This is a unique company of its kind with wide customer base and most transparent dealings. It is featured differently from other companies in the line by sharing its profit to all its subscribers of the chits. M/s.Glory Enterprises is a Public Limited Company constituted under the Companies Act 1956 with its registered office at City Plaza Building, Gold Street, Chavakkad, Thrissur Dt. The Company was started its business since 1996. The Company and all its customers are under the legal coverage and protection by the RBI and the Companies Act.
The Company has an authorized capital of Rs.45 lakhs and is functioning in two fields Viz. 1 Financial services. 2. Chits of various formulations and permutation to suit various requirement of the different category of the people. The Company has started 25 different chits since its inception out of which five are now ongoing and the rest have been successfully completed. Now the Company has stopped new Chits as directed by the Hon. Supreme Court of India. The Company is managed under e-governance and provide all the modern amenities in financial transactions to its customers across the world.
THE HONOURABLE SUPREME COURT in its judgment dated 8th May,2012 has declared that the Central Chit Act 1982 is prevalent to the entire country and therefore no other enactments will exist in any of the states. As a result, all the related Acts and Rules were scraped and the existing chit companies in Kerala could not function any longer. On detailed study and discussions in the general body meeting of the company, the share holders expressed their interest to start a new company in compliance to the Hon. Supreme Court verdict and other Acts and Rules thereto. Accordingly, M/s. New Glory Chits (Chavakkad) Ltd has shaped with an authorized capital of Rs.10 Lakh and a paid up capital of Rs.5 Lakh.
This is a company of different principle and policy. We honor the customers in preference to the share holders whereas all the customers are share holders in the company. We, therefore, refer them as active share holders and they are being promoted and benefitted more in this business. No other Company in this industry is giving such a lion’s share to its customers, including Kerala State Financial Enterprises Ltd. We look ahead with the active co-operation and participation of the share holders and projects novel business concepts to the industry.