The details of companies investigated by the Ministry during the last three years and current year (till date) are enclosed as Annexure-I.
Chit Funds are registered by State Governments under the Chit Funds Act, 1982 - an Act administered by the Ministry of Finance but with responsibilities of implementation resting with the States. Cheating by Chit Fund company through fraudulent schemes is an offence under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The power to investigate and prosecute lies with the State Governments. However for better identification of Chit Fund Companies, Rule 8(2)(b)(iii) of Companies (Incorporation) Rules, 2014 framed under the Companies Act, 2013, provides that if the company’s main business is financing, leasing, chit fund, investments, securities or combination thereof, its incorporation shall not be allowed unless its name is indicative of such related financial activities, viz., Chit Fund or Investment or Loan, etc.
Insofar as Companies Act is concerned, cases of violations of the provisions of the Act by Chit Fund companies are dealt with in accordance with the Act. So far the Ministry has ordered investigations against 96 such companies by Serious Fraud Investigation Office (SFIO) of this Ministry under the provisions of Section 235 of the Companies Act, 1956. These investigations are in addition to action initiated by State police authorities under the laws referred above.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.
Annexure - I
ANNEXURE REFERRED TO IN ANSWER TO PART (a) OF RAJYA SABHA UNSTARRED QUESTION NO. 39 FOR 24TH FEBRUARY, 2015 REGARDING CHIT FUND COMPANIES
Details of companies investigated by the Ministry during the last three years and current year (till date)
2011-12
|
Sl. No.
|
Name of the Company
|
Date of Submission of Investigation report to MCA
|
|
1
|
Sesa Goa Ltd.
|
29/04/2011
|
|
2
|
Sesa Industries Ltd.
|
29/04/2011
|
|
3
|
Systems America (India) Ltd.
|
16/05/2011
|
|
4
|
Ambuja Cements Ltd.
|
26/07/2011
|
|
5
|
ACC Ltd.
|
26/07/2011
|
|
6.
|
Ultratech Cement Ltd.
|
27/07/2011
|
|
7
|
Megacity (Bangalore) Developers & Builders Ltd.
|
02/08/2011
|
|
8
|
Rishi Oil & Fats Ltd. (in Liqn)
|
22/11/2011
|
|
9
|
AVI Shoes Ltd. (in Liqn)
|
22/11/2011
|
|
10
|
AVI Industries Ltd. (in Liqn)
|
22/11/2011
|
|
11
|
Austral Coke & Projects Ltd.
|
29/12/2011
|
|
12
|
Metlex Ceramic Ltd. (under Liquidation)
|
11/01/2012
|
|
13
|
City Limouzines (India) Ltd.
|
30/01/2012
|
|
14
|
H. M. Dyeing Ltd. (under Liquidation)
|
21/02/2012
|
|
15
|
Palamoor Agro Complex Ltd.
|
29/02/2012
|
|
16
|
Goldquest International Pvt. Ltd.
|
05/03/2012
|
|
17
|
Questnet Enterprises India Pvt. Ltd.
|
05/03/2012
|
|
18
|
Dimensions Investment & Securities Ltd. (under Liquidation)
|
07/03/2012
|
|
19
|
Global Trust Bank
|
09/03/2012
|
|
20
|
Ganga Yamuna Finvest Pvt. Ltd. (in Liquidation)
|
30/03/2012
|
2012-13
|
1
|
Jayant Vitamins Ltd.
|
29/05/2012
|
|
2
|
Vijay Associates
|
26/07/2012
|
|
3
|
Mauve Farms Pvt. Ltd.
|
03/08/2012
|
|
4
|
Lakshish Habitats Ltd. (under Liquidation)
|
13/08/2012
|
|
5
|
Savitri Finlease Securities Ltd.
|
14/08/2012
|
|
6
|
Jenson & Nicholson Financial Services Ltd.
|
17/08/2012
|
|
7
|
Yusuf Properties Pvt. Ltd.
|
30/08/2012
|
|
8
|
Pushkar Trading Co. Ltd. (under Liquidation)
|
31/08/2012
|
|
9
|
Triveni Infrastructure development Co. Ltd. (under Liquidation)
|
06/09/2012
|
|
10
|
Ayushi Buildestates Pvt. Ltd.
|
18/09/2012
|
|
11
|
Singh Contractors (I) Pvt. Ltd. (under Liquidation)
|
26/09/2012
|
|
12
|
Independent Mobile Infrastructure (P) Ltd. (in Liquidation)
|
19/10/2012
|
|
13
|
Omway Build Estate Pvt. Ltd.
|
02/11/2012
|
|
14
|
Casion Finance & Investment (India) Ltd. (under Liquidation)
|
23/11/2012
|
|
15
|
Kush Print (P) Ltd. (in Lquidation)
|
05/12/2012
|
|
16
|
Abcindya Networks Pvt. Ltd.
|
12/12/2012
|
|
17
|
Gennext Promoters Pvt. Ltd.
|
13/12/2012
|
|
18
|
Sajjad Properties Pvt. Ltd.
|
31/12/2012
|
|
19
|
Timber World Resorts and Plantation Pvt. Ltd. (in Liquidation)
|
27/02/2013
|
|
20
|
Life Business Project Pvt. Ltd (Mr. Bhuvnesh Chaturvedi & Ors.)
|
01/03/2013
|
|
21
|
DSS Mobile Communications Ltd. (under Liquidation)
|
18/03/2013
|
|
22
|
Mehak Vyapaar Pvt. Ltd.
|
21/03/2013
|
2013-14
|
1
|
Kinematics Marketing (P) Ltd.
|
01/04/2013
|
|
2
|
Reebok India Co. (Unlimited Liability Co.)
|
07/05/2013
|
|
3
|
Devred (I) Ltd. (in Liquidation)
|
09/10/2013
|
|
4
|
Vaishnavi Corporate Communications Pvt. Ltd.
|
22/01/2014
|
|
5
|
Vaishnavi Advisory Services Pvt. Ltd.
|
|
6
|
Leisure Clubs India Pvt. Ltd.
|
|
7
|
Claro Consultancy Pvt. Ltd.
|
|
8
|
Magic Airlines Pvt. Ltd.
|
|
9
|
Maansi Agro Pvt. Ltd.
|
|
10
|
Crownmart International India Pvt. Ltd.
|
|
11
|
Vitcom Consulting Private Ltd.
|
|
12
|
Neucom Consulting Pvt. Ltd.
|
|
13
|
D. R. Gaur Projects Pvt. Ltd.
|
19/03/2014
|
|
14
|
Unigateway 2U Trading Pvt. Ltd.
|
31/03/2014
|
|
15
|
Unipay 2U Marketing Pvt. Ltd.
|
|
16
|
Unipay Creative Business Pvt. Ltd.
|
|
17
|
Unipay 2U Production Pvt. Ltd.
|
|
18
|
Basil International Ltd.
|
|
19
|
Vamshi Chemicals Ltd.
|
|
20
|
Nixil Pharmaceuticals Specialities Ltd.
|
|
21
|
Appeline Cosmetics & Toiletries Ltd.
|
|
22
|
Basil Express Ltd.
|
2014-15 (till date)
|
1
|
Saradha Realty India Ltd.
|
04/07/2014
|
|
2
|
Saradha Agro Development Ltd.
|
|
3
|
Saradha Exports Ltd.
|
|
4
|
Saradha Shopping Mall Pvt. Ltd.
|
|
5
|
Saradha Printing & Publication Pvt. Ltd.
|
|
6
|
Saradha Tours & Travels Pvt. Ltd.
|
|
7
|
Saradha Education Enterprise Ltd.
|
|
8
|
Saradha Construction Company Pvt. Ltd.
|
|
9
|
Saradha Garden Resorts & Hotel Pvt. Ltd.
|
|
10
|
Saradha Landmark Cement Pvt. Ltd.
|
|
11
|
Rose Capital Ltd.
|
|
12
|
Bengal Media Pvt. Ltd.
|
|
13
|
Bhasank Food Pvt. Ltd.
|
|
14
|
Global Automobiles Ltd.
|
|
15
|
Speakasiaonline
|
15/09/2014
|
|
16
|
Tulsiyat Tek Pvt. Ltd.
|
|
17
|
Seamless Outsourcing LLP
|
|
18
|
Rose Valley Real Estate & Construction Ltd.
|
03/12/2014
|
|
19
|
Rose Valley Industries Ltd.
|
|
20
|
Silver Valley Communications Ltd.
|
|
21
|
Rose Valley Food Beverages Ltd.
|
|
22
|
Rose Valley Marketing India Ltd.
|
|
23
|
Rose Valley Infotech Pvt. Ltd.
|
|
24
|
Rose Valley Hotels & Entertainment Ltd.
|
|
25
|
Rose Valley Projects Ltd.
|
|
26
|
Rose Valley Patrika Ltd.
|
|
27
|
Rose Valley Films Ltd.
|
|
28
|
Modern Investment Traders Pvt. Ltd.
|
|
29
|
Rose Valley Travels Pvt. Ltd.
|
|
30
|
Brand Value Communications Ltd.
|
|
31
|
Rose Valley Housing Development Finance Corporation Ltd.
|
|
32
|
Rose Valley Airlines Ltd.
|
|
33
|
Rose Valley Fashions Pvt. Ltd.
|
|
34
|
Rupasi Bangla Projects India Ltd.
|
|
35
|
Rupasi Bangla Media & Entertainment Ltd.
|
|
36
|
Rose Valley Realcom Ltd.
|
|
37
|
KNS Infracon Private Ltd.
|
09/01/2015
|
|
38
|
ABW Infrastructure Ltd.
|
11/02/2015
|
9911796707
