Assocham demands quick action against rogue finance cos

PTI Updated - March 12, 2018 at 09:40 PM.

Assocham on Tuesday made a strong pitch for bringing the rogue finance companies to task for duping investors by promising abnormally high returns.

“We want quick action to be taken against the rogue companies which are neither registered with SEBI nor having the RBI permission for collecting money from the public,” Assocham National Vice—President Sunil Kanoria said.

Numerous such companies like Saradha Group, which had just gone bust, were operating in West Bengal collecting money from the poor investors promising high returns considered to be untenable by any standards, he said.

Kanoria said it was the responsibility of the state government to punish the guilty and to protect the investors by confiscating the property.

Chairman of Assocham eastern region Sanjay Jhunjhunwala said that the chamber was working on a paper on such companies and the views subsequently would be forwarded to the state government.

“We will send our thoughts to the state,” Jhunjhunwala told reporters. He also said that a great deal of investor awareness was also required.

Assocham today released a strategy paper on reviving the sick units in Bengal which was handed over to the state Industry Minister Partha Chatterjee.

The industry body also urged the Centre for releasing a grant of Rs 20,000 crore to West Bengal to help state tide over the present financial crisis.

Published on April 23, 2013 13:30