Court : Andhra Pradesh State Consumer Disputes Redressal Commission SCDRC Hyderabad
Decided on : Sep-09-2011
..... finance compnay limited. the opposite party converted the prize amount of rs.2,72,000/- into debentures. the district forum had held that ??there is no provision in the a.p.chit fund act, 1971 authorizing the foreman to convert the prize amount into debentures of any company even at the request of the prized subscriber ? . in the absence of any provision in the ..... chit fund act or any clause in the chit agreement as to authorizing the foreman of the opposite ..... and not five monthly instalments as contended by the opposite party company. 9. the district forum has referred to sec.14 of a.p. chit fund act while discussing the inability of the foreman of the opposite party company to convert the prize money into debentures. sec.14 of a.p. chit fund act reads as under: (1) the foreman shall, on the prized subscriber ..... party company on receipt of application from the prized subscriber, the opposite party company cannot deposit the prize amount with .....Tag this Judgment!