Case Law Analysis
|Punjab and Haryana High Court
Section 14 Haryana Protection of Depositors Act | Unsanctioned Chit Funds Liable to Attachment Despite Non-Compliance with Chit Funds Act : Punjab & Haryana HC
The Punjab & Haryana High Court ruled that chit funds operating without state sanction under the Chit Funds Act, 1982, remain subject to attachment under the Haryana Protection of Depositors Act, 2013. The judgment underscores that regulatory compliance is a prerequisite for statutory exemptions, impacting unregistered financial establishments in Haryana.