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Regular-article-logo Tuesday, 14 May 2024

Calcutta High Court query on Saradha cash

Friday’s order followed a plea by an organisation fighting for the duped investors of various illegal deposit-mobilising companies

Our Legal Reporter Calcutta Published 13.03.20, 07:51 PM
Calcutta High Court

Calcutta High Court File picture

Calcutta High Court has directed the Bengal government to file an affidavit in four weeks stating what had been done with the Rs 138 crore that had found no claimants among duped Saradha depositors who had been chosen for refund.

A special division bench of Calcutta High Court, set up by then Chief Justice Manjula Chellur to monitor the process to refund those cheated by deposit-mobilisation companies, on Friday asked what had happened to the Rs 138 crore that the Saradha-specific Justice Shyamal Sen Commission could not give back.

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The government had in 2014 allotted Rs 500 crore to the Justice Shyamal Sen Commission to refund the duped Saradha depositors. Cheques to the tune of Rs 138 crore were reported to have returned to the commission as there were no recipients. The division bench on Friday also asked the state to furnish the report submitted by Justice Sen while winding up the commission.

The bench of Justices Joymalya Bagchi and Suvra Ghosh told the lawyers representing the depositors in other closed companies that their problems would be adjudicated in due course.

Friday’s order followed a plea by Subir De of Suraksha Mancha, an organisation fighting for the duped investors of various illegal deposit-mobilising companies.

During last month’s hearing, advocate Arindam Das, the counsel appearing for De, had informed the court that in 2014 the state government had allotted a fund to compensate the depositors through the Justice Sen commission.

“Accordingly Justice Sen had sent the amount to a section of depositors. But a portion of the amount could not be refunded by the commission,” he had informed the court.

The bench had asked the state to file an affidavit on the allotment of funds and their usage. The government submitted its affidavit on Friday saying it had allotted Rs 500 crore, but cheques worth Rs 138 did not find recipients.

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