law: Chit Funds Act, 1982
  12.Prohibition
  
  of transacting business other than chit business by a company.-
  (1)Except
  
  with the general or special permission of the State Government, no company
  
  carrying on chit business shall conduct any other business.
  (2)Where
  
  at the commencement of this Act, any company is carrying on any business in
  
  addition to chit business, it shall wind up such other business before the
  
  expiry of a period of three years from such commencement:
  Provided that the State Government may, if it considers it necessary in the public interest or for avoiding any hardship, extend the said period of three years by such further period or periods not exceeding two years in the aggregate.