Regulations
ED files charge sheet in Rose Valley ponzi scam

The chargesheet was filed before the city sessions court, under the provisions of the Prevention of Money Laundering Act in pursuance of the a complaint from the Securities and Exchange Board of the India to the Enforcement Directorate

 

Arrested Rose Valley group chairman Gautam Kundu was among the six people named in the charge sheet filed by the Enforcement Directorate in the Rose Valley ponzi scam on Thursday.
 
The chargesheet was filed before the city sessions court, under the provisions of the Prevention of Money Laundering Act in pursuance of the a complaint from the Securities and Exchange Board of the India to the Enforcement Directorate.
 
Arrested March 25 by the ED under the Prevention of Money Laundering Act for mobilising public money without proper sanction of the SEBI, Kundu was sent to 10 days judicial custody on Tuesday.
 
The corporate affairs ministry in 2013 had named Rose Valley as one of the 73 companies involved in ponzi schemes in West Bengal.
 
Having cast its net across the states of Bengal, Tripura, Assam, Odisha, Jharkhand and Maharashtra among others, the company is alleged to have raised close to Rs.15,000 crore.
 
Found the company guilty of running "collective investment scheme" without necessary approvals, the SEBI in June 2014 had ordered it to refund the money to the investors and barred it  from accessing the securities market.
 

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Infrastructure lending should not override national security: Rajan

"The required national push to finance infrastructure should not override financial stability, which is key to national security," RBI Governor said.

 

Warning of excessive lending to infrastructure posing a possible threat to the country's security, RBI Governor Raghuram Rajan on Thursday said such loans should not override overall financial stability, which is "key to national security".
 
"The nation has enormous financing needs in infrastructure, and far too many of our banks already have too much exposure. Big corporate infrastructure players have also taken too much debt," Rajan said at the event to mark the 80th anniversary celebrations of the Reserve Bank of India, attended, among others, by Prime Minister Narendra Modi and Finance Minister Arun Jaitley.
 
"The required national push to finance infrastructure should not override financial stability, which is key to national security," he added.
 
The non-performing assets (NPAs), or distressed loans of banks in the country stood at over Rs.300,000 crore as on December 2014. NPAs of public sector banks rose to 5.33 percent of total advances in September 2014, from 4.72 percent in March 2014.
 
Stalled projects have been adding to banks' NPAs and the finance ministry's latest Economic Survey says that, as of December-end, these amounted to Rs.880,000 crore-worth.
 
"Strong national institutions are hard to build. Therefore, existing ones should be nurtured from the outside, and constantly rejuvenated from the inside, for there are precious few of them," Rajan said in a reference to the RBI.
 
"There has always been a constructive dialogue between the government and the bank, informed by their respective time horizons and attitudes towards risk. And history records that successive governments have invariably appreciated the wisdom of the Reserve Bank's counsel," he added.
 
Speaking on the occasion, Jaitley said the RBI's professionalism has served the country well.
 
"Starting from 1935 till today, a large part of the country's sovereign functions rests on shoulders of the RBI. From management of the country's monetary policy, inflation, rates, banking sector regulator, manager of public debt, RBI has performed them in a commendable manner," he said.

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Fadnavis says Centre working on new law similar to Section 66A

The Centre is working on formulating a new law on the lines of Section 66 (A) as there was no conviction in the previous law, the Maharashtra chief minister told the Legislative Council  

 

Maharashtra chief minister Devendra Fadnavis said that the Centre is working on formulating a new law under Information Technology Act, on the lines of section 66 (A) that was struck down by the Supreme Court.
 
The chief minister was replying to a question asked by Shiv Sena leader Neelam Gorhe in the Legislative Council. Gorhe, had asked whether the state will frame a new law in place of Section 66 (A) that would compensate for the repercussions on the Supreme Court order.
 
She said, "Under the previous law, an accused could be put behind bars if he made objectionable comments on somebody. After this law was struck down, these miscreants will now get teeth to continue doing this. Will the state government formulate a law in line with the previous law?" 
 
Fadnavis said that there is no need for the state government to frame a new law as the Central government is already working on it.
 
"The Centre is working on formulating a new law on the lines of Section 66 (A) that was struck down by the Supreme Court. There was no conviction in the previous law and thus a law is being formulated that will be strong and which will result in convictions," the chief minister said.
 
While there were 937 registered cases under the IT Act in 2013, the number rose to 2,696 in 2014, he added.
 
Replying to a question by Hemant Takle (NCP), who pointed out that merely training 1,000 policemen will not help and that all police stations should be trained in handling cases of cybercrime, Fadnavis said that his suggestion will be considered.
 
He also said that while 1,000 policemen are being trained to tackle cybercrime cases, NASSCOM and DSCI are also imparting training to 4,416 officials and 5,972 low-level officers.
 
"To tackle cases, we will also think about taking help from outsourced agencies if required," Fadnavis added.
 

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COMMENTS

Ralph Rau

3 years ago

Muzzling legitimate criticism of government and politicians' misdeeds seems to be the objective.

More Government. Less Governance.

More Hypocrisy ?

The beginnings of a police state.

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