-The Hindu Top civil society bodies are challenging the government's ‘counter-affidavit' in the Paid News case which seeks to gut the Election Commission's powers In a major twist to the Ashok Chavan vs. Madhav Kinhalkar legal battle (more notorious as the "Paid News" scandal), leading civil society organisations and eminent individuals have approached the Supreme Court to implead themselves into the case. Their intervention application, moved by advocate Prashant Bhushan, minces no words...
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Saradha effect: investors seek return of deposits from companies
-The Hindu Kolkata: The agitation against fraudulent deposit-taking companies continued to spread in the State with the police intervening in some places to prevent the situation spinning out of control. There were instances of agents heckling investors. Demanding that their money be returned, a group of investors protested outside one of the companies at Lake Town near the city on Saturday. At Salt Lake nearby, another company faced the ire of anguished...
More »Roar on rivals, silence on own ranks
-The Telegraph Kolkata: Mamata Banerjee today waved at a rally photographs and newspaper advertisements that she claimed established "links" between CPM leaders and the Saradha Group and other deposit-mobilising companies, but steered clear of commenting on Trinamul's alleged connections with such entities. Addressing her first public meeting since the Saradha crisis unfolded, the chief minister did not mention if she was planning action against Trinamul leaders whose names have cropped up in...
More »Under regulator’s nose-Indrani Dutta
-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...
More »Can legal measures root out chit fund frauds? - No -Pratim Ranjan Bose
-The Hindu Business Line There can be no denying the need for a legal framework to ensure that the likes of Saradha do not take the entire financial system for a ride. But that said, there will always be greedy investors, willing to be taken in by the tall promises of unscrupulous operators. The latter's task is made easier by loopholes in the law. Hence, Ponzi operators used the legal loopholes...
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