transfer of pondicherry state to the indian union was made on ... his insolvency the official receiver has no right to enforce the security given to the foreman by the subscriber of a chit.5. the validity of the madras chit funds act 1961 from which the impugned act was copied has been upheld by this court in tuticorin t. and c. corpn. (p) ltd., v. state ... -8-1962. the legislative assembly of the union territory of pondicherry constituted under section 18 of the government of union territory act 1963, has made the pondicherry chit funds act 1966 which received the assent of the president on 14-2-1967 and became law on 1-10-1967. the provisions of ...

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Dec 03 1982

Mohammad Ahmad Ali Vs. Annapoorneswari Chits and Trading P. Ltd.

  • Decided on : 03-Dec-1982

Court : Andhra Pradesh

Reported in : [1985]58CompCas80(AP)

... and it is clear from the said document that mr. rahim is the regional manager authorised to file suits, sing and verify the plaints. section 25 of the a.p. chit funds act, 1971, enables a foreman to demand future subscriptions by written notice and also file suits in that regard. the 'foremen' is defined in s. 2(10) as a person who ... courts by way of filing suits. it is further contended by sri ramarao that under s. 26 of the a.p. chit funds act, 1971, the general power of attorney has to be treated as invalid. section 26 of the a.p. chit funds act provides that no transfer of the rights of a foreman to receive subscriptions from prized subscribers shall be made without the ... said e. a. rahim is the regional manager of the respondent company. it is contended that the said rahim is not authorised to act as a foreman of the respondent company. under s. 25 of the a.p. chit funds act, 1971, only a foreman is entitled to demand and file the suit. the second ground urged by the petitioner in the said i ... subscriber is entitled has got a definite connotation which is mentioned in the explanation to the definition of 'conventional chit' in s. 2(a) itself. further, s. 2(15) of the a.p. chit funds act, 1971, also defines 'prize amount' as the difference between the chit amount and the discount and in the case of a fraction of ticket, means the difference between the ...

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Dec 21 2000

Margadarsi Chit Fund Co., Ltd., Warangal Vs. Sd. Fayazuddin

  • Decided on : 21-Dec-2000

Court : Andhra Pradesh

Reported in : 2001(1)ALD322; 2001(1)ALT541

... out of contracts only. they are not money lending business. applying the ratio laiddown in the case of srinivasa enterprises : [1981]1scr801 (supra) it has to be held that the chit funds act, in pith and substance, deals with the special contract and consequently fails within entry 7 of list iii of the third scheduled. it must, therefore, be held that the ... chit funds act is within the legislative competence of the parliament.'10. from a reading of the aforesaid provision and the terms under the contract, it is clear that apart from statutory coverage, ... a subscriber who is a surety for the earlier transaction. incidentally, the question also takes in the extent of lien of the chit fund company over the amounts in a chit transaction. 6. section 23 of the a.p. chit funds act, 1971 reads as follows : '23. prized subscriber to give security:-before receiving the prize amount without deducting all future subscriptions, every prized subscriber shall ... not that of a creditor and debtor but arise out of a contract, and the parties are bound by its terms. the chit fund company can exercise its lien and retain the amounts, the right of which is better placed than that of garnishee. therefore the relief as now sought under order 38, rule ...

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Sep 23 2005

Shriram Chits (Bangalore) Ltd. Vs. Sri Panchakshari and Anr.

  • Decided on : 23-Sep-2005

Court : Karnataka

Reported in : ILR2006KAR498; 2006(6)KarLJ652

... jurisdictional court even though a certificate is issued as provided under section 71(a) of the chit funds act.25. in the case of krishnaji shridhar bharde v. mahadeo sakharam patil, similar question came up for consideration and while considering section 39 of the code ... the award or decree passed it can be transferred to the jurisdictional court for its enforcement. the same is provided under section 71(a) of the chit funds act.24. now the question that has to be considered is whether the decree holder has to file an application for transfer of the decree to the ... decree, but for the purpose of executing the decree, the procedure that he has to follow is as provided under section 71(1)(a) of the chit funds act, 1982 by issuing a certificate. if such a certificate is issued, it can be enforced as if it is a decree of a civil court ... /98-99. after the award was passed, a certificate was issued as provided under section 71(a) of the chit funds act, 1982 which reads as follows:'certificate(under section 71(a) of the chit funds act, 1982)this is to certify that an award has been passed by this court against the opponents in the above dispute ... civil judge (sr. dn.,) who is competent to exercise jurisdiction for recovery of the amount. he has further submitted that section 71(a) of the chit funds act, 1982 makes clear that on being issued a certificate by the registrar or its nominee, is deemed to be a decree of the civil court and the ...

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Aug 02 1985

Karnati Mallikarjuna Rao and Co. Vs. Korlapati Krishna Murthy

  • Decided on : 02-Aug-1985

Court : Andhra Pradesh

Reported in : [1986]60CompCas462(AP)

... decreed the suit. on appeal, it was reversed holding that though the claim is supported by consideration, still since the non-compliance of the provisions of the andhra pradesh chit funds act, 1971 ('the act', for short) was not in dispute, it was fatal to the very maintenance of the suit and was also opposed to the provisions enacted in section 23 of the ... addressed and considered. the question is whether in the instant circumstances, the subscribers could be allowed to claim refund of the subscriptions from the chit fund organisation, though the organisation did not comply with the provisions of the act. an important decision in this behalf of a full bench of the madras high court in sesha ayyar v. krishna ayyar, air 1936 mad ... playing fraud on the public monies as there was no statutory control over such bodies. so, the state legislature brought out act ix of 1971 in march, 1971. 8. the objects and reasons of the said act are : of late chit fund companies are promoted or conducted without any safeguards in respect of the monies invested. in order to have proper control by the ... which the legislature so avowedly intended. the dominant object is to deter the chit fund organisations from embarking upon transactions of that nature without complying with the mandatory provisions of the act, meant to safeguard the members of the public at large with whose funds gathered by way of contributions the chit fund bodies would otherwise play ducks and drakes, but for the controlled measures ...

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Feb 24 1988

Angammal Vs. R. Sankaranarayanan

  • Decided on : 24-Feb-1988

Court : Chennai

Reported in : AIR1989Mad53; (1988)IMLJ467

... future instalments in one lump sum. the assignment by uma investments was also held to have been effected in contravention of section 26 of the tamil nadu chit funds act, 1961 (hereinafter referred to as the act). holding that the assignment of the promissory note was made with a view to defeat the right of the respondent to claim adjustment in respect of the ... down that by the endorsement the endorsee obtained the right under the promissory note to recover whatever money, was due by the promisor to the foreman. in durgachalam v. jannet chit funds p. ltd. 90 mad lw 565 : 1977 tlr 2238, a division bench held agreeing with the decision in chellaperumal chetti v. jayarathnam chettiar, : air1960mad314 that the promissory note represented the ... that too after anassignment, as against amounts stated to have been paid in respect of other chits. learned counsel for the respondent, however, pointed out that under rule 34 of the tamil nadu chit fund rules 1964, a subscriber is entitled to the benefit of a set off when amounts are due from the foreman to a subscriber and also from the subscriber ... becomes a prized subscriber and the transaction is nothing but the grant of a loan to him from out of the common fund in the hands of the foreman. the relationshipbetween the foreman and the subscribers in a chit is of such a nature that there is need and justification for making strict provisions for the protection of the interests of the ...

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Oct 19 2001

Vijayapuram Chit Fund Vs. M.M. Farook and Anr.

  • Decided on : 19-Oct-2001

Court : Chennai

Reported in : AIR2002Mad273

... end by feb. or march, 1986. hence the courts below were not correct in dismissing the suit for non compliance of section 33(1) of the chit funds act. 7. none appeared for the respondents. 8. to appreciate the contention of the learned counsel for the appellant, it is worthwhile to look into the ... appellant is not entitled to recover the amount, as they failed to issue the notice demanding the arrears, as contemplated under section 33(1) of the chit funds act, which is a condition precedent to file the suit, and ultimately dismissed the appeal by its judgment and decree dated 20-6-1989. hence the present ... suit. 2. the respondent disputed the claim of the appellant on the ground that the suit is not maintainable in view of section 4 of the chit funds act, 1982. further the appellant did not issue any notice demanding the money and hence the suit is liable to be dismissed. 3. the trial court, ... for the above reasons, i hold that the necessity of issuing notice under section 33(1) of the chit funds act arise only when the chit is a subsisting one. on the other hand, if the chit is terminated by efflux of period, then there is no condition precedent of issuing any notice on the fore- ... 14-10-1988 dismissed the suit, finding that the appellant failed to comply with the statutory provision of section 33(1) of the chit funds act which requires previous notice to the subscriber demanding the arrears. as the appellant failed to sent the notices, as contemplated under section 33(1) of ...

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Mar 06 2008

Lakshmi Srinivas Savings and Chit Funds Syndicate Private Limited Vs. ...

  • Decided on : 06-Mar-2008

Court : Chennai

Reported in : IV(2008)BC198

... court is of the view that there is no error in the finding of the trial court holding that the suit was not maintainable in view of section 12 of chit funds act, 1982 and answer the first point for determination against the appellant.16. it is seen that p.w. 1 has admitted in his cross-examination that the originals of exhibits ... . as contended by the learned counsel for the respondent, according to the appellant, the suit is not based on chit transaction. there is a bar under section 12 of chit funds act, 1982, or a company carrying on chit to do any other business, without the general or special permission from the state government.15. as per the case of the appellant, the suit transaction ... three years by such further period or periods not exceeding two years in the aggregate.as per section 12 of chit funds act, 1982, it is clear that except with the general or special permission of the state government, no company carrying on chit business shall conduct any other business. in the instant case, admittedly the plaintiff is a private limited company carrying on ... of his evidence, he has stated that both are different branches of the same company and no separate company was registered to perform finance business independently.12. section 12 of chit funds act, 1982 reads thus:prohibition of transacting business other than chit business by a company-(1) except with the general or special permission of the state government, no company carrying on ...

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Jun 18 2003

Vara Vara Chits Ltd. Vs. Mrs. Y. Punyavathi

  • Decided on : 18-Jun-2003

Court : Andhra Pradesh

Reported in : 2004(4)ALD41; 2003(6)ALT94; [2004]49SCL548(AP)

... be considered. in the context it is appropriate to refer to certain of the provisions in the chit funds, act, 1982 ('the act' for brevity). chapter-viii thereof pertains to the termination of chits. coming in the realm of the said chapter, section 39 provides for continuation of chits. where a foreman dies or becomes of unsound mind or is otherwise incapacitated, or is adjudicated as ... is as to whether the first respondent is entitled to the monthly dividends, having due regard to the fact that the chit fund company was directed to be wound up.4. admittedly, the first respondent was the subscriber of chit no. 4 of chit group no. vvsl-50g, the value whereof was rs. 50,000 to be subscribed at the rate of rs. 1 ... have been terminated in accordance with section 42 of the act, i see no reason as to why the prized subscriber is also not entitled to any dividends. i am reinforced in my above view by a division bench judgment of the madras high court in c.a. durgachalam v. jannet chit funds (pvt.) ltd. [1979] 49 comp. cas. 256 wherein while referring ... to an earlier judgment of the same high court it was held thus :'the question posed in that appeal was whether the stake holder was entitled in law to forfeit the quondam kazar or amount already earned by the prize chit holder. the division bench stated ...

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Jul 23 1986

Registrar of Chits (Sub-registrar), Registration Department Vs. Y.V. P ...

  • Decided on : 23-Jul-1986

Court : Andhra Pradesh

Reported in : [1988]63CompCas854(AP)

... of a sum of rs. 12,500 lying with the petitioner which was offered as a security by the judgment-debtors by operation of section 12 of the andhra pradesh chit funds act (9 of 1971), for short 'the act'. assailing the legality thereof, the registrar filed this revision petition. the facts not in dispute are these: the first judgment-debtor is the ... chit fund company and the second respondent is its branch manager. they have conducted a chit under the act with forty members. the chit was for rs. 25,000. a sum of rs. 12,500 was deposited as security which was attached. section 12 ... be liable for attachment in execution of a decree or otherwise subject to the provisions of section 530 of the companies act. the duration of the indenture of mortgage and the charge on the amount thus deposited shall ensure until the chit is terminated and the claims of all the subscribers are fully satisfied and until all the dues payable by the ... foreman under this act to the registrar or any other officer have been paid and where owing to the default of the prized ...

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