WB minister attacks Trinamool supported NBFCs

West Bengal Consumer Affairs Minister, Sadhan Pande on Tuesday sent jerks in Trinamool Congress by emphasising the need of a stringent law to tame the ‘unlisted companies’ mostly backed by his party.

Addressing an interactive session organised by the MCC Chamber of Commerce Pande reiterated the need to regulate these ‘unlisted’ companies and get those companies listed with the market regulator SEBI.

“For listed companies, you have the Securities and Exchange Board of India (SEBI). But a lot of unlisted companies are working in West Bengal, who are raising funds, without any proper scrutinizing. I request the Centre to come up with some sort of an arrangement to keep a tab on this," he said.

Replying to Pande’s request Corporate Affairs Minister Veerappa Moily said, “We are looking into it, this is not just a case with West Bengal. They will have to go by norms. Have enough guidelines regulations in the country to monitor them."

Sadhan Pande’s remark is being seen in the context of mushrooming growth of activities by non-banking financial companies (NBFCs), against which several complaints have been lodged with the Prime Minister. TMC MP Somen Mitra has reportedly sent a complaint along with valid documents for a probe. Congress MP from Malda, Abu Naser Chowdhury (Dalu) has also demanded a CBI probe and sent bunch of documents to Prime Minister in this regard. Allegedly, a large section of these NBFCs are enjoying covert and overt support from the Trinamool Congress leadership. One of the TMC MPs, who is close to TMC Supremo, is the CEO of such company’s media venture.

According to the party sources, Pande may face action over his comments. However, records show that this is not the first time Sadhan Pande has dared party supremo Mamata Banerjee. In 2007, Pande dared Mamata to throw him out of party and stated that 'Mamata’s ideas about industries were muddled and her actions amounted to obstructing industrialisation of Bengal.'

Pande also remarked that political leaders and Chambers of West Bengal should sit together to take a unanimous approach towards FDI in retail, which was rejected by West Bengal’s Industry and Commerce Minister Partha Chatterjee.

On the sidelines of the programme, Partha Chatterjee said, “I don’t know who said what. I am not commenting on anybody’s remarks. Our party’s stand is against FDI in retail and we will continue to object such moves.”

Addressing the members of the chambers, Moily advocated for FDI in retail and other sectors for economic growth and assured that the economic slowdown will be over within 2 to 3 months.”

Referring Prime Minister’s decision to set up a High Power Committee to get into the root of the problem, he said that there are ‘three known reasons for this economic slowdown’ added with wrong message from the rating agencies. He also hinted that Government may opt to set up an independent rating agency for fairer ratings.

Moily also took a dig at Gujarat CM Narendra Modi’s press conference in Tokyo on Monday that NDA will return to power in 2014. Moily said, “First of all, let him say whether he is confident of coming back to power in Gujarat. Forget about NDA.”