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WB Assembly passes bill to regulate chit fund companies

First published: April 30, 2013, 6:03 PM IST | Updated: April 30, 2013
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WB Assembly passes bill to regulate chit fund companies
However, the amendments were minor and there were no changes in the most controversial portions of the Bill.

Kolkata: In a fallout of the Saradha chit fund scam in West Bengal, the state Assembly on Tuesday passed a new bill on protecting 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 at the fag end of the discussion, even as Mamata welocmed the passing of the bill. "This is a timely and relevant step taken by the government. We realize 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 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."