https://www.taxtmi.com/caselaws?id=96638 The HC held the altered memorandum authorising a prize-chit scheme constitutes a lottery because subscribers contribute to a common fund and prizes are allocated by chance producing unequal advantages determined by lot, so the alteration is impermissible; however, the court exercised its statutory power to extend the filing period under the Companies Act by three months to allow compliance, granting only this limited procedural relief while disallowing the substantive amendment authorising the prize chit. en-us Fri, 02 Feb 1934 00:00:00 +0530 Tue, 10 Jan 2012 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96638 The HC held the altered memorandum authorising a prize-chit scheme constitutes a lottery because subscribers contribute to a common fund and prizes are allocated by chance producing unequal advantages determined by lot, so the alteration is impermissible; however, the court exercised its statutory power to extend the filing period under the Companies Act by three months to allow compliance, granting only this limited procedural relief while disallowing the substantive amendment authorising the prize chit. Case-Laws Companies Law Fri, 02 Feb 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96638