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

Court : Chennai

Subject : Company

Acts : Companies Act, 1956 - Sections 210; Chit Fund Act, 1982 - Sections 6(3), 24 and 89(2); Tamil Nadu Chit Fund Rules, 1984 - Rules 16, 28, 28(1) and (2), 31, 31(1) and (2)

Reported in : [1994]80CompCas686(Mad)

K.A. Swami, C.J.1. In these writ petitions and also the writ appeals, 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 … chit subscriber'. - Every notice to be given by a foreman to the subscribers in a chit under section 16 shall be in Form IX. It shall be sent to each subscriber under certificate of posting and shall

M/S. Shriram Chits and Investment (P.) Ltd. Vs. Union of India and Oth ...

Court : Supreme Court of India

Subject : Commercial

Acts : Chit Funds Act, 1982 - Sections 1(3), 2, 3, 4, 6(3), 9, 12, 13, 16, 17, 20, 21, 25, 48 and 81; Constitution of India - Article 19(1); Companies Act, 1956 - Sections 58A; Prize Chits and Money Circulation Schemes (Banning) Act, 1978; Pondicherry Chit Funds Act, 1966; All-India Chit Fund Act; Reserve Bank of India Act, 1934 - Sections 45I; Andhra Pradesh Chit Funds Act, 1971; Tamil Nadu Chit Funds Act, 1961; Kerala Chitties Act, 1975; Hyderabad Money Lenders Act - Sections 9(2); Banking Regulation Act, 1949; Companies (Acceptance of Deposits) Rules, 1975; Tamil Nadu Chit Funds Rules, 1984 - Rule 62

Reported in : AIR1993SC2063; [1994]79CompCas298(SC); (1994)2CompLJ430(SC); JT1993(4)SC399; 1993(3)SCALE125; 1993Supp(4)SCC226; [1993]Supp1SCR54

Writ Petition Nos.19321/86, 17110/84, etc.2. The above appeals and writ petitions involve challenge to constitutional validity of the Chit Funds Act, 1982 (Central Act No.40 of 1982) (hereinafter called as 'the Act' or 'the impugned Act').3. The various appellants/petitioners are … to time increase the limits. However, we do not find it necessary to give any direction in this behalf.SECTION 16(2), 16(3) AND 17(1)Section 16(2), 16(3) and 17(1) of the Act read as under : -16. Date, time and

Soudambika Finance Pvt. Ltd. Coimbatore and Etc. Etc. Vs. Union of Ind ...

Court : Chennai

Subject : Civil

Acts : Chit Funds Act, 1982 - Sections 4(3), 5, 6(1, 2 and 3), 7(2), 8, 12, 13, 14, 15, 16(2 and 3), 17(2), 18(4 and 5), 19, 20(1), 21, 22(2), 24, 28, 29, 30, 31, 39(2), 48(1), 50, 64, 75, 76, 77 and 79; Constitution of India - Articles 14, 19(1), 245 and 246; Chit Funds (Pondicherry) Rules, 1986; Pondicherry Chit Funds Act, 1966; Chitties Act, 1964; Cochin Kuris Regulations, 1932; Indian Penal Code (IPC), 1860; Reserve Bank of India Act, 1934 - Sections 45-N and 451; Tamil Nadu Chit Fund Rules, 1984 - Rules 4A, 13, 18(4 and 5), 28, 31 and 63; Companies Act, 1956 - Sections 39(2) and 48; Indian Registration Act, 1908

Reported in : AIR1993Mad190; [1995]82CompCas302(Mad)

considered and dealt with in common.2. The above writ petitions involve challenge to the constitutional validity of the Chit Funds Act, 1982 (Central Act 40 of 1982), hereinafter referred to as 'the Act' and the Tamil Nadu Chit Funds Rules, … the ceiling on aggregate amounts of the chit is contended to be unreasonable, wholly unnecessary and uncalled for. Section 16 is also challenged on the ground that subscribers already knew the date, time and place of the draw

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

Court : Andhra Pradesh

Subject : Commercial

Acts : Andhra Pradesh Chit Funds Act, 1971 - Sections 2(2 and 10), 3, 4, 5, 6, 8, 10, 12, 13(1), 14(1, 2 and 4), 21(1), 22(1), 27 to 29, 30, 51, 63, 66 and 90; Andhra Pradesh Chit Fund Rules, 1971 - Rules 3(3, 4 and 16) and 20; The Industries (Development and Regulation) Act, 1951; Taxtile Committee Act, 1963 - Sections 2; Chit Fund Act, 1982; Contracts of Employment Act, 1963; Kerala Agriculturists' Debt Relief Act, 1970 - Sections 4(1, 2 and 5)

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

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 … the said provision does not empower the foreman to levy and collectany excess quantum of amount provided in Section 13(1)(b) of the said Act. Subsection (4) of Section 14 clearly puts an embargo on the foreman not

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

Court : Chennai

Subject : Limitation

Acts : Limitation Act - Schedule - Articles 37 and 113; Tamil Nadu Chit Funds Act, 1961 - Sections 6, 24 25, 25(1) and 25(2); Chit Funds Act, 1982 - Sections 65; Constitution of India

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

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 … 65 of the Chit Funds Act,1982, which prescribes the period of limitation. 16. As indicated above, the facts of the present case are governed by … Ltd. held that Article 37 of the Limitation Act and Sections 24 and 25 of the Tamil Nadu Chit Funds Act,1961, would apply and, as such, the date of default is the reckoning date. 12. The other Division Bench … Funds Pvt. Ltd. held that Article 37 of the Limitation Act and Sections 24 and 25 of the Tamil Nadu Chit Funds Act,1961, would apply

M/S. Kavery Trading, Financing and Chits (Private) Limited, Bangalore ...

Court : Karnataka

Subject : Civil

Acts : Chit Funds Act, 1982 - Sections 64(1) and 85

Reported in : ILR1997KAR3432; 1998(1)KarLJ349

instalment. During the pendency, the first defendant filed I.A.VI stating that in view of Section 64(1) of the Chit Funds Act, 1982 the suit is not maintainable as such the suit ought to be dismissed. After filing of the objections … the petitioner. The other respondents are the sureties for the first respondent. The chit in question commenced on 16-5-1980 consisting of 111 monthly instalments, the instalment being Rs.100/-. The first respondent was the successful bidder in thechit

Smt. Leela M Vs. M/s Sree Gokulam Chit & Finance Co P Ltd

Court : Karnataka

Subject : Land Acquisition

-8- iv) The alleged chit transactions were contrary to Sections 6, 7, 10, 32 and 33 of the Chit Funds Act, 1982 and Section 25 of the Madras Chit Funds Act, 1961, Rules 64 and 65 of the Chit Funds

Smt. Jayamma G Vs. M/s Sree Gokulam Chit And Finance Co (p) Ltd

Court : Karnataka

Subject : Land Acquisition

-8- iv) The alleged chit transactions were contrary to Sections 6, 7, 10, 32 and 33 of the Chit Funds Act, 1982 and Section 25 of the Madras Chit Funds Act, 1961, Rules 64 and 65 of the Chit Funds

Moodalagiriyappa K L Vs. M/s Sree Gokulam Chit And Finance Co (p) Ltd

Court : Karnataka

Subject : Land Acquisition

-8- iv) The alleged chit transactions were contrary to Sections 6, 7, 10, 32 and 33 of the Chit Funds Act, 1982 and Section 25 of the Madras Chit Funds Act, 1961, Rules 64 and 65 of the Chit Funds

Mayavaram Financial Chit Corporation Ltd. Vs. Deputy Registrar of Chit ...

Court : Chennai

Subject : Commercial

Acts : Chit Funds Act, 1982 - Sections 2, 6, 16(3), 19 and 19(4)

Reported in : [2000]100CompCas366(Mad)

are residing or carry on business, the agreement already entered into as contemplated under Section 6 of the Chit Funds Act, 1982, was altered with the consent in writing of the foreman and the subscribers to the chit with respect … said chit registered with the respondent, he/the respondent, cannot have any control over the same. Referring to Section 16(3) of the Act, the learned Government advocate has submitted that if the draw was not conducted on the