Chapter VII-Miscellaneous

Home/ Act and Rules/ Delhi Chit Fund Rules, 2007/ Chapter VII-Miscellaneous

Delhi Chit Fund Rules, 2007    

Chapter VII

MISCELLANEOUS

51.Appeal.-

  1. An appeal under section 70 or sub sections (1) and (2) of section 74 shall be made in writing and shall be either presented in person or sent by registered post to the appellate authority. Explanation.-For the purposes of this rule and rule 52, ‘appellate authority’ means-
    in respect of an appeal under section 70, the State Government;
    in respect of an appeal under sub sections (1) and (2) of section 74, the State Government or such officer or authority as may be empowered by a notification in the official Gazette by the State Government in that behalf.
     
  2. The appeal shall be in the form of a memorandum accompanied by fees prescribed in Appendix II.
     
  3. Every appeal shall-
    (a) specify the names and addresses of the appellant as well as the respondent;
    (b) by whom the order appealed against was made;
    (c) set forth concisely and under distinct heads the grounds of objections to the order appealed against with a memorandum of evidence;
    (d) state precisely the relief which the appellant claims;(e) give the date of the order appealed against.

52.Hearing and disposal of the appeal.-

  1. On receipt of the appeal, the appellate authority shall, as soon as possible, examine it and ensure that- (a) whether relevant fee has been paid on the appeal memorandum; (b) the person presenting the appeal has the locus standi to do so; (c) it is made within the specified time limit; and (d) it conforms to all the provisions of the Act and these rules.
  2. In the proceedings before the appellate authority, the appellant and the respondent may be represented by an agent holding a power of attorney or by a legal practitioner.
  3. The appellate authority, on the basis of the enquiry conducted and with reference to the records examined, pass such order on appeal as may deem just and reasonable.
  4. Every order of the appellate authority under sub rule (3) shall be in writing and it shall be communicated to the parties concerned and the Registrar.

53.Period of retention of records by the Registrar.- The records of a chit including registers and books of account shall be preserved in the office of the Registrar for eight years- (a) from the date of release of the security in the case of chit which are terminated; (b) from the date when the affairs of the chit are completely wound up in case dealt with in Chapter X of the Act; and (c) if orders passed under that Chapter are appeal-able, from the date of disposal of the appeal.

54.Compounding of offences arising under the Act.-

  1. Any officer empowered by the State Government shall issue a show cause notice before taking any action under section 76 or section 77 of the Act against any person who has committed, or reasonably suspected to have committed any offence under the Act and these rules asking him to show cause within a period of fifteen days, why action under the said section 76 or section 77 of the Act, as the case may be, should not be taken against him.
     
  2. Notwithstanding anything contained in the said provision-
    1. any officer empowered by the State Government under section 81 to compound the offence committed under the Act, or reasonably suspected to have committed any offence under the Act and these rules may compound the said offence committed by any person, either before or after the institution of the criminal proceedings under the Act: Provided that the said proposal to compound the offence is accepted by any officer authorised by the State Government.
    2. on an approval of the said proposal by the officer empowered to approve such a proposal referred to above, the officer empowered to compound the offence shall send an intimation in writing in that behalf to that person specifying therein-
      1.  a sum not exceeding five thousand rupees by way of composition;
      2.  the date on or before which the sum shall be paid.

55.Rate of interest for defaulted installment of subscription by a non- prized subscriber.- The rate of interest payable by a defaulting subscriber in pursuance of the proviso to sub section (1) of section 28 of the Act shall not exceed twelve per cent per annum.

56.Repeal and savings.-

  1. The Delhi Chit Fund Rules, 1964 are hereby repealed.
     
  2. Notwithstanding such repeal, the rules mentioned in sub-rule (1) shall continue to apply to chits in operation on the commencement of these rules, in the same manner as they applied to such chits before such commencement.
Top