https://www.taxtmi.com/caselaws?id=188881 The amended Section 12 of the Tamil Nadu Chit Funds Act, 1961 substituted a cash security requirement for an earlier mortgage condition, and was treated as a regulatory safeguard designed to protect subscribers and regulate chit fund business in public interest. The provision was regarded as a reasonable restriction on trade and not an excessive or unconstitutional burden under Article 301 read with Article 304. The amendment was also viewed as merely altering the form of an existing restriction already contained in the principal Act, so fresh Presidential sanction under Article 304(b) was not required. The constitutional challenge to the amendment therefore failed. 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 amended Section 12 of the Tamil Nadu Chit Funds Act, 1961 substituted a cash security requirement for an earlier mortgage condition, and was treated as a regulatory safeguard designed to protect subscribers and regulate chit fund business in public interest. The provision was regarded as a reasonable restriction on trade and not an excessive or unconstitutional burden under Article 301 read with Article 304. The amendment was also viewed as merely altering the form of an existing restriction already contained in the principal Act, so fresh Presidential sanction under Article 304(b) was not required. The constitutional challenge to the amendment therefore failed. Case-Laws Indian Laws Tue, 11 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188881