-The Hindu Chief Minister Mamata Banerjee may be sleeping easy as she has "settled all the issues at hand" on the Saradha scam. Saradha Group promoter Sudipto Sen has been booked and a Rs. 500-crore kitty has been created to make refunds to the depositors. However, no one is clear just how the refunds would be made and whether existing laws permit it. Mr. Sen's bubble may have burst. But the travails...
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PM says unauthorized deposit collection has to be curbed
-The Times of India Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region. Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry...
More »Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee
-The Indian Express New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward. Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough...
More »Protect Dalits from atrocities: SC panel
-PTI Commission upset over 'steep rise' in cases Chandigarh: The National Commission for Scheduled Castes on Friday expressed strong displeasure over the failure of Haryana, Punjab, Uttar Pradesh and Bihar governments to prevent "steep rise" in atrocities against people from weaker sections. "The commission is in the final stages of preparing a report card on the functioning of Haryana, Punjab, Bihar and UP governments regarding increase in cases of atrocities against Dalits," NCSC...
More »Security forces can be tried in criminal Courts too, says SC -Utkarsh Anand
-The Indian Express Stating that all security forces personnel accused of crimes against civilians will not necessarily be tried only by their Courts, the Supreme Court on Thursday ruled that criminal Courts can also have jurisdiction in such cases. Setting aside the orders of a lower court and high court in Jammu and Kashmir, a bench led by Justice C K Prasad Thursday ordered that the trial of two BSF personnel, accused...
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