Mahesh Tomar 06 December 2019

interest on money

I started a committee to save money. In this I have to submit rs 4000 per month and this money is to be submitted on 10th of every month. if any person gives this money late then he has to pay rs 100 per day as penalty. Due to some reason I could not pay the said money on time to the person. now he is charging rs 4000 as penalty for 40 days. I refused to pay. can that person file a report against me?

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7 Replies

Adv Vinay Mathur + 8447131770 (Advocate) 06 December 2019

only chit fund is allowed in India and committee is illegal so you can't do anything in this case

Mahesh Tomar 06 December 2019

It was for 20 months. I got rs 80000 as surrender value after 3 months from the beginning. I have to pay the money for next 10 months. I will pay but without any penalty. my question is -
am I legally bounded to pay the penalty which that person is demanding?

Adv Vinay Mathur + 8447131770 (Advocate) 07 December 2019

committee is illegal not recognised by law

G.L.N. Prasad (Retired employee.) 07 December 2019

The activity which is not having legal entity and sanctity can not enforce any of their rights.

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Dr J C Vashista (Advocate) 08 December 2019

An illegal action can not be settled through Court of Law.

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