Statesman News Service KOLKATA: The whole perception of the state government about availability of security forces is unreliable, State Election Commission counsel Samaraditya Pal submitted before Mr Justice Biswanath Somaddar of Calcutta High Court on the last day of the hearing of the challenge to some provisions of the West Bengal Panchayat Election Act today. The judgment of the case will be delivered expeditiously, Mr Justice Somaddar said. Earlier, citing...

-NDTV Kolkata: The Calcutta High Court will today hear two Public Interest Litigations or PILs demanding a Central Bureau of Investigation (CBI) investigation into the Saradha Chit Fund Scam that has wiped out the savings of lakhs of small investors. One of the petitions was filed by a lawyer last week and the court had asked the West Bengal government to file an affidavit by Thursday which it has done. The Mamata Banerjee...

-The Telegraph Ranchi: Sluggish economy and soaring personal aspirations are teaming up to create fertile ground for quick-rich chit fund schemes and non-banking finance companies such as the now-infamous Saradha to mushroom, but rules to give Jharkhand investors the much-needed safety net are hanging fire since over a year. Jharkhand Assembly had early last year forwarded rules framed by the state's institutional finance department for the President's consideration under The Chit Funds...

-PTI Kolkata: West Bengal Chief Minister Mamata Banerjee, who has sought to blame the Centre for the Chit Fund Scam, has claimed that the central government reduced the rate of interest in small savings to drive depositors towards ponzi schemes. "It is because the Centre has reduced the interest rates in small savings in the post office, poor people and those who have retired keep their money in these chit funds with...

-Economic and Political Weekly The Saradha group's collapse has possibly bankrupted lakhs of small investors robbing them of their life svaings, and has rendered thousands of its agents jobless. The scam highlights the failure of the government and its regulatory agencies to reign in the mushrooming chit fund companies in West Bengal. It also brings under the scanner the Trinamool Congress' proximity with the tainted group. In the wake of the...