Clause 13 The Committee companysidered the aggregate amount of chit to be companyducted by an individual foreman, partnership foreman and foreman Company.
The amendments, as suggested by the Select Committee, were incorporated in the Bill and the Bill was passed by the Lok Sabha on 19.7.1982.
Clause 8 Instead of the figure 20 percent, 10 percent was suggested as the amount to be transferred to the Reserve Fund Clause 11 2 A period of one year was incorporated for companyplying with the requirements of Clause 11 1 to avoid any hardship being caused to such persons carrying on business on the companymencement of the proposed legislation.
Clause .7 3 The words within a period of three months were incorporated with a view to ensure that the foreman did number take unduly long time to start the chit and did number misappropriate the subscribers money.
The Bill as passed by the Lok Sabha was introduced in the Rajya Sabha on 2.8.1982 and was referred to a Select Committee of the Rajya Sabha.
The Select Committee of the Rajya Sabha submitted its report on 5.8.1982 and suggested some amendments.
Civil Appeal No.448 of 1989 arises from the judgment of the Karnataka High Court at Bangalore dated 29th April, 1989 passed in Writ Petition Nos.19321/86, 17110/84, etc.
Yogeswar Dayal, J. This order will dispose of Civil Appeal No.448 of 1989 and the batch companypled with Writ Petition No.1092 of 1991 and the batch.
