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        Case ID :
        Income Tax

        Chit Fund Companies

        February 24, 2015

        📋
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        The details of companies investigated by the Ministry during the last three years and current year (till date) are enclosed as Annexure-I.  

        Chit Funds are registered by State Governments under the Chit Funds Act, 1982 - an Act administered by the Ministry of Finance but with responsibilities of implementation resting with the States. Cheating by Chit Fund company through fraudulent schemes is an offence under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The power to investigate and prosecute lies with the State Governments. However for better identification of Chit Fund Companies, Rule 8(2)(b)(iii) of Companies (Incorporation) Rules, 2014 framed under the Companies Act, 2013, provides that if the company’s main business is financing, leasing, chit fund, investments, securities or combination thereof, its incorporation shall not be allowed unless its name is indicative of such related financial activities, viz., Chit Fund or Investment or Loan, etc. 

        Insofar as Companies Act is concerned, cases of violations of the provisions of the Act by Chit Fund companies are dealt with in accordance with the Act. So far the Ministry has ordered investigations against 96 such companies by Serious Fraud Investigation Office (SFIO) of this Ministry under the provisions of Section 235 of the Companies Act, 1956. These investigations are in addition to action initiated by State police authorities under the laws referred above. 

        This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today. 

        Annexure - I

         ANNEXURE REFERRED TO IN ANSWER TO PART (a) OF RAJYA SABHA UNSTARRED QUESTION NO. 39 FOR 24TH FEBRUARY, 2015 REGARDING CHIT FUND COMPANIES

         Details of companies investigated by the Ministry during the last three years and current year (till date)

         2011-12

         Sl. No.

        Name of the Company

        Date of Submission of Investigation report to MCA

        1

        Sesa Goa Ltd.

        29/04/2011

        2

        Sesa Industries Ltd.

        29/04/2011

        3

        Systems America (India) Ltd.

        16/05/2011

        4

        Ambuja Cements Ltd.

        26/07/2011

        5

        ACC Ltd.

        26/07/2011

        6.

        Ultratech Cement Ltd.

        27/07/2011

        7

        Megacity (Bangalore) Developers & Builders Ltd.

        02/08/2011

        8

        Rishi Oil & Fats Ltd. (in Liqn)

        22/11/2011

        9

        AVI Shoes Ltd. (in Liqn)

        22/11/2011

        10

        AVI Industries Ltd. (in Liqn)

        22/11/2011

        11

        Austral Coke & Projects Ltd.

        29/12/2011

        12

        Metlex Ceramic Ltd. (under Liquidation)

        11/01/2012

        13

        City Limouzines (India) Ltd.

        30/01/2012

        14

        H. M. Dyeing Ltd. (under Liquidation)

        21/02/2012

        15

        Palamoor Agro Complex Ltd.

        29/02/2012

        16

        Goldquest International Pvt. Ltd.

        05/03/2012

        17

        Questnet Enterprises India Pvt. Ltd.

        05/03/2012

        18

        Dimensions Investment & Securities Ltd. (under Liquidation)

        07/03/2012

        19

        Global Trust Bank

        09/03/2012

        20

        Ganga Yamuna Finvest Pvt. Ltd. (in Liquidation)

        30/03/2012

         2012-13

         1

        Jayant Vitamins Ltd.

        29/05/2012

        2

        Vijay Associates

        26/07/2012

        3

        Mauve Farms Pvt. Ltd.

        03/08/2012

        4

        Lakshish Habitats Ltd. (under Liquidation)

        13/08/2012

        5

        Savitri Finlease Securities Ltd.

        14/08/2012

        6

        Jenson & Nicholson Financial Services Ltd.

        17/08/2012

        7

        Yusuf Properties Pvt. Ltd.

        30/08/2012

        8

        Pushkar Trading Co. Ltd. (under Liquidation)

        31/08/2012

        9

        Triveni Infrastructure development Co. Ltd. (under Liquidation)

        06/09/2012

        10

        Ayushi Buildestates Pvt. Ltd.

        18/09/2012

        11

        Singh Contractors (I) Pvt. Ltd. (under Liquidation)

        26/09/2012

        12

        Independent Mobile Infrastructure (P) Ltd. (in Liquidation)

        19/10/2012

        13

        Omway Build Estate Pvt. Ltd.

        02/11/2012

        14

        Casion Finance & Investment (India) Ltd. (under Liquidation)

        23/11/2012

        15

        Kush Print (P) Ltd. (in Lquidation)

        05/12/2012

        16

        Abcindya Networks Pvt. Ltd.

        12/12/2012

        17

        Gennext Promoters Pvt. Ltd.

        13/12/2012

        18

        Sajjad Properties Pvt. Ltd.

        31/12/2012

        19

        Timber World Resorts and Plantation Pvt. Ltd. (in Liquidation)

        27/02/2013

        20

        Life Business Project Pvt. Ltd (Mr. Bhuvnesh Chaturvedi & Ors.)

        01/03/2013

        21

        DSS Mobile Communications Ltd. (under Liquidation)

        18/03/2013

        22

        Mehak Vyapaar Pvt. Ltd.

        21/03/2013

        2013-14

        1

        Kinematics Marketing (P) Ltd.

        01/04/2013

        2

        Reebok India Co. (Unlimited Liability Co.)

        07/05/2013

        3

        Devred (I) Ltd. (in Liquidation)

        09/10/2013

        4

        Vaishnavi Corporate Communications Pvt. Ltd.

        22/01/2014

         

        5

        Vaishnavi Advisory Services Pvt. Ltd.

        6

        Leisure Clubs India Pvt. Ltd.

        7

        Claro Consultancy Pvt. Ltd.

        8

        Magic Airlines Pvt. Ltd.

        9

        Maansi Agro Pvt. Ltd.

        10

        Crownmart International India Pvt. Ltd.

        11

        Vitcom Consulting Private Ltd.

        12

        Neucom Consulting Pvt. Ltd.

        13

        D. R. Gaur Projects Pvt. Ltd.

        19/03/2014

        14

        Unigateway 2U Trading Pvt. Ltd.

        31/03/2014

         

        15

        Unipay 2U Marketing Pvt. Ltd.

        16

        Unipay Creative Business Pvt. Ltd.

        17

        Unipay 2U Production Pvt. Ltd.

        18

        Basil International Ltd.

        19

        Vamshi Chemicals Ltd.

        20

        Nixil Pharmaceuticals Specialities Ltd.

        21

        Appeline Cosmetics & Toiletries Ltd.

        22

        Basil Express Ltd.

        2014-15 (till date)

        1

        Saradha Realty India Ltd.

        04/07/2014

         

        2

        Saradha Agro Development Ltd.

        3

        Saradha Exports Ltd.

        4

        Saradha Shopping Mall Pvt. Ltd.

        5

        Saradha Printing & Publication Pvt. Ltd.

        6

        Saradha Tours & Travels Pvt. Ltd.

        7

        Saradha Education Enterprise Ltd.

        8

        Saradha Construction Company Pvt. Ltd.

        9

        Saradha Garden Resorts & Hotel Pvt. Ltd.

        10

        Saradha Landmark Cement Pvt. Ltd.

        11

        Rose Capital Ltd.

        12

        Bengal Media Pvt. Ltd.

        13

        Bhasank Food Pvt. Ltd.

        14

        Global Automobiles Ltd.

        15

        Speakasiaonline

        15/09/2014

         

        16

        Tulsiyat Tek Pvt. Ltd.

        17

        Seamless Outsourcing LLP

        18

        Rose Valley Real Estate & Construction Ltd.

        03/12/2014

         

        19

        Rose Valley Industries Ltd.

        20

        Silver Valley Communications Ltd.

        21

        Rose Valley Food Beverages Ltd.

        22

        Rose Valley Marketing India Ltd.

        23

        Rose Valley Infotech Pvt. Ltd.

        24

        Rose Valley Hotels & Entertainment Ltd.

        25

        Rose Valley Projects Ltd.

        26

        Rose Valley Patrika Ltd.

        27

        Rose Valley Films Ltd.

        28

        Modern Investment Traders Pvt. Ltd.

        29

        Rose Valley Travels Pvt. Ltd.

        30

        Brand Value Communications Ltd.

        31

        Rose Valley Housing Development Finance Corporation Ltd.

        32

        Rose Valley Airlines Ltd.

        33

        Rose Valley Fashions Pvt. Ltd.

        34

        Rupasi Bangla Projects India Ltd.

        35

        Rupasi Bangla Media & Entertainment Ltd.

        36

        Rose Valley Realcom Ltd.

        37

        KNS Infracon Private Ltd.

        09/01/2015

        38

        ABW Infrastructure Ltd.

        11/02/2015

        Chit fund regulation: state registration and central SFIO investigations under company law to address fraudulent schemes. Chit funds are registered and implemented by State Governments under the Chit Funds Act, 1982, while fraudulent schemes fall under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 with investigation and prosecution powers resting with the States. The Companies (Incorporation) Rules, 2014 require company names to indicate financial activities for firms whose principal business is financing, leasing, chit fund, investment or securities. The Ministry has ordered SFIO investigations under company law in addition to State actions, and an annexure lists investigated companies.
                      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 regulation: state registration and central SFIO investigations under company law to address fraudulent schemes.

                            Chit funds are registered and implemented by State Governments under the Chit Funds Act, 1982, while fraudulent schemes fall under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 with investigation and prosecution powers resting with the States. The Companies (Incorporation) Rules, 2014 require company names to indicate financial activities for firms whose principal business is financing, leasing, chit fund, investment or securities. The Ministry has ordered SFIO investigations under company law in addition to State actions, and an annexure lists investigated companies.


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