BEFORE A.P.STATE CONSUMER DISPUTES REDRESSAL COMMISSION: AT HYDERABAD

F.A.No. 1202 OF 2010 AGAINST C.C.NO.58 OF 2010 DISTRICT CONSUMER FORUM ANANTHAPUR

Between

M/s Kapil Chit Fund (P) Ltd.,
rep. by its Manager Kadiri Branch
D.NO.1-616-1

2^nd Kadiri, Anantapur District

Appellant/opposite party

Mr.M.Nagaraju S/o M.Narayana
aged about 39 years, Occ: Village Revenue Office
R/o Kummara Veedhi, Tanakal Village & Mandal
Ananthapur

Counsel for the Appellant             

Counsel for the Respondents                                               

 QUORUM:

1.     `4,69,500/-`5,000/-.

2.            `5,00,000/- conducted by the appellant company and the chit period was for 50 months on`10,000/-. The chit was commenced in the month of April,2007 and the respondent participated in the auction conducted  

3.     `1,77,025/-. He has submitted sufficient sureties and the appellant-company committed breach of the terms of the contract. He got issued notice on 3.12.2009 requesting the appellant-company to pay the prize money to him. As there was no response from the appellant-company, he had filed the complaint.

4.    `Rs.10,500/-on 01.02.2010 including the installment amount and he accepted to continue as non-prized subscriber.

5.            

 6.           `Rs.10,500/- on 01.02.2010 and that

7.                                                                                                                                                                         8.            

 9.               `.5,00,000/- and commencement of the chit from 31.05.2007 are not disputed.   

10.   `10,500/- as also he paid the subsequent installments and that the respondent’s name was removed from the rolls of the subscribers on 11.1.2010 and that the respondent stood as guarantor to B.Ravindra who became defaulter for which the appellant filed suit recovery of amount and the appellant is entitled to retain the amount.

11.    `10,500/- which the respondent had not paid to them.

12.   nd

In the above circumstances, as per the provision of the A.P.Chit Fund Act, 1971 the prize amount has been deposited in an approved bank in current account and you will be eligible to draw this amount only if you submit sufficient security for the due payment of future subscriptions.  

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                                                                                                                                      KMK*