Bengal House okays Bill, 73 ponzi units to shut shop
1 May 2013 6:49 AM IST
The West Bengal state Assembly on Tuesday passed a new bill, which will protect investor interests in chit fund companies. The Bill was passed with minor amendments in a special session of the Assembly.
However, there was no amendment in the most controversial portions of the Bill, namely the definition of Competent Authority (clause 8) and Section 22 (2) which empowers the Act with retrospective effect. The Left asked for division in both cases and lost (182 votes to 58 in the first proposed amendment and 183 votes to 59 in the second proposed amendment).
The Congress staged a walkout, even as Mamata welcomed the passing of the bill, ‘This is a timely and relevant step taken by the government. We realise our shortcomings only when something like this happens. Our whole purpose is to return money to the poor depositors. We have received names of 73 companies from the Centre which are under the scanner. No company who cheats people will get away.’
She added, ‘We have announced closure of 6-7 units belonging to two financial deposit-taking companies which were established in 2011. The two companies were among the list of 73 companies operating out of Bengal which are under the scanner of the union corporate affairs ministry. We have ordered that the closure of those units should take place within 24 hours.’
Bengal govt also announced that it would shut down 73 companies against whom the central govt has received complaints of indulging in ‘Ponzi’ schemes, or multi-level marketing by Wednesday. Banerjee said that the state govt was looking into the list of 73 companies named by union Corporate Affairs Minister, Sachin Pilot against which the central govt has got complaints.
Banerjee, however, refused to name the companies. ‘If I say anything it will alert the companies,’ she later told media persons. Pilot had named the companies during Question Hour in the LS on 14 March.
However, there was no amendment in the most controversial portions of the Bill, namely the definition of Competent Authority (clause 8) and Section 22 (2) which empowers the Act with retrospective effect. The Left asked for division in both cases and lost (182 votes to 58 in the first proposed amendment and 183 votes to 59 in the second proposed amendment).
The Congress staged a walkout, even as Mamata welcomed the passing of the bill, ‘This is a timely and relevant step taken by the government. We realise our shortcomings only when something like this happens. Our whole purpose is to return money to the poor depositors. We have received names of 73 companies from the Centre which are under the scanner. No company who cheats people will get away.’
She added, ‘We have announced closure of 6-7 units belonging to two financial deposit-taking companies which were established in 2011. The two companies were among the list of 73 companies operating out of Bengal which are under the scanner of the union corporate affairs ministry. We have ordered that the closure of those units should take place within 24 hours.’
Bengal govt also announced that it would shut down 73 companies against whom the central govt has received complaints of indulging in ‘Ponzi’ schemes, or multi-level marketing by Wednesday. Banerjee said that the state govt was looking into the list of 73 companies named by union Corporate Affairs Minister, Sachin Pilot against which the central govt has got complaints.
Banerjee, however, refused to name the companies. ‘If I say anything it will alert the companies,’ she later told media persons. Pilot had named the companies during Question Hour in the LS on 14 March.
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