1. INTRODUCTION

These Terms & Conditions govern the relationship between Sree Guberan Chits Pvt. Ltd. ("the Company", "we", "our") and every subscriber (collectively "Subscriber" or "you") who enrolls in any chit scheme offered by us. By enrolling in a chit, you confirm that you have read, understood, and agreed to these terms in full.

All chit schemes offered by Sree Guberan Chits Pvt. Ltd. are conducted under the provisions of the Chit Funds Act, 1982 and the Tamil Nadu Chit Funds Rules. Each chit is duly registered with the Registrar of Chits before commencement.

2. DEFINITIONS

"Chit" means an arrangement under which a specified number of Subscribers contribute a fixed sum periodically, and one Subscriber — by lot, auction, or tender — becomes entitled to a prize amount in each instalment.

"Subscriber" means a person who has signed an agreement and joined a chit group operated by the Company.

"Foreman" means Sree Guberan Chits Pvt. Ltd., responsible for conducting the chit, managing collections, and disbursing the prize amount.

"Chit Amount" means the total monthly instalment multiplied by the number of Subscribers and the number of instalments.

"Prized Subscriber" means a Subscriber who has been awarded the prize amount through auction in any given instalment.

"Non-Prized Subscriber" means a Subscriber who has not yet been awarded the prize amount.

3. ELIGIBILITY

3.1 Any individual aged 18 years or above, of sound mind, with a verifiable identity and address within India is eligible to join a chit, subject to the Company's enrolment criteria.

3.2 The Subscriber must submit valid KYC documents (PAN, Aadhaar, address proof, recent photograph, and bank account details) before enrolment.

3.3 Acceptance into a chit is at the sole discretion of the Company.

4. SUBSCRIPTION AND MONTHLY INSTALMENTS

4.1 The monthly instalment, total chit value, tenure, and number of Subscribers are specified in the chit agreement signed at the time of enrolment.

4.2 Each instalment must be paid on or before the due date notified by the Company. Payments may be made in cash, cheque, NEFT/RTGS, UPI, or any other mode the Company permits from time to time.

4.3 Cheque dishonour, late payment, or skipped instalments attract penalties as set out in the chit agreement and applicable rules.

5. AUCTION OF THE CHIT

5.1 An auction is conducted on the scheduled date each month at the registered branch.

5.2 Subscribers who wish to receive the prize amount in that instalment may bid by offering a discount on the chit amount, subject to the maximum discount permitted by the Chit Funds Act, 1982.

5.3 The Subscriber offering the highest acceptable discount in a given instalment becomes the Prized Subscriber for that month. In the event of a tie, selection shall be by lot.

5.4 The Foreman's commission, and the dividend distributable to Non-Prized Subscribers from the auction discount, are calculated and adjusted in accordance with the Chit Funds Act, 1982.

6. PRIZED SUBSCRIBER OBLIGATIONS

6.1 Before disbursement of the prize amount, the Prized Subscriber must furnish security acceptable to the Company. Acceptable forms of security include sureties, fixed deposits, bank guarantees, or other assets as specified by the Company.

6.2 The Prized Subscriber remains liable to pay all remaining instalments on time until the chit is concluded.

6.3 Failure to provide security or to pay future instalments may result in withholding the prize, recovery action, and termination of membership.

7. DEFAULT AND REMOVAL

7.1 If a Subscriber fails to pay an instalment by the due date, the Company may issue notice and impose penalties as per the agreement.

7.2 Persistent default — typically beyond two consecutive instalments — may lead to removal from the chit. The Subscriber's contributions to that date will be refunded only on conclusion of the chit, after deducting applicable charges as permitted under the Chit Funds Act, 1982.

7.3 The Company reserves the right to initiate legal proceedings, including arbitration or recovery suits, against defaulting Subscribers and their sureties.

8. THE FOREMAN'S ROLE

8.1 As Foreman, Sree Guberan Chits Pvt. Ltd. is responsible for collection of instalments, conducting auctions, disbursing prize amounts, maintaining statutory registers, and ensuring compliance with the Chit Funds Act, 1982.

8.2 The Company is entitled to a Foreman's commission as specified in each chit agreement, subject to the limits prescribed by law.

9. DOCUMENTATION AND RECORDS

9.1 Every Subscriber receives a chit pass-book or digital ledger reflecting payments, dividends, and balance position.

9.2 Receipts are issued for every payment. Subscribers are advised to retain receipts and records for the full tenure of the chit.

9.3 The Company maintains all records required under the Chit Funds Act, 1982. These are available for inspection at the registered branch on reasonable notice.

10. PRIVACY AND DATA PROTECTION

10.1 Personal information collected from Subscribers — including KYC documents, contact details, and bank information — is used solely for chit administration, regulatory compliance, and customer communication.

10.2 We do not sell or share Subscriber information with unrelated third parties, except as required by law or with the Subscriber's prior consent.

11. DISPUTE RESOLUTION

11.1 Any dispute arising out of or in connection with a chit shall first be addressed by mutual discussion with the branch manager.

11.2 Unresolved disputes shall be referred to the Registrar of Chits under the Chit Funds Act, 1982, or to the appropriate court of competent jurisdiction at Trichy, Tamil Nadu.

12. REGULATORY COMPLIANCE

12.1 All schemes operated by Sree Guberan Chits Pvt. Ltd. are conducted in accordance with the Chit Funds Act, 1982, the Tamil Nadu Chit Funds Rules, and other applicable laws of India.

12.2 The Company complies with the Income Tax Act, 1961, applicable GST regulations, KYC norms, and all reporting requirements applicable to chit fund operators.

13. AMENDMENTS

The Company reserves the right to update these Terms & Conditions from time to time to reflect changes in law, regulation, or operational practice. Updated terms will be published on this website and made available at registered branches. Continued participation in any chit constitutes acceptance of the updated terms.

For any clarification on these Terms & Conditions, please contact:

Sree Guberan Chits Pvt. Ltd.
No.14, Ammamandapam Road, Srirangam, Trichy - 620 006.
Phone: +91 9655525711
Email: sreeguberanchits@gmail.com