Bunny Chintu 16 November 2022
Dr J C Vashista (Advocate) 17 November 2022
Chit fund companies will have to seek professional services of a prudent lawyer.
What is your problem / concern / locus standi ?
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 17 November 2022
Chit funds in India are governed by the Chit Funds Act, 1982. Under this Act, the chit fund businesses can be registered and regulated only by the respective State Governments. Regulator of chit funds is the Registrar of Chits appointed by respective state governments under Section 61 of Chit Funds Act. Powers of adjudication vest in the Registrar and the state government concerned is the Appellate authority. In case of failure of a chit fund business, the responsibility for winding up such a business also vests with the respective State Governments. Moreover, the Prize chits and money circulation schemes are illegal and are banned under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. Powers of investigation under this Act are vested with the concerned state police authorities.
R.K Nanda (Advocate) 17 November 2022
search google for proceedure.
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