PART-10. Saradha Group financial scandal : MAMATA After taking over as CM of West Bengal, defeating Communists, she could not manage her State, now in Delhi protesting and abusing PM Along with a bunch of evil associates.

Opinion
04/12/2016.
       893.
                All Members,
         Respected family members of this great holy Nation.

Sub : Saradha Group financial scandal

Ref : After taking over as CM of West Bengal, defeating Communists, she could not manage her State, now in Delhi protesting and abusing  PM  Along with a bunch of evil associates

SCANDAL STORY :

Part-10.  Aftermath and reactions
             State government reaction
             1. West Bengal. continued

1. The state government decided to repeal an existing Bill passed by the Left Front Government in 2009, which had not received the approval of the President of India.

2.  On 30 April 2013 the new Bill—The West Bengal Protection of Interest of Depositors in Financial Establishments Bill (2013), was passed in a two-day special session of the West Bengal Legislative Assembly.

3. The new law has provisions for retrospective effect, search and seizure, enhanced penalties, establishment of special courts and confiscation of property.

4.  As the Bill pertained to the Concurrent List of the Indian Constitution, on which a federal law was already in place, it required approval from the President.

5. The Bill was sent to the Union Home Ministry, which sent it back to the West Bengal Assembly on 6 June 2013, stating that the Bill has penal provisions implemented with retrospective effect, thus contravening the Basic structure doctrine of the Indian constitution and the established criminal law jurisprudence.

6.  On 12 December 2013, the West Bengal Legislative Assembly passed an amended version of the origin1al Bill, incorporating changes suggested by the financial services, and revenue and economic affairs departments in New Delhi.

7. The new Bill was then sent for presidential approval.

8. On 8 May 2013, Banerjee said West Bengal was considering setting up a government-backed small savings fund to encourage small depositors to invest in it rather than in Ponzi schemes.

9.  Doubts whether a cash-starved state with high debt burden has the financial acumen or political will to independently administer such a fund.

10. On 23 May 2013, Bannerjee indicated the West Bengal government's willingness to take over Saradha-owned television channels Tara News and Tara Muzic, which had earlier been sent into administration by Calcutta High Court.

Next : Part -11. Aftermath and reactions - Continued  ..2. Assam
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  To be continued.....