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Chit fund company

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(Querist)
27 August 2016 whether chit fund Company can be formed as per Companies Act,2013? What is procedure for formation of Company?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 August 2016 1. Yes, can be formed.
2. Only one 'main object' is permitted, ie chit business alone.

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