28 July 2014
1.Main object approved by ROC is given below.
To start and conduct kuries namely transactions entered into by the company with a number of persons that everyone of the contracting parties shall subscribe a certain amount of money by periodical installments for certain definite periods and that each in his or her turn as determined by lot or by auction or both shall be entitled to the prize amount less discounts as may be provided fit in the agreement, but the company shall not carry on the business of banking within the meaning of Banking Regulations Act,1949.
2. Matters which are necessary for furtherance of the object specified above.
Pl draft as usual, but care should be taken not to include any business other than chits.
3. Other objects As per Companies Act 2013, no need to include other objects. P.S. As per 1956 act, other objects not permitted to chit companies.
CAclubindia
