1. M/s. Akshara Chit Funds Pvt Ltd v. ^ Begistration Depa{meni

11. The P.lltrict Registrar of Chit, Sangareddy District, Kandi, Sangareddy, TG - 12. The Registrar of Chit, Warangal District, Urus Bodrai, Warangal, TG _ 13 The District Registrar of Chit, Siddipet District, Siddipet, tO U_99p"%NDENrs Petition under Article 226 of the constitution of lndia praying that in the circum$tances stated in the affidavit filed therewith, the High Court may be I 7 pleased to issue a Writ or Order or Direction, particularly one in nature of Writ of Mandamus, directrng the Respondents particularly Respondent No.2 to consider Petitioner No. 1 s representation daled 10-02-2025 and appoint an appropriate officer/a uthority as Receiver-cum-Liquidator, empowering them to take charge of the security Fixed Deposit Receipts (FDRs) and mortgaged properties, currently held by Respondents Nos. 2 to 13 for legally terminated chits and valued at approxirpately Rs 109,87,67,387/- (One Iundred and Nine Crores Eighty- SevenLakhs Sixty-Seven Thousand Three Hundred and Eighty-Seven Only), which, as per Section 20 (5) of Chit FUnd Act, 1982, should revert to Petitioner No 1 upon termination of the chits. These funds can then be applied toward cleating the Petitioner's liability to the 3721 subscribers, amounting to Rs. 94,12,21 ,9171- (Ninety-Four Crores Twelve lakhs Twenty-One Thousand Nine flundred anfl Seventeen Only),which will ensure prompl compensation tg the subscriberS, obviate the need for any further criminal action against the Petitioner CompSny and its Directors, in the interest of justice in light of the fact that the default resulted primarily from the unprecedented Covid-l9 cri$is and due to defaulf ln payment of 9800 subscribertotaling approximately Rs. 109,'18,12,5671 to the Petitioner No 1, Company without reference to the Memo No. F/43'1 112020 daled 19-08-2020 lA NO: 1 OF 2025 Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Cou( may be pleased to direcl the direct Respondent No. 2 to consider Petilionef No. 1 s representation dated 10-Q2-2Q25 and appoint an appropriate officqr/authority as Receiver-cpm. Liquidator, empowering them to take charge of the security Fixed Deposit Receiptg (FDRs) and mortgaged properties, currently held by Respondents Nos.2 to 13 for legally terminated chits and valued at approximately Rs. 109,87,67,387/- (One Hundred and Nine Crores Eighty-Seven Lakhs Sixty-Seven Thousand Thfee Hundred and Eighty-Seven Only), which, as per Section 20 (5) of Chit Fund Act, '1982, should revert to Petitioner No. 1 upon termination of the chits. These funds can then be applied toward clearing the Petitioner's liability to the 3721 subscrrbers, amounting to Rs. 94,12,21,917l- (Ninety-Four Crores Twelve Lakhs Twenty-One Thousand Nine Hundred and Seventeen Only), which will ensure I 7 prompt compensation to the subscribers, obviate the need for any further criminal action against the Petitioner Company and its Directors, in the interest of justice in light of the fact that the default resulted primarily from the unprecedented Covid-'19 crisis and due to default in payment of 9800 subscriber totaling approximalely fl5. '109,18,12,567/- to the Petitioner No. 1, Company without reference to the Mq;pg No CFl431 112020 dated 19-08-2020 Counsel for the Petitioner: SRI B. MAYUR REDDY, SENIOR GOUNSEL FOR SRISAINIARAVIND Counse! for the Respondentsl AGP FOR STAMPS AND REGISTRATION The Court made the following: ORDER I 7 FI SK, J W P. No. 8545 of 2025 THE HON'BLE SRI JUSTICE K.SARATH ORDER: W.P.No.8545 of 2025 Hcarcl lcarncd counsei for the petitioners and Learncd .{ssrstant Government Pleader lbr Stamps and Registration appearing lor respondents. With their consent, the writ petitron is being taken up for disposal at the admission stage

2. Thrs Wrrt Petition is liled praying to ''t() ilrr.(t llro llcs-pondcnts particularly Rcsl)ondenI No. 2 to irppornl i.r auyrrcrpr-ialt ofliccr/authorit! as Recciv<r cum Liquidator cmporverin! Lhcrn to take chargc of the security Irixed Dr:posit Receipts (FDRs) anri .norLe.;lqe(l propcrtics, currcntl-y held by Respondent Nos 2 1o I 3 lirr krgr,rllY tcrrninated chits and valued at approximately Rs. 109,tj7,/J/,:1871 [()ne llundred and Nine Crores Eighty-Seven Lakhs Sixt, Sc!cn 'l'housand 'lhrce Hundred and Eighty Seven Only), r.r,hich, as pr:r Scclion 20 (5) of Chit F'und Act, i982, should revert to ['etitroncr No 1 uporr termination of the chits. These ftrnds can ttren be applied torrar<l t lcaring thc Petitioncr's liability to Lhe 3721 subscrilrcrs. itrriounting to Rs.94,12,21,917/- (Ninety-Four Crores T$'elve l,aklrs 'l uenLl One Thousand Nine Hundred and Seventeen Onl_v), rrhrr r rr ill <:nsure prompt compcnsation to rhe subscribers, obvralc lh( rc, rl iirr anr hrrthcr criminal action against the Petitioner Companr .l r(! rrs i),rcclors, in rhe intcrcst ofjustice in light ofthe fact that Lb( rl. .ruir llsulicd primarilr' trom thc unprccedented Covid-19 crisrs arrcl ,1u( to (lclault in pa-\ firent of 9800 sub scriber totaling irpproximatr ir lls. 1O9.18,12,567/ Lo the Petitioner No. 1, Company 2 SK, J W. P.No.8545 of 2O25 without reference dated 19-08-2020". the Memo No. CF 14311 12020

3. Brief facts rising to file this writ petition are that petitioner No.1 is a registered Chit Company incorporated under the Companies Act, 2O).3 represented by its Director, Sri Perala Srinivas Rao and carrying on chit fund business in the name of M/s.Akshara Chit Funds Private Limited. The petitioner further submits that he has called for subscription and has diligently complied with all statutory obligations under the Chit Funds Act, 1982 and relevant rules there under including depositing of Fixed Deposit Receipts (FDRs) AS security for registered chit groups with the Assistant Registrar of Chit in terms of Chapter III of AP Chit Fund Rules 2008. The petitioner further submits that said chits have been depositing 1n terms of Section 2O of the Chit Fund Act, 1982 and the Rules 22 of the Rules 2008 is for release of security deposit made under Section 20 of the Act. On termination of the chits, the petitioner made application under Rule 22 of the Rules 2OO8 and the Registrar has to follow the procedure Y -) SK, J W.P.No.8545 of 2025 as specified of Rule 24 ol Rules 2008 by disptaying a notice inviting objection from the subscribers to the specified chits and t-hereafter release the security together interest accrued th r: rein

4. Sri 13. Mavur Reddy, Learned St:nior Counsel representing t,he learned counsel for the petitioners would submit that petitioner has deposited a sum of Rs.109,87,67 ,387 I - lor several chit groups and the said chits were rr:rminated. Upon termination of each chit, the petitioner hzrs submitted an application to the registrar for release of securirv deposit along with the declaration statement rhat the petitioner has cleared a[ dues to its subscribers. Subsequentiv, petitioner made application dated I O.O2 2025 seeking for release of security deposit, but till date the rcspondent No.2 has not considered the petitioner's r('presen tation. Aggrieved by the same, this writ petition is fiic.d.

5. Leerrned Senior Counsel for the petitioner would further submrt that the limited grievance of the petitioner the respondent No.2 has not considered the r.is that 4 SK, J W.P.No.8545 of 2025 f petitioner's representation dated lO.O2.2O2S tili date, hence pray this Court to direct the respondent authorities to consider the said representation and pass appropriate orders in a time bound period. 6 . Learned Assistan t Government pleader appearing for respondents submits that if the said petitioner,s representation is still pending for consideration, the respondent authorities may be directed to dispose of the said representation dated lO.02.2O2S and, pass appropriate orders in accordance with law.

7. In view of the submission made by learned counsel appearing on either side and without expressing arry opinion on the merits of the case, this writ petition is disposed of, directing the respondent authorities to dispose of the petitioner's representation dated IO.O2.2O2S and pass appropriate orders strictly in accordance with law, as expeditiously as possible, preferably within a period of four (4) weeks from the date of receipt of copy of this order and communicate the same to the petitioner. ./ 7 To, \ -) SK, J W.P.No.8545 of 2025

8. Accordingly the writ petition IS disposed of. Miscellaneous applications, if any pending, shall stand ciosed. No order as to costs. SD/.MOHD. ISMAIL ASSIS ANT REGISTRAR //TRUE COPY// \ E TION OFFICER 1 The Principal Secretary Stamps and Registration Department, State of Telangana, Secretariat building, Hyderabad, T.S. The R?gistrar of Chits and CommiSsioner and llspector General, Registration and Sta-mps, Telangana State. 5-3-953, Nizam Shahi Rd, Jam Bagh, Hyderabad, TS - 500 095 The District Registrar of Chit, Adrlabad District, Saniay Nagar, Adilabad' TG - 504001 The District Registrar of Chit, Karimnagar District, Mukarampura, Karimnagar TG - 505001 The District Regrstrar of Chit, Khammam District, Khanapur Haveli, Khammam, TG - 507002 The District Regrstrar of Chit. Mahabubnagar, District, Venkateshwara Colony, Mahabubnagar, TG - 509001 The District Registrar of Chit, Medchal-Malkajgiri District, Anthaipally, Shameeroet. Medchal-Malkaiqiri District TG - 500 078 the District Registrar of Chit,--Nalgonda District. Ramgiri, Nalgonda District TG - 508 001 The District Regrstrar of Chit, Nizamabad District, Kavitha Complex, Nizamabad District TG - 520 007 The Distrrct Registrarof Chit, Ranga Reddy District At Moosapet, Kukatpally, HVderabad, TG'500 072 The District Regrslrar of Chit, Sangareddy District, Kandi, Sangareddy, TG - 582285 The District Registrar of Chit, Warangal District, Urus Bodrai, Warangal, TG - 506 0Q2 The District Regrstrar of Chit. Siddipet District, Siddipet, TG - 506 002 One CC to Sri Saini Aravind Advocate IOPUC] two CCs to GP For Starpps And Regisiration ,High Court for the State of Telangana. [OUT] Two CD Copies 2 J 4 5 o 7 8 o 1 n 11 12 13 14. 15. '16 MBC BS $ HIGH COURT DATED: 2110312025 ORDER WP.No.8545 of 2025 /( q /) u .s. SlAt4- U; , o t 2 5 ll\AH 2$25 |. oEsPAl .t %# DISPOSING OF WRIT PETITION WITHOUT COSTS