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Relating to nbfc company and chit fund company

(Querist) 01 August 2013 This query is : Resolved 
hi, friends,please suggest me the suitable answer for this query-

A pvt ltd company want to start a club,
if the membership of a club is refundable then , whether the club will come under the "chit fund company" or "nbfc company"?
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ajay sethi (Expert) 01 August 2013
academic query . in any case company can afford legal fees

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