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Search Results Judgments > Phrase:chit funds act Page:2

Oct 20 1976

Sudarshan Finance Corporation and Ors. Vs. The State of Madh. Pradesh

  • Decided on : 20-Oct-1976

Court : Madhya Pradesh

Reported in : AIR1977MP74; 1977MPLJ74

... promote it.'26. It was pointed out that in other States, the enactments have only 'regulated' chit fund business; for instance, Madras Chit Funds Act, 1961, Andhra Pradesh Chit Funds Act, 1971; Goa, Daman and Diu Chit Funds Act, 1973; Maharashtra Chit Funds Act, 1974; Kerala Chitties Act, 1975; and U. P. Chit Funds Act, 1975. It is at once remark-worthy that, on the one hand, the petitioners allege want ... chits in para 2, it was observed:--'A large number of instances came to light where foremen of Chits have either disappeared or evaded payments to non-prized subscribers, and, with a view to safeguard the interests of subscribers, the State of Madras enacted the Madras Chit Funds Act, 1961.' In Section 2 (2) of that Act, 'chit' is defined as follows:--' 'Chit' means a transaction whether called chit fund, chit ... entrance money of the members subscription and includes a chit.'[Section 2 (c)] A 'chit' has been defined in the Act thus:--' 'Chit' means a transaction whether called chit fund, chit, Kuri, or by any other name, by which its promoter, conductor or any other person responsible for the conduct of chit enters into an agreement with a number of ... Chockanathan Chit Fund v. Union Territory of Pondicherry, AIR 1972 Mad 99.24. The assent of the President to the Madhya Pradesh Act was received on July 2, 1975, before the Act was brought into force.25. It is then contended that the Act violates the right guaranteed under Article 301 of the Constitution. It is urged that chit fund ...

Apr 29 1988

Sri Visalam Chit Fund Ltd. and others Vs. Union of India and others

  • Decided on : 29-Apr-1988

Court : Karnataka

Reported in : [1990]67CompCas203(Kar)

... the running of chit funds in the areas where such legislation is in force. The Tamil Nadu Chit Funds Act of 1961, seeks to regulate the chit fund business in the State of Tamil Nadu. With appropriate changes, this Act was adopted, with effect from July 15, 1964, in the Union Territory of Delhi. The Union Territory of Pondicherry has the Pondicherry Chit Funds Act, 1966, which ... 1. The constitutional validity of the Chit Funds Act, 1982 (Act NO. 40 of 1982) (in short 'the Act'), is challenged in 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 carrying on business in Banglore through through its branch office ... Tamil Nadu Chit Funds Act of 1961, seeks to regulate the chit fund business in the State of Tamil Nadu. With appropriate changes, this Act was adopted, with effect from July 15, 1964, in the Union Territory of Delhi. The Union Territory of Pondicherry has the Pondicherry Chit Funds Act, 1966, which came into force from August 1, 1967. In Kerala, the Travancore Chitties Act, ... have legislation on chit funds the object of which is to safeguard the interests of the members. The commission feels that it is essential to have a uniform chit fund legislation applicable to the whole country. Depending upon the constitutional position, whether chit funds come under the Union list, Concurrent list or the State list, either an All India Chit Funds Act may be ...

Sep 28 1999

Margadarsi Chit Funt Pvt. Ltd., Hyderabad Vs. Government of Andhra Pra ...

  • Decided on : 28-Sep-1999

Court : Andhra Pradesh

Reported in : 1999(5)ALD718; 1999(5)ALT548

... has ultimately resulted in enactment of Chit Funds Act, 1982 by the Parliament. The provisions of the Central Act (40 of 1982) and A.P. Chit Funds Act (9 of 1971) are in pari materia. In fact, it may be noticed that Section 90 of the Central Act repeals the A.P. Chit Funds Act, 1971 and other State Acts. But the Central Act has not come into operation in the ... Chit fund business in this country. It is true, these reports were not available before enacting the Andhra Pradesh Chit Funds Act, 1971, in the State of Andhra Pradesh. The reports and recommendations of those committees were the basis for enactment of Chit Funds Act, 1982 (Central Act 40 of 1982). The Central Act is a comprehensive piece of Legislation, and the dominant purpose of the Act is to regulate the chit ... very object, scheme and the purpose which the Act intends to achieve.6. The chit business in the State of Andhra Pradesh is controlled and regulated by the provisions contained in the A.P. Chit Funds Act, 1971 and the Rules framed thereunder. Section 2(2) of the Act defines the chit. Chit means a transaction, whether called chit fund, chitty or by any other name, by which ... . Chit Funds Act (9 of 1971) are in pari materia. In fact, it may be noticed that Section 90 of the Central Act repeals the A.P. Chit Funds Act, 1971 and other State Acts. But the Central Act has not come into operation in the State of Andhra Pradesh, as the State Government failed to make the rules for giving effect to the provisions of the Act ...

Apr 07 2006

C. Dhanam Vs. A.M. Srinivasan and Ors.

  • Decided on : 07-Apr-2006

Court : Chennai

Reported in : AIR2006Mad210; 2006(2)CTC444; [2007(1)JCR463(Mad)]; (2006)2MLJ275

... Gopal v. Sri Vetrivel Chit Funds Pvt. Ltd. was rendered by a Division Bench, taking into consideration the provisions of the Tamil Nadu Chit Funds Act,1961. Though the said Act has been repealed by the Central Act, namely, Chit Funds Act,1982, this case has to be dealt with only under the provisions of the Tamil Nadu Chit Funds Act,1961, since the chit transaction took place in the ... the provisions of the Tamil Nadu Chit Funds Act,1961. Though the said Act has been repealed by the Central Act, namely, Chit Funds Act,1982, this case has to be dealt with only under the provisions of the Tamil Nadu Chit Funds Act,1961, since the chit transaction took place in the year 1982, especially before coming into force of the Central Act.14. Before dealing with the ... Act has been repealed by the Central Act, namely, Chit Funds Act,1982, this case has to be dealt with only under the provisions of the Tamil Nadu Chit Funds Act,1961, since the chit transaction took place in the year 1982, especially before coming into force of the Central Act.14. Before dealing with the view expressed by the Division Bench in M. Gopal v. Sri Vetrivel Chit Funds ... the date of termination of the chit period and not from the date of default.13. The decision in M. Gopal v. Sri Vetrivel Chit Funds Pvt. Ltd. was rendered by a Division Bench, taking into consideration the provisions of the Tamil Nadu Chit Funds Act,1961. Though the said Act has been repealed by the Central Act, namely, Chit Funds Act,1982, this case has to ...

Aug 16 1996

Goverdhan Upadhyan Vs. Aekelle Kameswara Rao (Died) and Ors.

  • Decided on : 16-Aug-1996

Court : Andhra Pradesh

Reported in : 1996(4)ALT1

... Chit Fund Company registered under the A.P. Chit funds Act and the plaintiff and the first defendant are the subscribers in the chits run by the 4th defendant. The first defendant became the prized subscriber for chit No. A-l bearing ticket No. 16 and the chit was for Rs. 20,000/- of 40 instalments of Rs. 500/- per each instalment The said chit ... Chit Funds Act, 1961 which is quite similar to the provisions of Section 26 of A.P. Chit Funds Act, 1971, only renders the transfer voidable under sub-section (2) and not null and void and that, therefore, the transfer of rights in favour of another subscriber by the Foreman cannot be considered to be invalid and inoperative. Under Section 26(1) of the A.P. Chit Funds Act ... Chit Funds inasmuch as the transfer effected by the 4th defendant in favour of the plaintiff is only voidable but not void. It is observed by the Madras High Court in the above cited decision that a breach of sub-section (1) of Section 26 of the Tamilnadu Chit Funds Act, 1961 which is quite similar to the provisions of Section 26 of A.P. Chit Funds Act ... to the same question with reference to the provisions of the Tamilnadu Chit Funds Act, 1961 which are similar to the provisions of Section 26 of A.P. Chit Funds Act, 1971. It is observed by the Court in that decision ... view of the provisions of Section 26 of A.P. Chit Funds Act, 1971. The contention of the contesting respondents is that under Section 26(1) of the A.P. Chit Funds Act, 1971, no transfer of the rights of a ...

Jan 20 2010

Konakanchi Madhu Vs. The Chairman, Shriram Group Companies and Others

  • Decided on : 20-Jan-2010

Court : Andhra Pradesh - State Consumer Disputes Redressal Commission (SCDRC) - Hyderabad

... Chit Fund, Kodada Branch. It is in these circumstances that he preferred the claim for return of the amount due to him in terms of Section 22 of the A.P.Chit Fund Act, 1971 quantified at Rs.1,88,015 plus dividend of Rs.70,000/- with some penal interest also and further payments for violating the stamps Act and the Chit Fund Act ... chit fund subscription within the four corners of the statute what is called A.P.Chit Funds Act, 1971 which is still going strong with the Central Act not having come into force as yet. The complainant tried to assail his removal even though he admitted to be a defaulting subscriber on the ground that various provisions of law in built in the A.P.Chit Funds Act ... Chit Fund Act, 1971 as observed in the order passed by the opposite party No.6 in which a penalty (last sheet of Ex.B16)was also imposed against the said Sri Ram Chit Fund, Kodada Branch. It is in these circumstances that he preferred the claim for return of the amount due to him in terms of Section 22 of the A.P.Chit Fund Act ... that Sri Ram chit Fund Copmpany did indulge in such vilations and imposed penalty U/s.56 of Chit Fund Act, 1971. This circumstance sets at rest in favour of the complaiant upholding his complaint that Sri Ram Chit Fund Company gave ... chit and the opposite parties 1 to 4 having offered financial service peculiarly concomitant with chit fund subscription within the four corners of the statute what is called A.P.Chit Funds Act, 1971 which is still going strong with the Central Act ...

Dec 05 2011

V. Revathi Vs. The State of A.P, rep. by Public Prosecu

  • Decided on : 05-Dec-2011

Court : Andhra Pradesh

... chit fund transaction, 'return in any kind' is by way of dividends.11) It is contended for the Appellant that there are special enactments regulating chit fund transactions and that therefore the provisions of the 1999 Act cannot be applied to a chit fund transaction. Though the Andhra Pradesh Chit Funds Act 1971 (In short, the 1971 Act) and the Chit Funds Act 1982 (In short, the 1982 Act) are there for regulation of chit fund ... there are special enactments regulating chit fund transactions and that therefore the provisions of the 1999 Act cannot be applied to a chit fund transaction. Though the Andhra Pradesh Chit Funds Act 1971 (In short, the 1971 Act) and the Chit Funds Act 1982 (In short, the 1982 Act) are there for regulation of chit fund transactions, the 1999 Act is again a ... Act cannot be applied to a chit fund transaction. Though the Andhra Pradesh Chit Funds Act 1971 (In short, the 1971 Act) and the Chit Funds Act 1982 (In short, the 1982 Act) are there for regulation of chit fund transactions, the 1999 Act is again a special enactment which was enacted for protection of depositors of financial establishments. Statement of objects and reasons appended to the 1999 Act ... ) of the Act. It is further contended that there is specific enactment to deal with running of chits and that therefore any contravention in the chit fund business by any person is governed by only the Andhra Pradesh Chit Funds Act, 1971 and will not attract liability under Section 5 of the 1999 Act.4) On ...

Jul 14 2008

The Andhra Pradesh Federation of Chit Funds, A Public society rep. by ...

  • Decided on : 14-Jul-2008

Court : Andhra Pradesh

Reported in : (2008)220CTR(AP)28; (2008)17VST128(AP)

... the Finance Act, 2007 and consequently under the impugned circular issued by the respondents is valid?10. At the outset, for convenience sake, instead of referring to all the provisions under the Chit Fund Act, 1982 it would suffice to refer to the definition of Chit under Section 2(b) thereof, which reads as under;2(b) Chit means a transaction whether called chit, chit fund, chitty, ... definition of the chit under the Chit Funds Act, 1982, there being an element of finance involved, it attracts cash management and asset management. Further, it has been pointed out that as per Section 41(1) of the Reserve Bank of India Act, 1934, chit funds are categorized as Financial Institutions and therefore sub clause 12 of Section 65 of the Finance Act, 2007 by ... the chit transaction squarely falls within its ambit and therefore it was contended that even culling out from the definition of the chit under the Chit Funds Act, 1982, there being an element of finance involved, it attracts cash management and asset management. Further, it has been pointed out that as per Section 41(1) of the Reserve Bank of India Act, 1934, chit funds ... clauses under any of the Finance Acts. It does not include or exclude the chit transaction or business specifically. There cannot be any dispute that the very nature of business and transaction under the chits as can be culled out from the provisions of the Chit Fund Act and as explained to by the Apex Court in SHRIRAM CHITS & INVESTMENTS (P) LTD., UNION OF INDIA ...

Jul 14 2008

A.P. Federation of Chit Funds Vs. Union of India (UOI)

  • Decided on : 14-Jul-2008

Court : Andhra Pradesh

Reported in : 2009[13]STR350

... the Finance Act, 2007 and consequently under the impugned circular issued by the respondents is valid?9. At the outset, for convenience sake, instead of referring to all the provisions under the Chit Fund Act, 1982 it would suffice to refer to the definition of Chit under Section 2(b) thereof, which reads as under:2(b) Chit means a transaction whether called chit, chit fund, chitty, ... definition of the chit under the Chit Funds Act, 1982, there being an element of finance involved, it attracts cash management and asset management. Further, it has been pointed out that as per Section 41(1) of the Reserve Bank of India Act, 1934, chit funds are categorized as Financial Institutions and therefore Sub-clause 12 of Section 65 of the Finance Act, 2007 by deletion ... the chit transaction squarely falls within its ambit and therefore it was contended that even culling out from the definition of the chit under the Chit Funds Act, 1982, there being an element of finance involved, it attracts cash management and asset management. Further, it has been pointed out that as per Section 41(1) of the Reserve Bank of India Act, 1934, chit funds ... clauses under any of the Finance Acts. It does not include or exclude the chit transaction or business specifically. There cannot be any dispute that the very nature of business and transaction under the chits as can be culled out from the provisions of the Chit Fund Act and as explained to by the Apex Court in Shriram Chits & Investments (P) Ltd. v. Union ...

Sep 08 1993

Madurai Ramanathapuram Mavatta Seetu Companigal Sangam and others Vs. ...

  • Decided on : 08-Sep-1993

Court : Chennai

Reported in : [1994]80CompCas686(Mad)

... , the validity of several provisions of Chit Funds Act, 1982 (hereinafter referred to as 'the Act'), is challenged. In the meanwhile, the Supreme Court has considered the validity of the provisions contained in the very Act in Shriram Chits and Investments (P.) Ltd. v. Union of India [1994] 79 Comp Cas 298, and held that all the provisions of the Act are valid. Therefore, these writ petitions ... section 24 of the Act. Section 24 of the Act does not curtail the time that is provided for filing the balance-sheet by the chit fund company as per the provisions of the Companies Act. It may be relevant to notice that section 24 of the Act opens with the words 'without prejudice to the provisions of the Companies Act, 1956.' Therefore, chit fund companies are entitled to ... in chit funds. Any procedural requirement ensuring proper conducting of chits and ensuring smooth carrying on of trade in chit funds and elimination of foul play, is always desired. Therefore, we are of the view that rule 28(2) of the Rules, cannot be held to fall outside the scope to the Act inasmuch as the scope of the Act is to provide for the regulation of chit funds ... is that of a chit fund company, under the Companies Act, it has to be filed within a period of two months from the expiry of the period. Therefore, the period available to the chit fund company under the Companies Act for the filing the balance-sheet is not curtailed. On the contrary, rule 28(1) of the Rules provides that the chit fund company can file it ...

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