m.kameswaran (student) 22 January 2018
friend has conducted chit in local with his relatives of 10 person sucessfully. it unregistered. one of his relative taken money in 2nd draw, did not pay any amount till last. but friend has maintanied chit with his money till last. now friend is asking the money due from such relative. he refuses and says you cannot do anything due to unregistered chit. IS there any way legally to collect back the due from him?
kavksatyanarayana (subregistrar/supdt.(retired)) 22 January 2018
It is an offense. Un-registered chit business is against to law. Any dispute with unregistered chit business shall be in an amicable way.
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