Nagaland Assembly refers SARFAESI Act to select committee

The Nagaland Legislative Assemblyon Monday referred the SARFAESI Act 2002 to a selectcommittee, contending that provisions of the legislation werein conflict to Article 371A of the Constitution.

The article states that no act of Parliament shallcome into effect in Nagaland without the assembly adopting it.

The decision to refer the Securitisation andReconstruction of Financial Assets and Enforcement of SecurityInterest Act was unanimously taken by the ruling andopposition bench members on the second day of the ongoingbudget session.

Chief Minister Neiphiu Rio said the act should beforwarded to the select committee for further discussion andlegal consultation before adopting a resolution in the House.

PTI NBSRBT RBT