https://www.taxtmi.com/caselaws?id=109604 On the winding up of a chit company, the chit was treated as terminated under the Chit Funds Act, 1982 because monthly auctions could no longer continue. In that situation, the statutory scheme was said to negate any claim by the prized subscriber to dividends once the chit had ceased to run. The subscriber's obligation to pay the balance amount therefore survived, and the Official Liquidator could recover that balance. The subscriber's plea to set off the claim by asserting entitlement to dividend was rejected, and recovery was allowed without interest. en-us Wed, 18 Jun 2003 00:00:00 +0530 Tue, 10 Apr 2012 18:49:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109604 On the winding up of a chit company, the chit was treated as terminated under the Chit Funds Act, 1982 because monthly auctions could no longer continue. In that situation, the statutory scheme was said to negate any claim by the prized subscriber to dividends once the chit had ceased to run. The subscriber's obligation to pay the balance amount therefore survived, and the Official Liquidator could recover that balance. The subscriber's plea to set off the claim by asserting entitlement to dividend was rejected, and recovery was allowed without interest. Case-Laws Companies Law Wed, 18 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109604