New Delhi: Against the backdrop of recent chit fund controversy in West Bengal, a Parliamentary committee on Friday slammed such schemes with demands for putting in place a single regulator to oversee their functioning or scrapping them altogether. The Parliamentary Standing Committee on Finance closely scrutinised the functioning of such schemes which recently led to a series of suicides in West Bengal.
Senior officials from RBI, CBDT, SEBI, Corporate Affairs Ministry and Finance Ministry, who appeared before the committee, admitted poor coordination and lack of regulation to control the flourishing chit fund business in the country. While agreeing that thousands of investors are being duped, they told the committee that the major onus lied on the states to regulate the schemes.
Accusing the Centre of giving conflicting data, a member later said while government claims that the scheme is functioning in 15 states, in reply to a question in Parliament, it has informed that chit fund business was flourishing in 17 states and six Union Territories. Committee Chairman and BJP leader Yashwant Sinha suggested that the 1982 Act regulating the chit fund business in the country be repealed through an ordinance, sources said.
He was of the view that the chit fund business should be scrapped to protect innocent investors. While most members, cutting across party lines supported his idea, some others said repealing the Act would not ensure that chit fund companies stop functioning....
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07:40 PM, May 17, 2013
Kolkata: Chit fund company Saradha group's chief Sudipta Sen was on Thursday sent to 9-day police custody, along with two of his close aides - Debjani Mukherjee and Arvind Singh Chouhan. The Bidhan Nagar police had sought a 14-day extension of their custody. The Saradha group allegedly duped lakhs of investors in a chit fund scheme. The police have unearthed 254 bank accounts and close to 200 properties of the...
04:46 PM, May 09, 2013
New Delhi: The 22-year-old man who allegedly raped a five-year-old girl here was on Sunday sent to judicial custody till May four to facilitate test identification parade after he was produced in a city court by the Delhi Police a day before expiry of his transit remand. Earlier in the day police said that Manoj Kumar, who was arrested on Saturday from Bihar's Muzaffarpur, will not be produced in court...
08:01 PM, Apr 21, 2013
Mumbai: TV actress Divyanka Tripathi, who made her small screen debut with 'Banoo Main Teri Dulhann', will soon be seen in Ekta Kapoor's new show 'Custody'. She says the shooting for the show will start soon. The show is said to be based on author Manju Kapoor's eponymous novel, and if reports are to be believed, it will mark the comeback of actor Cezanne Khan to the small screen. "I...
07:18 PM, Apr 16, 2013
Lucknow: Three persons, arrested in connection with the killing of Deputy Superintendent of Police Zia-ul-Haq, were on Sunday remanded in judicial custody till April 28, 2013. However, the fourth accused in the case Yogendra alias Babloo Yadav, who is said to be juvenile, would be produced before the juvenile justice board on Monday. The accused, including slain village head Nanhe Yadav's brothers Pawan and Phoolchandra, son Babloo and private security...
02:48 AM, Apr 15, 2013
Suspected Hizbul Mujahideen terrorist Liaqat Shah was on Saturday sent to judicial custody till April 12 by a Delhi court. A controversy broke over Shah's arrest by Delhi Police, which claimed that he was a Hizbul Mujahideen terrorist who had come to the national capital to plan a suicide attack. However, the charges were contested by the Jammu and Kashmir Police saying that he was returning to the Valley for...
02:51 PM, Mar 30, 2013
Judicial custody of suspended IAS officer Y Srilakshmi, an accused in the Obulapuram Mining Company (OMC) scam, is set to end on Monday. Srilakshmi surrendered on Thursday before a special Central Bureau Investigation (CBI) court in following the expiry of her interim bail in the scam that also involves former Karnataka minister Gali Janardhana Reddy. ...
09:29 AM, Mar 25, 2013
A local court on Friday sent four persons to judicial custody for 14 days in connection with the gang rape of a college girl, who had committed suicide following the incident. The four persons were arrested on Thursday, a day after the girl committed suicide by setting herself on fire. ...
01:40 AM, Mar 23, 2013
Two police constables were suspended after a person held in a pick-pocketing case allegedly committed suicide at a police lock-up at Chembur. ...
12:59 PM, Mar 18, 2013
A Colonel-rank Defence PRO in Manipur and five others arrested for allegedly transporting illicit drugs estimated at over Rs 24 crore for smuggling to Myanmar were on Monday remanded to police custody till March 8. Chief Judicial Magistrate, Thoubal, passed the order for police custody of the six, including Manipur Defence PRO Ajay Chaudhury arrested Sunday in Chandel district, following an application by investigating officer A Ghanashyam Sharma. ...
05:50 PM, Feb 25, 2013
A minor boy in Odisha's Jharsuguda district was allegedly tortured and inflicted burns with cigarette butt while in police custody in connection with a theft incident. ...
06:32 PM, Feb 16, 2013
Crowds protested outside a police station in West Bengal's Hoogly district after a Trinamool Congress (TMC) activist died in custody due to alleged torture by police. Relatives of the 30-year-old Kazi Nasiruddin, along with locals surrounded the police station and pelted stones at it. ...
05:10 PM, Jan 19, 2013
While the custody battle continues for the Norway NRI couple Sagarika Bhattacharya and Anurup Bhattacharya, it's the children who are facing the most problems. Psychiatrists say the psychological trauma they're suffering is only getting worse. ...
08:30 AM, Jan 16, 2013
For almost two years, Sagarika Bhattacharya fought to be reunited with her children. This week, the Calcutta High Court ruled they could be together till the case is settled. ...
07:37 PM, Jan 12, 2013
The Calcutta High Court has allowed the interim custody of the Norway NRI children - Abhigyan and Aishwarya - to their mother Sagarika Bhattacharya. Sagarika has got the custody of the children till the final disposal of her petition and till the children's paternal uncle Arunabash Bhattacharya gets the order of the Child Welfare Committee set aside. ...
02:54 PM, Jan 10, 2013
The Calcutta High Court is likely to give its verdict in the Norway custody row on Thursday in which two NRI children are caught between a legal and diplomatic fight. The High court completed its hearing on Wednesday and reserved the order for Thursday. ...
07:27 AM, Jan 10, 2013
The Calcutta High Court has ordered the NRI children, who are caught between a legal and diplomatic fight with Norway since 2011, be returned back to their uncle by noon Wednesday after a government council said the police tried to find the children and their mother, Sagarika Bhattacharya, but failed. ...
12:04 PM, Jan 09, 2013
Asansol Police is set to present a compliance report before the Calcutta High Court on Wednesday on the status of handing over the custody of the children, who are caught between a legal and diplomatic fight with Norway since 2011, to their uncle. ...
10:50 AM, Jan 09, 2013
There is more tussle in the child custody battle involving the NRI couple Anurup and Sagarika Bhattacharya months after they were brought back from Norway. The Calcutta High Court has restored them to their uncle's custody hours after they finally reunited with their mother Sagarika. ...
03:16 PM, Jan 08, 2013
