TaxTMI 
TaxTMI 
Violation of Company Act
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....iolation of Company Act <br>News and Press Release<br>Dated:- 28-11-2014<br><BR>There are no provisions in the Companies Act, 1956 or 2013 relating to Chit Funds or 'Chit Fund Companies'. Provisions t....
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....o this effect are contained in the Chit Funds Act, 1982 which is a Central Act administered by the Ministry of Finance (Department of Financial Services) but its implementation vests in the State Gove....
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....rnments concerned who register entities running Chit Funds and regulate their affairs and proceed against violators including by companies running chit funds without such registrations. Central Govern....
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....ment has, however, interalia investigated affairs of 14 companies falling in the category of the so called 'Chit Fund Companies' for violation of the Companies Act. It has been decided to prosecute su....
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....ch companies under various provisions of Companies Act and to also share the findings of investigations with the CBI which is also investigating various alleged criminal activities of such companies. ....
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.... This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.<BR> News - Press release - PIB....