Union of India vs M/s Margadarshi Chit Funds
Union of India vs M/s Margadarshi Chit Funds - Supreme Court Important Judgment 2017 -
On 4th July, 2017, in the case of Union of India & Ors v. M/s Margadarshi Chit Funds (P) Ltd. etc. [Civil Appeal Nos. 5724 - 5725 of 2011], it was held that “the term ‘cash management’ as understood in common parlance would not embrace chit fund business” and that “chit fund cannot be treated as fund management as understood in the sense the term is known in business parlance”.