The details of companies
investigated by the Ministry during the last three years and current year (till
date) are enclosed as Annexure-I.
Chit Funds are registered by
State Governments under the Chit Funds Act, 1982 – an Act administered by the
Ministry of Finance but with responsibilities of implementation resting with the
States. Cheating by Chit Fund company through fraudulent schemes is an offence
under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The
power to investigate and prosecute lies with the State Governments. However for
better identification of Chit Fund Companies, Rule 8(2)(b)(iii) of Companies
(Incorporation) Rules, 2014 framed under the Companies Act, 2013, provides that
if the company’s main business is financing, leasing, chit fund, investments,
securities or combination thereof, its incorporation shall not be allowed
unless its name is indicative of such related financial activities, viz., Chit
Fund or Investment or Loan, etc.
Insofar as Companies Act is concerned, cases of
violations of the provisions of the Act by Chit Fund companies are dealt with
in accordance with the Act. So far the Ministry has ordered investigations
against 96 such companies by Serious Fraud Investigation Office (SFIO) of this
Ministry under the provisions of Section 235 of the Companies Act, 1956. These
investigations are in addition to action initiated by State police authorities
under the laws referred above.
This was stated by Shri Arun Jaitley,
Minister of Corporate Affairs in written reply to a question in the Rajya Sabha
today.
       Â
Annexure - I
ANNEXURE REFERRED TO IN ANSWER TO PART (a) OF RAJYA
SABHA UNSTARRED QUESTION NO. 39 FOR 24TH FEBRUARY, 2015 REGARDING CHIT FUND COMPANIES
Details of companies investigated by the Ministry
during the last three years and current year (till date)
2011-12
|
Sl. No.
|
Name of the Company
|
Date of Submission of Investigation report to MCA
|
|
1
|
Sesa Goa Ltd.
|
29/04/2011
|
|
2
|
Sesa Industries Ltd.
|
29/04/2011
|
|
3
|
Systems America (India)
Ltd.
|
16/05/2011
|
|
4
|
Ambuja Cements Ltd.
|
26/07/2011
|
|
5
|
ACC Ltd.
|
26/07/2011
|
|
6.
|
Ultratech Cement Ltd.
|
27/07/2011
|
|
7
|
Megacity (Bangalore)
Developers & Builders Ltd.
|
02/08/2011
|
|
8
|
Rishi Oil & Fats Ltd.
(in Liqn)
|
22/11/2011
|
|
9
|
AVI Shoes Ltd. (in Liqn)
|
22/11/2011
|
|
10
|
AVI Industries Ltd. (in
Liqn)
|
22/11/2011
|
|
11
|
Austral Coke & Projects
Ltd.
|
29/12/2011
|
|
12
|
Metlex Ceramic Ltd. (under
Liquidation)
|
11/01/2012
|
|
13
|
City Limouzines (India)
Ltd.
|
30/01/2012
|
|
14
|
H. M. Dyeing Ltd. (under
Liquidation)
|
21/02/2012
|
|
15
|
Palamoor Agro Complex Ltd.
|
29/02/2012
|
|
16
|
Goldquest International
Pvt. Ltd.
|
05/03/2012
|
|
17
|
Questnet Enterprises India
Pvt. Ltd.
|
05/03/2012
|
|
18
|
Dimensions
Investment & Securities Ltd. (under Liquidation)
|
07/03/2012
|
|
19
|
Global Trust Bank
|
09/03/2012
|
|
20
|
Ganga Yamuna Finvest Pvt.
Ltd. (in Liquidation)
|
30/03/2012
|
2012-13
|
1
|
Jayant Vitamins Ltd.
|
29/05/2012
|
|
2
|
Vijay Associates
|
26/07/2012
|
|
3
|
Mauve Farms Pvt. Ltd.
|
03/08/2012
|
|
4
|
Lakshish Habitats Ltd. (under Liquidation)
|
13/08/2012
|
|
5
|
Savitri Finlease Securities Ltd.
|
14/08/2012
|
|
6
|
Jenson & Nicholson Financial Services Ltd.
|
17/08/2012
|
|
7
|
Yusuf Properties Pvt. Ltd.
|
30/08/2012
|
|
8
|
Pushkar Trading Co. Ltd. (under Liquidation)
|
31/08/2012
|
|
9
|
Triveni Infrastructure development Co. Ltd. (under
Liquidation)
|
06/09/2012
|
|
10
|
Ayushi Buildestates Pvt. Ltd.
|
18/09/2012
|
|
11
|
Singh Contractors (I) Pvt. Ltd. (under Liquidation)
|
26/09/2012
|
|
12
|
Independent Mobile Infrastructure (P) Ltd. (in
Liquidation)
|
19/10/2012
|
|
13
|
Omway Build Estate Pvt. Ltd.
|
02/11/2012
|
|
14
|
Casion Finance & Investment (India) Ltd. (under
Liquidation)
|
23/11/2012
|
|
15
|
Kush Print (P) Ltd. (in Lquidation)
|
05/12/2012
|
|
16
|
Abcindya Networks Pvt. Ltd.
|
12/12/2012
|
|
17
|
Gennext Promoters Pvt. Ltd.
|
13/12/2012
|
|
18
|
Sajjad Properties Pvt. Ltd.
|
31/12/2012
|
|
19
|
Timber World Resorts and Plantation Pvt. Ltd. (in
Liquidation)
|
27/02/2013
|
|
20
|
Life Business Project Pvt. Ltd (Mr. Bhuvnesh
Chaturvedi & Ors.)
|
01/03/2013
|
|
21
|
DSS Mobile Communications Ltd. (under Liquidation)
|
18/03/2013
|
|
22
|
Mehak Vyapaar Pvt. Ltd.
|
21/03/2013
|
2013-14
|
1
|
Kinematics Marketing (P)
Ltd.
|
01/04/2013
|
|
2
|
Reebok India Co. (Unlimited
Liability Co.)
|
07/05/2013
|
|
3
|
Devred (I) Ltd. (in
Liquidation)
|
09/10/2013
|
|
4
|
Vaishnavi Corporate
Communications Pvt. Ltd.
|
22/01/2014
|
|
5
|
Vaishnavi Advisory Services
Pvt. Ltd.
|
|
6
|
Leisure Clubs India Pvt.
Ltd.
|
|
7
|
Claro Consultancy Pvt. Ltd.
|
|
8
|
Magic Airlines Pvt. Ltd.
|
|
9
|
Maansi Agro Pvt. Ltd.
|
|
10
|
Crownmart International
India Pvt. Ltd.
|
|
11
|
Vitcom Consulting Private
Ltd.
|
|
12
|
Neucom Consulting Pvt. Ltd.
|
|
13
|
D. R. Gaur Projects Pvt.
Ltd.
|
19/03/2014
|
|
14
|
Unigateway 2U Trading Pvt.
Ltd.
|
31/03/2014
|
|
15
|
Unipay 2U Marketing Pvt.
Ltd.
|
|
16
|
Unipay Creative Business
Pvt. Ltd.
|
|
17
|
Unipay 2U Production Pvt.
Ltd.
|
|
18
|
Basil International Ltd.
|
|
19
|
Vamshi Chemicals Ltd.
|
|
20
|
Nixil Pharmaceuticals
Specialities Ltd.
|
|
21
|
Appeline Cosmetics &
Toiletries Ltd.
|
|
22
|
Basil Express Ltd.
|
2014-15 (till date)
|
1
|
Saradha Realty India Ltd.
|
04/07/2014
|
|
2
|
Saradha Agro Development
Ltd.
|
|
3
|
Saradha Exports Ltd.
|
|
4
|
Saradha Shopping Mall Pvt.
Ltd.
|
|
5
|
Saradha Printing &
Publication Pvt. Ltd.
|
|
6
|
Saradha Tours & Travels
Pvt. Ltd.
|
|
7
|
Saradha Education
Enterprise Ltd.
|
|
8
|
Saradha Construction
Company Pvt. Ltd.
|
|
9
|
Saradha Garden Resorts
& Hotel Pvt. Ltd.
|
|
10
|
Saradha Landmark Cement
Pvt. Ltd.
|
|
11
|
Rose Capital Ltd.
|
|
12
|
Bengal Media Pvt. Ltd.
|
|
13
|
Bhasank Food Pvt. Ltd.
|
|
14
|
Global Automobiles Ltd.
|
|
15
|
Speakasiaonline
|
15/09/2014
|
|
16
|
Tulsiyat Tek Pvt. Ltd.
|
|
17
|
Seamless Outsourcing LLP
|
|
18
|
Rose Valley Real Estate
& Construction Ltd.
|
03/12/2014
|
|
19
|
Rose Valley Industries Ltd.
|
|
20
|
Silver Valley Communications
Ltd.
|
|
21
|
Rose Valley Food Beverages
Ltd.
|
|
22
|
Rose Valley Marketing India
Ltd.
|
|
23
|
Rose Valley Infotech Pvt.
Ltd.
|
|
24
|
Rose Valley Hotels &
Entertainment Ltd.
|
|
25
|
Rose Valley Projects Ltd.
|
|
26
|
Rose Valley Patrika Ltd.
|
|
27
|
Rose Valley Films Ltd.
|
|
28
|
Modern Investment Traders
Pvt. Ltd.
|
|
29
|
Rose Valley Travels Pvt.
Ltd.
|
|
30
|
Brand Value Communications
Ltd.
|
|
31
|
Rose
Valley Housing Development Finance Corporation Ltd.
|
|
32
|
Rose Valley Airlines Ltd.
|
|
33
|
Rose Valley Fashions Pvt.
Ltd.
|
|
34
|
Rupasi Bangla Projects
India Ltd.
|
|
35
|
Rupasi Bangla Media &
Entertainment Ltd.
|
|
36
|
Rose Valley Realcom Ltd.
|
|
37
|
KNS Infracon Private Ltd.
|
09/01/2015
|
|
38
|
ABW Infrastructure Ltd.
|
11/02/2015
|
*****
DSM/KA