dividend of each draw even to the defaulted subscriber as and
when the subscriber pays the defaulted subscription."
11. Section ... half, of the amount due from
prized subscriber,
(f) to substitute subscribers in place of defaulting subscribers;
[(fa) to exercise his right to lien against
Subsequently, prize
subscriber committed default in payment of chit
dues of the prized ticket/chit and thus, became
defaulting subscriber and inspite of repeated
demands ... Subsequently, prize
subscriber committed default in payment of chit
dues of the prized ticket/chit and thus, became
defaulting subscriber and inspite of repeated
demands
dismissed.
5. It is to be noted that the prized subscriber defaulted from 26th to 50th
instalments and therefore, the Chit Company filed a case ... Registrar of Chits, Coimbatore and direction
was sought for to the defaulter subscriber and the guarantors to pay arrears with
interest. The Deputy Registrar
received under the head of dividends
in the defaulted chits of the petitioner while
determining the total outstanding amount and to
release the said amount ... petitioner is not a defaulted subscriber
under the Chit Funds Act and is entitled to
receive the dividend.
iii) Direct Respondents to consider Exhibit
FILED BY THE
RESPECTIVE SUBSCRIBERS.
Annexure C TRUE COPY OF STATEMENT CONTAINING THE
DETAILS OF PAYMENT EFFECTED TO VARIOUS
SUBSCRIBERS BASED ON ORDERS ISSUED ... TRUE COPY OF STATEMENT SHOWING THE AMOUNT
RECOVERS FROM THE DEFAULTED SUBSCRIBERS
BY THE COMPANY.
Annexure F TRUE COPY OF CONSOLIDATED STATEMENT
PREPARED
between Complainant company and
subscriber. He further stated that, after defaulting from the
subscriber the Complainant company has sent notice to the
sureties ... much installment were paid by subscriber and how much
installment are due and when the subscriber was defaulter. As
per promissory note, it was executed
subscriber was not in due as mentioned in
the cheque. Further the complainant have not produced
any material to show that when the subscriber
defaulted ... Vedavathi.B, the said subscriber
subscribed chit group amount of Rs.2,00,000/-. The
subscriber has successfully bidding the chit and had
received
proprietor of Hemani
Enterprises had subscribed 02 chits in BC/ST/17. The
said subscriber subscribed in ticket ... proprietor of Hemani
Enterprises had subscribed 02 chits in BC/ST/17. The
said subscriber subscribed in ticket
accused
becoming defaulting subscriber means:
"A subscriber who has defaulted in
payment of subscriptions due in
accordance with the terms of the
chit agreement ... particular subscriber fails to do so,
it affects all other subscribers as
also the chit company. Now, what
happens if a subscriber defaults
defaulter of the said chit. Now as per above said definition
of chit fund act, after becoming defaulter the accused who
being irregular subscriber ... which
have been paid earlier. In chit fund Act, if a subscriber
defaults on payments, the dividend is still credited to
them. However, there
