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

Court : Karnataka

Subject : CompanyCivil

Acts : Chit Funds Act, 1982 - Sections 68, 69, 70, 71 and 71(1); Co-operative Credit Societies Act - Sections 42 and 43; Indian Arbitration Act, 1899; Code of Civil Procedure (CPC) - Sections 31, 34, 38, 39, 42 and 151 - Order 21, Rules 6, 10 and 50

Reported in : ILR2006KAR498; 2006(6)KarLJ652

as follows:The petitioner M/s Shriram Chits (Bangalore) Ltd., Hampankatta Branch, Mangalore is a Chit Company registered under the Chit Funds Act, 1982. The subscriber viz., the principal debtor Sri Shyam Bhandary of Uppinangady was a member of the Chit Fund … to have been submitted to the Joint Registrar of Chits, Mysore Division, Mysore for certification as required under Section 71(a) of the Chit Funds Act, 1982. A certificate dated 10.1.2000 was issued by the Joint Registrar of … Act provide under Rule 34 that the decisions and awards under Rule 31 shall on application to any Civil Court having local jurisdiction, be enforceable

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, … Likewise, Rule 29(2) is said to be ultra vires the rule making power under Section 24 read with Section 31. The rate of interest provided for under Rule 63 is stated to be unreasonable and arbitrary. While contending

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 … on behalf of the petitioners/appellants also contended that rules 16, 28(1), 28(2), 31(1) and 31(2) of the Tamil Nadu Chit Funds Rules, 1984 (hereinafter referred … the pronouncement made by the Supreme Court. However, an argument is advanced before us that the validity of section 6(3) of the Act has not been specifically considered and, therefore, the same be considered in these cases.

M/S. Oriental Kuries Ltd. Rep. By Its Chairman P. D. Jose Vs. Lissa

Court : Supreme Court of India

Subject : Land Acquisition

a default. Chapter V of the Chit Funds Act, 1982 prescribes the rights and duties of prized subscribers. Section 31 to 33 in Chapter V read as follows : “31. Prized subscriber to furnish security.- Every prized subscriber … v. Mar Appraem Kuri Company Ltd. and Ors.4 The Constitution Bench held that on the enactment of the Chit Funds Act, 1982 which covered the entire field of “chits” under Entry 7 of List III of the Constitution, the Kerala

Sreepadmanabha Trading Company, vs Kerala State Financial Enterprises ...

Court : Kerala

in spite of the petitioner providing security. Learned Counsel drew attention to Section 31 of the Kerala Chits Fund Act,1982 to contend that the chit amount is liable to be released on furnishing sufficient security. 2.Learned Standing … is refusing to release the amount in spite of the petitioner providing security. Learned Counsel drew attention to Section 31 of the Kerala Chits Fund Act,1982 to contend that the chit amount is liable to be released on

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 available information, one-third of the outstanding loans and advances as on 31st March 1967, given by the foremen of 100 chit fund companies were … Limited Companies incorporated under the Companies Act, 1956 or proprietary or partnership concerns or individual organisers. According to Section 1(3) of the Act is will come into force on such date as the Central Government may by

Mar Appraem Kuri Company Ltd. Vs. Tomy and anr.

Court : Kerala

Subject : Company

Acts : Chit Funds Act, 1982 - Sections 4

Reported in : [1999]96CompCas718(Ker)

was raised by the defendants/respondents that the plaint chitty was started in Bangalore and, therefore, only the Central Chit Funds Act, 1982, is applicable (which came into force on January 2, 1984). But, to conduct the above-said two chitties no … drew my attention to similar provisions in the Foreign Exchange Regulation Act, 1973, where if any violation of section 31 of the Act is committed, only a penalty can be imposed under Section 56 of the Act and

Branch Manager, Margadarsi Chit Fund Limited and anr. Vs. District Con ...

Court : Andhra Pradesh

Subject : Consumer

Acts : Consumer Protection Act, 1986 - Sections 2(1) and 3(1)

Reported in : AIR2004AP343; 2004(2)ALD645; 2004(2)ALT822; [2005]123CompCas194(AP)

therefore the Consumer Protection Act would not be applicable. The chit funds are managed and organized under the Chit Funds Act, 1982 (49 of 1982). Before appreciating the arguments we have to refer to certain provisions in the Chit Fund … appointment of a Registrar and Foreman. Section 28 also provides a procedure for removal of defaulting subscribers. Under Section 31 it is laid down that every prized subscriber shall furnish sufficient security. Under Section 32 a prized subscriber

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

Court : Karnataka

Subject : Company

Acts : Companies Act, 1956 - Sections 451

Reported in : [1990]67CompCas203(Kar)

Bopanna, J.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. … their working including their methods of operation. Chit funds are `financial institutions' as defined in clause (c) of section 451 of the Reserve Bank of India Act, 1934. Hence, it would be open to the Reserve Bank … to available information, one-third of the outstanding loans and advances as on 31st March, 1967, given by the foremen of 100 chit fund companies were

S. Venkatachalam Vs. Secretary to Government of Tamil Nadu and Others

Court : Chennai

Subject : Company

Acts : Limitation Act, 1963 - Sections 12 and 12(2); Chit Funds Act, 1982; Chit Funds Rules, 1984

Reported in : [1999]95CompCas589(Mad)

against the award of the Deputy Registrar of Chits, an appeal is provided under section 70 of the Chit Funds Act, 1982, before the State Government. The petitioner presented the appeal on August 31, 1995. According to the petitioner, the