Senior law officer argued for chit agent

The MPS is one of the 73 companies which has come under the scanner of the SEBI for allegedly collecting deposits from the public violating the rules of SEBI.

The SEBI also directed MPS not to collect money from investors or launch any scheme or not to dispose of the properties of the schemes which were acquired. In the meantime,one Satya Ranjan Baidya,an agent of the MPS,filed a suit before the city civil court in Calcutta and obtained a temporary restraining injunction on the SEBI’s order. Following such development,SEBI challenged the civil suit in the Calcutta High Court in which Ashoke Banerjee represented Baidya.

Speaking to The Indian Express,Banerjee said there was nothing wrong to argue for Baidya in a case where the state government was not a party. “The Government Pleader can appear for any private party if the state government was not an opposite party or involved in the case. In this case,SEBI was the party and government was not involved in the case,” said Banerjee.

Banerjee also said that he argued the case in December last year when the chit fund row had neither surfaced nor was an issue,and added that if any company like MPS or others approached him now to take up cases against SEBI or any other agency he would not accept it as the state government has already taken steps against those companies.