https://www.taxtmi.com/caselaws?id=188881 The Supreme Court upheld the validity of the amended Section 12 of the Tamil Nadu Chit Funds Act, 1961, which required a cash deposit as security instead of property mortgage. The Court found the amendment to be in the public interest for regulating the chit fund trade, ensuring proper security for subscribers' interests. It determined that the enhanced deposit requirement was necessary and not restrictive, emphasizing the importance of regulation. The Court also held that separate presidential approval for the amending Act was not required since the original Act had presidential sanction. The appeals were dismissed with no costs awarded. en-us Tue, 11 Dec 1990 00:00:00 +0530 Mon, 19 Dec 2016 17:21:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188881 The Supreme Court upheld the validity of the amended Section 12 of the Tamil Nadu Chit Funds Act, 1961, which required a cash deposit as security instead of property mortgage. The Court found the amendment to be in the public interest for regulating the chit fund trade, ensuring proper security for subscribers' interests. It determined that the enhanced deposit requirement was necessary and not restrictive, emphasizing the importance of regulation. The Court also held that separate presidential approval for the amending Act was not required since the original Act had presidential sanction. The appeals were dismissed with no costs awarded. Case-Laws Indian Laws Tue, 11 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188881