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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, … provided for. Accordingly, a new Cl. 77 was added. These clauses in the Bill correspond to the respective sections in the Act. The other amendments proposed by the Committee are of a clarificatory nature and are only … 24 under which the rule has been made. Section 39(2) and Section 48(1) are challenged on the ground of they being vague and also for

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 … do not find anything unreasonable. The provision is in subscribers' interest.SECTION 4841. The objection to the vires of Section 48 as to the circumstances in which chits are to be wound up is merely staled to be rejected.42.

Vastava Chit Funds (Private) Ltd. Vs. Madala Benarjee and ors.

Court : Andhra Pradesh

Subject : Limitation

Acts : Companies Act, 1956; Limitation Act, 1963 - Schedule - Article 37; Andhra Pradesh Chit Funds Act - Sections 2, 6 and 25(2); Code of Civil Procedure (CPC) - Sections 100; Constitution of India

Reported in : 2005(3)ALD881; 2005(3)ALT405; III(2005)BC546

by a learned Single Judge of Madras High Court. The Legislative competence of the Parliament in enacting the Chit Funds Act came up for consideration before the Full Bench of the Apex Court. On scrutiny of plethora of decisions, … the impugned order, which reads as under:'....In view of the decisions of our Hon'ble High Court reported in 1982 (2) ALT 48 (NRC) and : 1992(1)ALT696 (D.B.), the decision reported in AIR 1999 Madras 186, does not … Mad. 186. A learned Single Judge of Madras High Court, sitting under Sec. 100 of the Code of Civil Procedure, while dealing with Article 37

Best and Crompton Engineering Ltd. Vs. Official Liquidator

Court : Chennai

Subject : Company

Acts : Companies Act, 1956 - Sections 44(2), 46, 391, 446, 446(1), 446(2), 456, 458A and 469; Limitation Act, 1963 - Schedule - Articals 1 and 137

Reported in : [1995]82CompCas77(Mad)

re [1979] 49 Comp Cas 287 and a decision of the Karnataka High Court in Unico Trading and Chit Funds (India) P. Ltd., v. S. H. Lohati [1982] 52 Comp Cas 340. Each of these decisions is by … 2, 1978. On March 2, 1982, the official liquidator presented an application under section 446(2) of the Companies Act, 1956, praying for a direction to the appellant pay a sum of Rs. 39,561.92 plus interest of Rs. … of Rs. 39,561.92 plus interest of Rs. 9,428.57 totalling in all Rs. 48,990.49 with subsequent interest at 6 per cent. per annum from the date

Dhanalakshmi Srinivasan Chit Funds Private Limited vs B.Revathi

Court : Chennai

sum of Page Nos.2/9 Rs.1,75,040/- pursuant to an arbitration award passed by the Chit Funds Registrar under the Chit Funds Act, 1982.4. The Learned counsel would state that the Executing Court haserroneously dismissed the execution petition by applying the … Armed Forces and the relevant provision which applies i.e., Order XXI Rule 48 of the Code which is consciously worded differently. He would therefore said … Amirthalingam W/o. Nagalingam, No.67, Subramanian St, Saidapet West, Chennai - 015. … RespondentsPrayer: Civil Revision Petition filed under Section 115 of Civil Procedure Page Nos.1/9 Code, to set aside the order and decreetal order dated 15.12.2023 made

M/s Margadarsi Chits (k) Pvt. Ltd., Vs. H Srinivas Reddy S/o. H Hanuma ...

Court : Karnataka Dharwad

Subject : Land Acquisition

amount of Rs.1,74,325/- with costs and interest.2. The said order has been passed under Section 69 of the Chit Funds Act, 1982 (‘the Act’, for short). Aggrieved by the same, respondent No.1 herein preferred an appeal under Section 70 of

Prabhakar Dattatraya Gune and Others Vs. Vishnukant Bapurao Urankar an ...

Court : Mumbai

Subject : Land Acquisition

a Chit. Explanation-I- ”Chit" has the meaning as assigned to in clause (b) of Section 2 of the Chit Funds Act, 1982 (40 of 1982); Explanation-II- “Any credit given by a seller to a buyer on the sale of any … MPID Act, 1999 over other laws and powers to make rules are matters dealt with by further sections. 48 The Reserve Bank of India Act, 1934 is an Act constituting the Reserve Bank of India. Its object

Karnataka Steel and Wire Products Ltd. (In Liquidation) Vs. Kohinoor R ...

Court : Karnataka

Subject : CompanyArbitration

Acts : Companies Act, 1956 - Sections 391, 441, 442, 443, 444, 445, 446, 446(1), 446(2), 446(2B), 446(3), 447, 456, 457, 458A, 466(2) and 543; Banking Regulation Act, 1949 - Sections 45B and 45G; Limitation Act, 1963 - Schedule - Article 137

Reported in : [1993]77CompCas179(Kar); [1993]78CompCas96a(Kar); ILR1993KAR293; 1993(1)KarLJ212

claim the debt accrues from the date the winding up order is passed. 48. In Unico Trading and Chit Funds India (P.) Ltd. v. S. H. Lohati [1981] 2 KLJ 144; [1982] 52 Comp Cas 340 (Kar), a … K.A. Swami, Actg. C.J.1. This Division Bench consisting of N. Venkatachala, J. (as he then was) and K. Shivashankar Bhat, J. … has referred the following question for consideration by a Full Bench under section 7 of the Karnataka High Court Act, 1961 : 'What is the

Shriram Chits (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2002)83ITD792(Hyd.)

the chit groups promoted by it either as a Foreman in fulfilment of the requirement of law i.e. Chit Funds Act, 1982 (Central Act 40 of 1982) or on the assessee-company entering into the shoes of defaulting subscribers or in … of the paper book, he submitted is the order of the Commissioner of Income-tax, New Delhi passed under Section 263 with a view of disallowing chit loss on the ground of mutuality, following the judgment in the … manufacturing sugar, the profits referable to agricultural activities are exempt. At page 48 of Palkhivala on Income-tax 8th Edition Vol. I, it is digested as

Reserve Bank of India Vs. Peerless General Finance and Investment Co. ...

Court : Supreme Court of India

Subject : Commercial

Reported in : 1987(1)SCALE100; (1987)1SCC424; [1987]2SCR1; 1987(1)LC586(SC); AIR 1987 SC 1023; MANU/SC/0073/1987

which they considered were important Non-Banking Financial Institutions. They were:-1. Hire Purchase Finance Institutions; 2. Investment Companies; 3. Chit Funds/Kuris; 4. Nidhis or Mutual Benefit Funds; and5. Finance Corporations.19. Proceeding to consider Chit Funds and their working, the … 1978, 1979, 1980, 1981, 1982, 1983, and 1984 was 17, 16, 27.59, 48.07, 85.70, 129.23, 129.50 and 126.47 lakhs, while the commission paid to the … The only reason why the appeals are being dismissed is on the wording of Section 2(e) of the Act. A close study of the definition makes the conclusion inescapable that the Peerless scheme does not come within … : [1981]1SCR801 and State of West Bengal v. Swapan Kumar Guha. : 1982CriLJ819 . Any attempt to distinguish the ratio of these two cases for