Chitfund surity problem

Querist : Anonymous (Querist) 03 June 2024 This query is : Resolved
We have placed a chit in the registered company and we picked it in 1st month of which 50 lakhs we are getting 30 lakhs
We have provided àll the required documents as they asked for and 3 surities and then have verified them all and took the guarantee signatures as well then said ok to released the payment.
We have asked for payment on time they have just taking time and we had arguments on between with them
Now they are saying that the surities which we have provided don't match our requirements and asking for additional surities that too govt employes of over 1.2 lakh salary
They have send us legal notice stating the same of require govt employee surities

Can u help us How can we counter the legal notice

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T. Kalaiselvan, Advocate (Expert) 03 June 2024
If that is the condition and you have accepted the terms and condition before entering into this chit fund then you cannot dispute the issue at this stage, you can ask them to refund your initial payment amount after deducting their administrative charges by cancelling your chit fund account

kavksatyanarayana (Expert) 03 June 2024
You shall follow the Chit Fund Agreement executed between you and the Foreman of the Chit fund company. Then file a complaint against the Foreman to the Registrar of Chits of your District and mark a copy of Deputy Director of Chit Fund Companies.

P. Venu (Expert) 05 June 2024
The Chit Fund law in vogue does not provide for the prized subscriber. The legal requirement is that the prized subscriber should furnish security for release of the security.

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