HC extends tenure of Talukdar committee

The Calcutta High Court today extended by a year the tenure of the Talukdar Committee formed by it to locate and auction property held by chit fund company MPS Group and to disburse the proceeds to investors who had been allegedly duped by the company.
A division bench of justices Aniruddha Bose and Joymalyo Bagchi extended the tenure of the one-man committee of Justice (retd) S P Talukdar by a year, while refusing to accept the West Bengal government's contention that a separate committee for the purpose was not needed as an Act of the state government provides for the same procedure for recovery of stakeholders' money in such chit funds.

The state government had prayed for a recall of the high court order of December 23, 2015, by which it had formed the one-man committee for locating and auctioning property held by the MPS Group and to distribute its proceeds to the allegedly duped investors.
The bench also directed the state government to appoint Subrata Mitra as nodal officer of the committee, which sought his appointment, and submit a compliance report before the bench by November 28.