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TMI BlogChit Fund CompaniesX X X X Extracts X X X X X X X X Extracts X X X X ..... Chit Fund Companies - News and Press Release Dated:- 24-2-2015 - News - 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lice 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 24 TH 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Finleas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 Indepe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent 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 Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rts 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Ros ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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