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General awareness for investors not to feel panicky on false propaganda

by Rinku Khumukcham
0 comments 3 minutes read

By : Bikram singh Chandam

When minutely examined on internet, the leading financial Companies of Manipur like,- Lamjingba Nidhi, Smart, Birla Emporium, Panthoibi etc.etc. are found operating within the purview of “Regulated Deposit Schemes” of the Gazette of India, Extraordinary [Part II] Column (3) of First Schedule [Sec 2 (15)], Sl. No. 9 registered under the Companies Act 2013 (18 of 2013) and Ministry of Corporate Affairs, Government of India as Regulator:
Accordingly these financial Companies are permitted to accept deposits under the “Ministry of Corporate Affairs” Government of India in the following manner,-
(i) deposits are accepted or permitted under chapter V of the Companies Act 2013 (18 of 2013): and
(ii) any scheme or arrangement under which deposits are accepted by a Company declared as a “Nidhi” or a mutual benefit Society under Sec 406 of the Companies Act 2013 (18 of 2013):
However, it’s rather ridiculous to find the unnecessary inclusion of Lamjingba Nidhi, Smart, Panthoibi, Birla Emporium etc.etc. in the agenda of Round 10 discussion of the State Level Consultative Committee (SLCC) Meeting for discussion of the activities of “Non Banking Financial Companies (NFBCs)” and Unincorporated bodies for the state of Manipur: The SLCC Meeting held on 8th Dec’ 2019 has also made an unnecessary attempt to drag such financial Companies of Manipur under the “Unregulated Deposit Schemes Act 2019”:
Here, it’s noteworthy to mention that the “Banning of Unregulated Deposit Schemes Act 2019” as the SLCC is going to bring into is totally out of its purview while dealing with the financial Companies of Manipur like,- Lamjingba Nidhi, Smart, Birla Emporium and Panthoibi et.etc. as they are all regulated deposit schemes which are governed totally under a different provision of law as mentioned in the 1st Para of this post:
The Revenue Commissioner has also been appointed as the “Appropriate Authority” vide Finance Dept’s order No. 3/366/2018/IF dated 3rd Dec’ 2019 for dealing with the “Banning of Unregulated Deposit Schemes Act 2019”:
However, this order can not be considered to have extended its jurisdiction over such financial Companies of Manipur which are registered under the Companies Act 3013 (18 of 2013) and governed by the Ministry of Corporate Affairs, Government of India as Regulator, under “Regulated Deposit Schemes”:
The relevant provisions of the “Regulated Deposit Schemes” which governed such financial Companies of Manipur are reproduced herewith for ready reference, along with SLCC agenda and Finance Dept’s order:
May also refer to my earlier post made on Saturday the 14th Dec’ 2019 at 11.56 pm on this issue for more details:
The provisions for “Banning of Unregulated Deposit Schemes Act 2019” is not reproduced as it is not relevant with the context:
Therefore, the “Competent Authority” may kindly make an in-depth study of the relevant provisions of the “Ministry of Corporate Affairs” Govt of India and the “Companies Act 2013 (18 of 2013)” for making a clarification of the matter to the public in its earliest convenience with a view to defuse misunderstandings created earlier and avert any kind of panicky situation:
Disclaimer: However, I don’t vouch for any of the Companies to be within the purview of Ministry of Corporate Affairs, Government of India and the Companies Act 2013 (18 of 2013) which do not adhere to the relevant acts & rules in their financial practice

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