Awareness prog on BUD Act 2019 held
Source: Chronicle News Service
Imphal, February 20 2022:
Joint Action Committee for SALAI Depositors organised an awareness programme on 'BUD Act 2019' along with a convention of depositors on Sunday at MDU, Yaiskul Police Lane.
In his address, Manipur University Economic department associate professor Chinglen Maisnam said that depositors need to stand together firmly.
Large number of depositors who invested in certain companies with the hoping of making some financial gains faced more suffering as the companies turned out to be frauds, he pointed out.
Fortunately, BUD Act 2019 has been enacted to save the right of the depositors as fraud companies could be punished and penalised, Chinglen explained.
Highlighting the need of depositors who invested money in fraud companies to raise their voices, Chinglen maintained that the depositors should know that their problems cannot be solved without the intervention of the government.
In view of the suffering of the depositors, there are instances where depositors recovered their investment from fraud companies under the direction of their governments in Andhra Pradesh and Kerala, Chinglen pointed out.
During the programme, JAC for Salai Depositors resolved to exert pressure on the new government for recovering investments of the depositors from private banks, not to allow Core Committee of SALAI shield Board of Directors, which has been disallowing the depositors to meet them, and not to vote for those political party or parties which undermined plight of the suffering depositors.