HP plans crackdown on dubious firms

The issue was raised in the Assembly first by Ram Lal Thakur (Cong) and later by Ravinder Ravi (BJP). Both members made a fervent plea to the government to save the investors from falling in the trap of such companies.

Ravi, who tabled a call attention motion, quoted several examples of the companies that issued attractive schemes for the depositors, mobilised investment, and then closed shop, leaving the depositors high and dry. Ram Lal Thakur also raised the matter during the question hour about a company Him Forests, which wound-up its shop after collecting nearly Rs 45 lakh. Two MLAs alleged that most of these companies had their registered offices either in Chandigarh, Manimajra or other places outside the state.

In his reply, Dhumal said that under the Banking Act (amended in 1983) unincorporated companies had been restrained from collecting deposits. The Act also provides that the state government should keep an eye on the functioning of these companies so that interests of the small depositors could be safeguarded.

Chief Minister said that under the amended provisions of the Act the district magistrates could also register criminal case against such companies. The state government had adopted this process and district administrations had been directed to survey the functioning of such financial companies, he assured the House.

Chief Minister said that he had directed the state cooperative banks to do aggressive banking so that small investors were encouraged to come to them for deposits. He said people were also encouraged to invest in various small saving schemes.

Earlier, during question hour Chief Minister said investors should register FIR against such companies, which had defrauded them so that action could be taken against them.