RAMAPRASADA RAO J.

This unnumbered company petition bearing Diary No. 8001 of 1977 is before me on an office objection that the petition, as framed originally and as amended later, is not maintainable and the relief sought for under s. 433(e) read with s. 434(1)(a) of the Companies Act (hereinafter referred to as "the Act") cannot be granted. The petitioner was a subscriber to a chit in the respondent-company in group No. N, Ticket No. 32, for the value of Rs. 50, 000. The period of the chit was 50 months and the monthly instalment was Rs. 1, 000. The chit commenced on July 17, 1974, and on its usual run, would terminate itself on October 17, 1978. The petitioner paid about 20 instalments as per the contract between herself and the stake-holder. On the 21st month, to wit, on March 17, 1976, she bid at the auction and was declared as the highest bidder of the chit and the prize amount thereunder was admittedly Rs. 35, 400. Under the chit agreement duly entered into between the petitioner and the respondent, it is open to a subscriber to bid in a particular month and become the prized subscriber. But the prized subscriber is obliged to furnish sufficient security to the re