Kamatchi Chit Fund

Call Us: 7339687606 / 9894345743

1,Sourashra Elementary School Lane, East Veli Street,Madurai-625001.

Register No: 18-41080//98

I.Details

First Name

Last Name

Date Of Birth

Email address

Father Name/Husband Name

Occupation

Permanent Address

PINCODE

Phone Number

Alternate Phone Number

Aadhaar Card No

Upload Aadhar Card Front

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Temporary Address

II. Company Details

If Employed

If in Business

III. Nominee's

Name

Age

Address

Relationship with Applicant

Value of the Chit Applied for ₹

I do solemnly affirm and state that the particulars furnished above, are true and correct to the best of my knowledge and belief. I shall abide by the company's right to reject my application before the first Auction or at any time thereafter.If the particular information furnished by me as above are found to be false or incorrect or for suppression of any material information,In such an event.the Company shall have the right to remove my name from the concerned Chit Group and refund the amound paid by me as per chit agreement.

I have fully read or caused to be read,translated and thoroughly understood the chit agreement and if I am allotted a Ticket in the series.requested for,I do hereby agree to be bound and abide by all the terms and conditions of KAMATCHI CHITS MADURAI PRIVATE LIMITED.I am also in recipt of a copy of the chit agreement of this Chit.

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For Company Use

Chit Value ₹ __________________

Monthly Subscription ₹ __________________

Period ______________________

Receipt Of First Payment(No) :

Receipt Of First Payment(Amount) :

Receipt Of First Payment(Date) :

Branch ________________

I am remitting ₹ _________________ (Rupees ________________ only) by cash/DD/Cheque being the first instalment towards the above chit group.

Date _________________

Dear Sir / Madam,

The Foreman,
Kamatchi.Chits Pvt.Ltd.,
Madurai

Sub : Furnishing Phone no & E-mail address Request to send monthly intimations and other intimation to E-mail address & Phone no. only - Reg.

With reference to the above,I/we am Furnishing hereunder my E-mail address for your records. I/we hereby request you to send monthly intimations and other intimations to my/our E-mail address only.

My phone no

My/our E-mail address

Address

Your Signature

The Foreman,
Kamatchi.Chits Pvt.Ltd.,
Madurai

Dear Sir / Madam,

CHIT REF

Sub: Request for Enrollment to a Chit basing on the income of my Father's / Mother's / Husband's / Wife's / Son 's / Daughter 's / Father-in-law's/ Mother-in-law's / Daughter-in-law's / Son-in-law's / Brother's / Sister's income you are authorised to exercise lien on my prize amount -req

I own want I Mother's / law 's to join a new chit with your company, As I do not have any income of my am going Husband's to pay the Wife's / Daughter-in-law's / above chit installments through my Father's / Son's/ Daughter's / Father-in-law's / Mother-in- Son-in-law's/Brother's / Sister's income. source of income to pay the chit installment in my Father's/Mother's / Husband's / Wife's / Brother's Husband's /. Son 's / Daughter's / Father-in-law's / Daughter 's-in-law / Son-in-law's / Sister's Wife 's / Daughter-in-law's of drawing responsible concerning prize the for the amount Husband 's Occupation. Son's/ I will Daughter's / submit my Father's / Father-in-law's / Mother's / Mother-in-law's / Son-in-law's / Brother 's / Sister's surety also at the chit the chit. the as per prompt your payment norms. of I promise that both of us will be installments or any other problems Further, you are authorised to exercise lien on my chit time of drawing the Daughter 's/ Brother 's or chits, if my Father's / Mother's / Father-in-law's / Sister's Mother-in-law's / self chit or his suit filed. Therefore, I request you to time As a at Wite 's/ Son's/ Daughter-in-law's/ guaranteed Chits Son-in-law's are in arrears accept my enrollment form and allow me to join in a chit

Yours truly,

Your Signature

Office Use

BID OFFER FORM

The Foreman,
Kamatchi.Chits Pvt.Ltd.,
Madurai

Branch __________________

Dear Sir,

CHIT REF ______________________

I wish to inform you that i would not be able to personally attend and participate in the auctions relating to the above group to be held on ____________________ and in the following months as under.I therefore request you to please accept my bid offer as Rs _________________________
(Rupees _____________________) for the month of * _______________________

I do hereby agree that if I am declared as Successful Bidder,I would provide sureties to the satisfication of the Company and draw the prize amount in accordance with the Company Rules.

Thanking You
Yours faithfully

Here state clearly the month for
which the offer is valid

Address ___________________

Date ______________________

Your Signature

Company's Remarks ________________________________

Office Use

BID AUTHORISATION LETTER

THE MANAGER,
Kamatchi.Chits Pvt.Ltd.,
Madurai

Branch _________________________

Dear Sir,

CHIT REF _________________________

For Office use only

SI.No ___________________

Date ____________________

Initial of Executive _________________

Auction Day ________________

Auction Time _______________

I wish to inform you that I would not be able to personally attend and participate in the auctions relating to the above group to be held on ____________________ and for subsequent auctions upto __________________________ I therefore request you to please allow Sri/Smt. _____________________________ who is hereby authorised to bid on my behalf and whose Signature is attested below and I hereby declare that I shall abide by the said bid made by my said authorised representative:

Signature of representative _____________________

Attested by me
I do hereby agree that if I am declared as Successful Bidder.I would provide sureties to the satisfaction of the company and draw the prize amount in accordance with the Company Rules

Place _______________

Date __________________

Thanking You
Yours faithfully

Your Signature

Terms and Conditions

The security given as above in the form of Bank deposit will not be released by the Register of Chits until all the liabilities under the chit are discharged by the Foreman.

I. MODE OF CONDUCTING THE CHIT AND ASCERTAINING THE PRIZED SUBSCRIBER:

1.The Subscriber who is to get the prize amount at any instaiment shall be determined by lot or by auction at the time and place specified in Article-III. The time allowed for auction shall be five minutes from the commencement of the proceedings. Only full tickets have been subscribed and there is no fraction of the ticket. The proceedings will be regulated and conducted by the Foreman or his authorised Officer and in all cases of dispute, the decision of the Foreman/authorised Officer will be final. The auction shall start from the Foreman's Commission of 5% of chit value and bidders may, in auction, raise discount to the maximum of 30/35/40 percent of the chit value. Each time the bid shall be raised by rupees hundred or multiples thereof. Written bid offers which are not in hundreds or multiples thereof are liable to be rejected The Non-prized Subscriber, wha bids at the highest discount, not exceeding the above specified maximum, will be declared as the Prized Subscriber. In case there is more than one Bidder for the same discount, the auction will be decided by lot among such bidders. Only the Subscribers or their authorised persons/proxies will be allowed to take part in auction. Such authorisation shall be in writing.

2. A Non-prized Subscriber, who cannot personally participate in the auction, may send his authorised agent or forward to the Foreman a bid offer stating the maximum amount of discount he is willing to offer which must be received by the Foreman atleast one day before the concemed auction date and can be withdrawn only 24 hours before the auction time. Defaulted Subscribers will not be allowed to participate in the auction. No outsider shall be permitted to participate in the auction. Chits which have been given as security for other prized chits will not be allowed to be auctioned without written consent from the Foreman. A subscriber, who has drawn a chit at any of the offices of the Foreman and subsequently becomes a defaulter, is not entitled to bid and draw further chits, if any, he happens to hold, in any other branch.

3.Any non-prized subscriber, who wishes to take part in the auction, is entitled to do so within the five minutes time limit fixed. The auction shall not be confirmed and concluded before the close of this time limit. In such auction, when no bidder is forthcoming, a lot will be drawn from the non-prized subscribers at the close of 5 minutes and such subscriber drawn by lot, will be declared as prized subscriber and he is entitled to receive the prize amount less the fixed minimum discount equal to the Foreman's Commission.

II. MODE OF PAYMENT OF EACH INSTALMENT AND/OR PENALTY FOR BELATED PAYMENTS:

1.Each and every Subscriber shall pay to the Foreman the amount due for his ticket for each instalment on or before the due date of each such auction and shall get a receipt therefor from the authorised person. Where payments are made by cheque, they should be cashed well before the auction date.

I.NON-PRIZED SUBSCRIBER:

If a Non-prized Subscriber fails to deposit his/her monthly subscription before the due date, penalty will be charged at the rate of 3 paise per rupee or part thereof. If the default is continued to second month, penalty will be charged at the rate of 6 paise per rupee or part thereof per month. If the default continues for more than two months. the Subscriber will forfeit the dividends due for the derauited instalments in addition to the aforesaid penalty charges. A Subscriber who has not made upto-date payments of all the instalments due from him/her, will not be permitted to bid in the auction

If a Non-prized Subscriber fails to pay subscription for three consecutive instalments, he shall be liable to be removed from the list of Subscribers and the Foreman, at his option, shall be entitled to substitute a new Subscriber in place of defaulting Subscriber or may himself subscribe for the ticket and the defaulted ticket of the chit will be dealt with in accordance with the relevant provisions of chit funds act

The Foreman, at his discretion, can waive the penalties partly or fully and also can postpone the removal of membership in suitable and deserving cases. An expelled member, not substituted, may be re-admitted on such terms as the Foreman deems proper. A cancelled member is entitled to the amount actually subscribed by him, i.e., exclusive of dividends, less 5% of the chit amount towards damages for breach of contract. This amount is payable on application either at end of the chit period or earlier, if the vacancy is substituted.

I.PRIZED SUBSCRIBER:

When a Prized Subsoriber defaults in payment of subscription amount a penalty of 6 paise per rupee or part thereof will be charged per month. If the default continues over a month, such a Member will also not be entitled to dividends for the instalments after the default, in addition to the aforesaid penalty of 6 paise per rupee or part thereof per month.

If the default is continued consecutively for a period of 3 months, the Prized Subscribers lose the future dividends and the benefit of paying the future subscriptions in instalments. The Prized Subscribers and their sureties shall become liable to make a consolidated payment of all the future subscriptions inclusive of the defaulted instalments with interest at the rate of 24% per annum from the date of default, apart from the legal expenses involved.

The Foreman, at his discretion, can condone such defaults and receive any amount from the chit holder and allow him to continue as Subscriber. Such condonation will not in any way discharge the liability of all or any of the executants of security document or of the nominees or legal heirs. The death of a Subscriber will also not discharge the liability of the nominee or the legal heirs of the Subscriber

III. PROCEDURE FOR RECEIVING THE PRIZE AMOUNT BY A PRIZED SUBSCRIBER:

1. The prize amount will be paid to the Prized Subscriber at the Foreman's office during office hours on working days through a crossed Alc payee cheque. This will be done within one month of his/her fumishing sufficient security for the due payment of future instalments and the secunty on inspection, scrutiny etc., found to the satisfaction of the Foreman. Prized Subscribers, before drawing the chit amount, must furnish necessary secunty or sureties to the satisfaction of the Foreman for due payment of the future instalments. The security may be any of the following where the future liability is 3,00,000/- or less

a) Three permanent local Government servants on submission of photo ID cards, computerised pay-slips/salary certificates with Disbursing Officer attestation, each drawing an unencumbered minimum monthly basic pay of:

₹ 4,500/- for future liability upto

₹ 10,000/-

₹ 5,000/- for future liability upto

₹ 10,000/- upto ₹ 15,000/-

₹ 5,500/- for future liability upto

₹ 15,000/- upto ₹ 20,000/-

₹ 6,000/- for future liability upto

₹ 20,000/- upto ₹ 25,000/-

₹ 6,500/- for future liability upto

₹ 25,000/- upto ₹ 50,000/-

₹ 8,000/- for future liability upto

₹ 50,000/- upto ₹ 75,000/-

₹ 8,500/- for future liability upto

₹ 75,000/- upto ₹ 1,00,000/-

₹ 9,500/- for future liability upto

₹ 1,00,000/- upto ₹ 1,50,000/-

₹ 11,000/- for future liability upto

₹ 1,50,000/- upto ₹ 2,00,000/-

₹ 12,500/- for future liability upto

₹ 2,00,000/- upto ₹ 2,50,000/-

₹ 14,500/- for future liability upto

₹ 2,50,000/- upto ₹ 3,00,000/-

FOR KAMATCHI CHITS PRIVATE LIMITED

Your Signature

(b) Permanent local employees in other Companies and Institutions, who have put in atleast 7 years of service with Provident Fund, Gratuity and other benefits, drawing basic pay as stated above on submission of computerised pay slips/salary certificates with disbursing officer attestation, may also be accepted as sureties at the discretion of the Foreman.

Both Govt./Private employees should submit proof of age & period of service completed along with proof of residence like ration card, telephone/electricity bill etc.

(c) Three local businessmen having secured and established business for atleast ten years and documentary proof of business established, proof of residence such as ration card, telephone/electricity bill etc., and also proof of Income Tax Assessment record for atleast 5 years period and such people should produce documentary proof of their income i.e, latest three Income Tax Assessments along with audited Profit and Loss Account and Balance Sheet and Adjusted Statement of Total Income certified by the Auditor, Sales Tax Assessment Order etc., to the verification and satisfaction of the Foreman. The sureties of both husband and wife who are partners of one firm and further sureties of partners of one firm are not acceptable. Only businessmen who own immovable properties are acceptable on submission of xerox copies of Sale Deed with latest house tax receipt.

(d)Assignment of Life Insurance Policy,provided the surrender value of the policy is atleast 1%1/2 times the liability of the Prized Subscriber

(e) Deposits with the Company in the Chits or otherwise,free from any encumbrance,net paid-up amound of which after deducting Foreman's Commission should not be less than 1% of the Prized Subscriber's liability with the Company

(f) Mortgage of immovable urban house property situated within the jurisdiction of the Branch either the prized subscriber or a third party guarantor(s) on submission of originals of Sale Deed, Approved Plan. Link Documents. Encumbrance Certificate for 18 continuous years, latest property Tax payment Receipts etc., as security together with the personal guarantee of a person acceptable to the Forman. The value of the property should exceed by three times of the amount due from the prized subscriber

(g) Guarantee of a Scheduled Bank for 1% of the amount of future liability and for a period upto 3 months from the date of chit expiry

2. In cases, where the future liability exceeds 3,00,000/- no personal security will normally be accepted. Security should be in the form of mortgage of immovable urban property, the value of which should exceed by three times of the amount due from the Prized Subscriber and such property should be situated within a radius of ten miles of the Foreman's office, where the liability rests. In exceptional cases and entirely at the discretion of the Company, personal sureties fulfilling the requirements of clause (a), (b) & (c) above may also be accepted subject to the submitted sureties taxable income or monthly basic pay for the future liability amount is satisfactory to the Foreman.

3.The Foreman reserves his right to accept or reject any or all of the sureties

4. In case the Prized Subscriber or his nominee fails to fumish security and/or surety before the next succeeding auction date, the Foreman shall deposit the amount in the Approved Bank and inform the fact to the Prized Subscriber and the Registrar

5. In case the amount so deposited is not sufficient for the payment of future subscriptions, the Foreman shall realise the balance amount from the Prized Subscriber with interest at 12% per annum and incidental charges.

6. In case there remains a portion of the amount deposited after adjustment of all future subscriptions and incidental charges, the Foreman shall pay such amount to the Prized Subscriber after the termination of the chit. In case the Foreman fails to do so, the Prized Subscriber or his nominee shall realise the same from the Foreman together with interest thereon at 12% per annum from the date of termination

7. If at any time after the prize amount is deposited with the approved Bank, the Prized Subscriber or his nominee fumishes sufficient security to the satisfaction of the Foreman, the amount so deposited shall be withdrawn and paid to the Prized Subscriber afterdeducting any unpaid subscription till that date.

8. Where any prized subscriber does not collect the prize amount in respect of any instalment of a chit within a period of two months from the date of the draw, it shall be open to the foreman to hold another draw in respect of such instalment

Where the prized subscriber informs the Foreman in writing about his inability to draw the prize amount, it shall be open to the foreman to hold another draw in respect of such instalment without waiting for two months.

9. When a prized subscriber does not furnish sufficient security, the Foreman has the right to adjust the unpaid prize amount to future instalments and if the unpaid prize money is not sufficient to meet future subscriptions or the bid falls in the re-auction held in respect of such instalment, the Foreman has the right to recover such losses and also incidental charges from the amounts showing to the credit

10. If the Foreman fails to pay the prize amount to the Prized Subscriber or his nominee after furnishing sufficient security, they shall be eligible to realise the prize money from the Foreman with interest at 12% per annum from the date of furnishing security

11. Surety once offered and accepted will not be entertained again as surety for another chit holder till the liability of the previous chit holder is cleared. This may be waived at the discretion of the management. Any member who has no monthly or regular income or whose monthly income does not exceed the amounts as specified for sureties or who has already stood as a surety to another member, may be called upon to furnish additional sureties. All subscribers/guarantors are required to submit one year bank account statements and also xerox copies of sale deeds of their immovable properties along with Encumbrance Certificates & latest house tax receipt. The prized subscriber and sureties must show proof that the balance years of service will be atleast ten years after the date of expiry of the chit.

NOTE: The prized subscribers have to bear the charges for inspection of the property offered as security, stamp value, typing charges, registration & legal fees, document processing charges, sureties verification charges etc., fixed by the foreman

IV. DISBURSEMENT OF DISCOUNT:

The discount for every ticket auctioned shall be disbursed as dividend equally between the Prized and Non-prized Subscribers after deducting therefrom the Foreman's commission. Such dividend shall be adjusted towards the subscription payable for the next instalment

V. TRANSFER, HOW TO BE EFFECTED:

1. If a Non-prized Subscriber wishes to transfer his rights in the chit, he shall file an application to that effect with the Foreman, specifying the name and address of the person in whose favour he wishes to transfer his rights. The Foreman has the right to approve or not to approve such transfer. If he does not approve a transfer, the decision therefor shall be communicated to the said Non-prized Subscriber. If the transfer is approved, the Transfer shall be entitled to no more rights than the Transferor had in respect of the said ticket transferred

2. Without the previous sanction in writing from the Registrar of Chits, the Foreman shall not transfer his right to receive the subscriptions. from the Prized Subscribers. Any such transfer shall, if it defeats or delays a Non-prized Subscriber, be avoidable at the instance of the Subscriber

FOR KAMATCHI CHITS PRIVATE LIMITED

Your Signature

VI. FOREMANT'S COMMISSION AND THE INSTALMENT AT WHICH THE FOREMAN IS TO GET THE PRIZE AMOUNT

1. The Foreman shall subscribe to a ticket in the chit and hence he shall obtain the chit amount in the first instalment without any deduction of discount. Therefore, the second instaiment should be paid in full by all the Subscribers.

2. The Foreman's commission shall be at five percent of the chit amound that is to say ₹ _________________________ at every instalment of auction.

VII. MISCELLANEOUS:

1.Any amount due to the Foreman from any Subscriber on account of the chit shall be appropriated from the subscriptions paid by such Subscriber in any of his other chits with the Foreman. Similarly, the security and other deposits of money made by the Foreman in respect of the chit shall be liable for discharging the liability of the Foreman to the Subscribers

2. Incidental charges pertaining to intimations sent to the defaulted subscribers and to their guarantors, Chit Transfer Fee, Vacant chit Interest and Duplicate Pass Book charges fixed by the Foreman and also all taxes as and when levied by the Government should be bome by the concerned subscribers only.

3. Receipts shall be issued by the Foreman for all payments received by him. The Subscribers shall pass on proper acknowledgements. for other documents and vouchers for all monies received by them from the Foreman.

4. The chit amount shall in no case be enhanced, but if necessary, may be reduced.

5. The Foreman shall convene a meeting on the requisition in writing of not less than 25% of Non-prized and unpaid Prized Subscribers for making any alteration in the Chit Agreement not inconsistent with the provisions of the Act and the Rules made there under

6. If the Foreman fails to conduct and continue the chit, he shall pay the Non-prized Subscribers their contributions including dividend within one month failing which the said Subscribers shall be entitled to realise the same with permissible interest from the Foreman or from all or any of the following assets

7. Other than the one chit amount which the Foreman is entitled to take in the first instalment without any discount, if he holds any other tickets and becomes prized, he shall give sufficient security for payment of future subscriptions in respect of these additional tickets, to the satisfaction of the Registrar. The Foreman shall not have any more rights than the other Subscribers have in respect of such additional tickets.

8. As the Foreman is an incorporated Company, the question of the Foreman dying or becoming unable to conduct the chit does not arise. unless it goes into liquidation. If it goes into liquidation, the official Liquidator under the Indian Companies Act will act as Foreman.

9.If the dates fixed for auctions fall on Public holidays, the auctions will be conducted on the next working day. If the auctions could not be conducted on the appointed day owing to causes beyond the control of the Foreman, such as curfew, lockdown, freak of nature, bundhs, riots, etc., the auctions will be adjoumed to some other convenient date on intimation to Subscribers. Further, if the similar situation is prolonged for a month/months, then auctions will be conducted in immediate succeeding month/months thereby extending the termination of the chit with intimation to subscribers.

10. If any dispute arises between the Foreman and the Subscribers and in the absence of any provisions in this Chit Agreement, the provision of the Chit Funds Act 40 of 1982 and the Rules framed thereunder shall apply and be binding on both the Foreman and the Subscribers.

11. The Foreman on receipt of a fee of 5/- will allow examination of pertinent chit record by Non-prized and unpaid Prized Subscriber under Section 44 of Chit Funds Act 1982 at the Foreman's office during office hours on all working days. One week's prior notice should be given to the Foreman. The inspection fee shall be leviable separately for each chit for which inspection is desired

12. If the Subscriber or the Guarantor dies or becomes of unsound mind or is otherwise incapacitated, the amount due to the Foreman will be recovered from the legal heirs of the deceased Subscriber or Guarantor as the case may be.

IN WITNESS WHEREOF THE FOREMAN and the SUBSCRIBER here to have set their respective signatures in separate copies of this Agreement on this the ________________________

WITNESSES:

1. _________________________

2._________________________

KAMATCHI CHITS PRIVATE LIMITED

Your Signature

For Company Use

Dear Sir / Madam,

The Foreman, Kamatchi.Chits Pvt.Ltd., Madurai

Office Use

BID OFFER FORM

Office Use

BID AUTHORISATION LETTER

Terms and Conditions

The Foreman,
Kamatchi.Chits Pvt.Ltd.,
Madurai