Lok SabhaRajya Sabha

January 5, 2018

Saugata Roy asks a Supplementary Question on complaints against private companies

Saugata Roy asks a Supplementary Question on complaints against private companies

FULL TRANSCRIPT

Madam, the Minister is hiding behind technicalities in dealing with this question. He is dividing it into two parts, saying that SEBI is under the Finance Ministry and private companies are under the Ministry of Corporate Affairs.

But the fact is, these chit fund companies, non-banking financial companies (NBFC) and private companies accepting deposits have become the bane of the economy. They have cheated hundreds of thousands of people, many of whom are very poor people. And the government’s regulators – RBI, SEBI and SFIO, which are under the Ministry of Corporate Affairs – have not really taken any steps to return the money to the depositors.

May I ask the minister, whether he would view section 73 and 74 of the Companies Act and take effective steps to return the money to the poor depositors who have been cheated, either by NBFCs or by chit-fund companies or private companies or public companies taking deposits.

Our Standing Committee on Finance gave a detailed report on this which has not been acted upon. I would ask the Finance Minister to deal with this question in its entirely.

These are happening every day. The Government has not been effective in dealing with this.