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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 … 394) while considering Section 42 CPC under Order 21 Rules 6 and 50, the Court observed as under:Where an award made under the Indian Arbitration

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, … a Chit Fund Company at any point of time may not exceed 50 per cent of the net worth of the company, i.e., the paid … 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

Dr. Vimala Vs. M/S. Shriman Chits and Investments Pvt. Ltd.

Court : Chennai

Subject : ArbitrationCommercialCivil

Acts : Code of Civil Procedure (CPC), 1908 -- Sections 47, 66, 71 -- Rule 50 -- Order 21, Rule 21, 43; Indian Contract Act, 1872 -- Sections 128; Chit Funds Act, 1982 -- Sections 33(1), 64(1), 67; The Arbitration Act, 1940

Reported in : 1999(3)CTC210

In the counter filed by the respondent, it would be urged that (i) under Section 64(1)(b) of the Chit Funds Act, 1982 (hereinafter referred to as the 'Act') a surety can be proceeded against for any dispute relating the chit … played upon the Court by the respondent in so far as the substituted service is concerned, that Rule 50 contemplates the service, but does not contemplates the substituted service.6. The learned counsel for the petitioner would lay

Angel's Consultants Pvt. Ltd. and Anr. Vs. Anand Mehta and Co. and Anr ...

Court : Kolkata

Subject : BankingContract

Acts : Bengal Money-Lenders Act, 1940 - Sections 2(13), 8, 13 and 13(3); ;Reserve Bank of India Act, 1934 - Section 45

Reported in : 2005(1)CHN357

Court at pages 251, 252 of the judgment that it will bo noticed from Section 3 of the Chit Funds Act, 1982 that the said section which overrides other laws, memorandum or articles of association or bye-laws or any agreement … and on behalf of the defendant No. 1 approached the plaintiff company for a temporary loan of Rs. 50,00,000/- against security of 15,000/- Equity shares of DSQ Softwares Ltd. and agreed to repay to the plaintiff No.

R. Venkiduswamy Chit Funds, Regd, Partnership Firm (710/70) Vs. P.T. A ...

Court : Chennai

Subject : LimitationCommercial

Acts : Limitation Act, 1963 - Sections 24 - Schedule - Article 37; Tamil Nadu Indebted Person (Temporary Relief) Act, 1976 - Sections 6

Reported in : 1997(3)CTC756

As against these submissions Mr. S.K. Raghunathan, learned Counsel for the respondent, contended that the transactions under the Chit Funds Act were not debts, that the Debt Relief Act had no application and in support, he relied on the … single Judge Raju, J. not having agreed with the view expressed in Sudarsan Chit Fund v. Mrs. Jagadambal 1982 (II) MLJ 169 the matters were posted before a Bench. The questions set down for consideration by the … the institution of the suit was barred by the moratorium enactments. Under Section 6 of Tamil Nadu Indebted Persons (Temporary Relief) Act XVI of 1976 … Division Bench in Raghavan Pattar v. Arumugham, 1933 M.W.N. 70 : 41 L.W. 376 which held that transaction with the auction purchaser was one of

Sriram Chits Tamil Nadu (P) Ltd. Vs. State of Tamil Nadu and ors.

Court : Chennai

Subject : Civil

Acts : Chit Funds Act, 1982 - Sections 89; Chit Funds Rules, 1984 - Rules 49, 49(1), 49(6), 50 and 50(1) to 50(4)

Reported in : AIR2009Mad68

amendment to the very rules themselves, framed in exercise of the powers conferred under Section 89 of the Chit Funds Act. So far as the direction contained in (i) of paragraph-28 of the order is concerned, as observed by … in Suriya Chit Funds, Pollachi, namely, the third responc ent and the maturity amount of which was Rs. 50,000/- payable in 20 instalments i.e., Rs. 2500 x 20. He had been regulirly paying the instalments and during

The D.C.i.T. Vs. Mangal Dayak Chit Fund (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2005)92ITD258(Hyd.)

of the case are as follows.3.2 All these assessees are Chit Fund Companies. They are governed by the Chit Funds Act 1982 and the A.P. Chit Funds Act 1971 and the Rules formed there under. The assessees have filed their … matter before us.3.1 The sole issue arising for adjudication in these appeals is whether the penalty levied under Section 271 B by the Assessing Officer, in the case of a Chit Fund Company; on the ground that … subscriptions have to be first taken as income in the P & L account and then to give a credit to the personal account the

State of Kerala and ors. Vs. Ms. Mar Appraem Kuri Co.Ltd. and ors.

Court : Supreme Court of India

Subject : Constitution

Acts : Constitution of India - Article 254(1); Kerala Chitties Act 23 of 1975 - Section 15; Central Chit Funds Act 40 of 1982 - Article 254(1), Section 1(3), 85(a), 90(2); The U.P. Civil Laws (Reforms and Amendment) Act 57 of 1976 ; Code of Civil Procedure (Amendment) Act 104 of 1976 ; Central Act - Section 20; General Clauses Act, 1897 - Section 6 ; Orissa Mining Areas Development Fund Act, 1952

challenged the vires of Section 4(1a) of the 1975 Act as repugnant under Article 254(1) to the Central Chit Funds Act, 1982. Questions to be answered7. Whether making of the law or its commencement brings about repugnancy or inconsistency as … High Court in the case of Smt. Chandra Rani and others v. Vikram Singh and others [1979 All. L.J. 401] in the following circumstances:- The U.P. Civil Laws (Reforms and Amendment) Act 57 of 1976 being the

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 … a chit fund company at any point of time may not exceed 50 per cent of the net worth of company, i.e., the paid-up capital … 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

Dharmodayam Company Vs. Union of India (Uoi)

Court : Kerala

Subject : Civil

Acts : Kerala Chitties Act, 1975 - Sections 2(4), 3, 3(1), 3(2), 4, 4(1), 5, 6, 6(3), 11, 12, 13, 14, 15, 17, 18, 19, 21, 22, 23, 24, 25, 26, 29, 34, 35, 39, 40, 42, 43, 55, 56, 59, 60, 67, 72, 89 and 220; Kerala Finance Act, 2002; Chit Funds Act, 1982 - Sections 1(3), 2, 4(1), 7(3), 8, 9(1), 20 and 90; Constitution of India - Articles 14, 19(1), 226, 245 to 255; Companies Act; Finance Act, 2002 - Sections 3(5) and 4; Kerala Chittis (Amendment) Act, 2002

Reported in : AIR2005Ker253; [2005]126CompCas586(Ker); 2005(3)KLT332

view, cannot be read in isolation. The same has to be read along with Section 1(3) of the Chit Funds Act, 1982. Section 1(3) of the Act states that the Chit Funds Act, 1982 shall come into force on such date … expected that these changes will enable Government to improve investor protection and to earn additional revenue of Rs. 50 lakhs by way of Stamp Duty and Registration Charges'.The Kerala Chillies Act in the wake of above budget