Chit fund company definition clarified: includes companies taking fixed deposits and lending to members under subscriber arrangements. Defines the Companies (Auditor's Report) Order, 2003 terminology: Act means the Companies Act, 1956; a chit fund/nidhi/mutual benefit company is one arranging subscriber instalments for a definite period with subscribers entitled in turn by lot, auction, tender or other agreed manner to a prize amount, and includes companies principally accepting fixed deposits from, and lending to, members. Clauses (c)-(i) listing other company types were omitted by a later amendment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Chit fund company definition clarified: includes companies taking fixed deposits and lending to members under subscriber arrangements.
Defines the Companies (Auditor's Report) Order, 2003 terminology: Act means the Companies Act, 1956; a chit fund/nidhi/mutual benefit company is one arranging subscriber instalments for a definite period with subscribers entitled in turn by lot, auction, tender or other agreed manner to a prize amount, and includes companies principally accepting fixed deposits from, and lending to, members. Clauses (c)-(i) listing other company types were omitted by a later amendment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
