SC considers plea of Committee of Creditors that it does not want liquidation of Essar Steel and grants fresh opportunity to both firms
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The Lok Sabha today referred a
bill seeking to ban unregulated deposit schemes to the
parliamentary standing committee on the ground that it
required thorough deliberations.
When the Banning of Unregulated Deposit Schemes Bill 2018
was taken up for discussion, the House, through a voice vote,
decided to refer it to the Standing Committee on Finance.
Nishikant Dubey (BJP) said the ponzi schemes have
defrauded gullible investors, particularly in many eastern
As ponzi schemes also involve state administration and
other authorities, the legislation requires comprehensive
study, he said, adding that the bill should be referred to the
Standing Committee to make it more effective.
The bill is aimed at tackling the menace of illicit
deposit-taking activities across the country.
Companies and institutions, running such schemes, exploit
the existing regulatory gaps and lack of strict administrative
measures to dupe the poor and gullible people of their hard-
earned savings, the objective of the bill said.(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)