Mamata: Ready with ordinance to protect investors

Chief minister Mamata Banerjee today said that her government was ready to proclaim an ordinance before enacting a new law to crack down on those duping investors.

Written by Express News Service | Kolkata | Published: April 23, 2013 3:57:20 am

Chief minister Mamata Banerjee today said that her government was ready to proclaim an ordinance before enacting a new law to crack down on those duping investors.

“The draft of our law is ready. But in order to provide immediate relief to the investors and agents,we want to issue an ordinance. We urge the central government to return the old bill passed by our erstwhile Left Front government to us in 24 hours so that we can proclaim the ordinance. After that we can introduce the bill in the Assembly when it meets,” Mamata said.

She also said she sent her request to President Pranab Mukherjee also,who called her yesterday to enquire about her health.

In 2003,the West Bengal government passed the Bill for Protection of Interests of Depositors in Financial Institutions and sent it to the Centre for presidential assent. It re-sent the bill in 2009 after making amendments suggested by the Centre.

However,Mamata today said she was ready with the draft of a new bill. “The old bill is faulty. President Pratibha Patil had written to the Left Front government in 2006 to withdraw the legislation and send a fresh one. The Centre made four observations including setting up of special courts but the Left Front government did not accept it. There were no provisions of search and seizure in that bill. But the Left Front did not withdraw the bill. Unless the old legislation is returned,we cannot enact a fresh law. We are ready with the draft. We request the central government to return the bill,if possible within 24 hours,so that we can issue the ordinance,” the chief minister said.

Mamata also revealed that her government had received a complaint from SEBI three months back about the misdeeds of a non-banking financial company in the state. “The CBI forwarded the complaint to Bidhannagar police station and investigations were started. Since then police have been probing the case. Now after Poila Baisakh,the employees of music channel Tara Music (part of Saradha group) lodged a complaint with Bidhannagar police station against the group and a case has been started.”

Mamata sought cooperation of the Centre on the matter. “It is the Centre that gives licence to new companies,” she said.

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