Convenor taking over a vacant Chit, is treated as subscriber for all purposes.

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....iod of time. The usual practice in cases where all the tickets are not fully subscribed at the commencement of the Chit, is for the organiser or the convenor (whether individual, HUF, firm or company) to subscribe for such vacant Chits on their own account so as to make the Chit complete, vis-a-vis a number of subscribers. This ensures that the Chit amount is secured. 2. In the event of the conve....