As soon as a chit group is terminated and all the payments have been made
to the subscribers, Departmental procedure requires the company to file the following
documents for the release of security:
i) Form for release of security under Rule 22(1).
ii) Affidavit duly attested by the notary public alongwith notary stamps worth Rs.3/-
iii) Bank certificate regarding clearance of payments made to the subscribers in r/o. last
5 auctions, and related documents.
iv) List of transfers of subscribers.
v) Detailed list of payments in the following manner:
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Auction No. Name of subscriber
Ticket No.
Date of auction
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------------------------------------------------
1
2
3
4
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Amount Ch.No. Date
of issue Date of
Name
of cheque enchashment
of the Bank
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5
6
7
8
9
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vi) Last Balance Sheet.
vii) In case of non-functional company, the
Registrar Chit Fund, for being satisfied that payment to all the subscribers has been
released, may seek confirmation from the subscribers regarding no dues from the company.
The Registrar, shall, after
being satisfied that all the requirements have been complied with, release the security. |
