Issue GO regarding powers of Chit Fund Registrar: BJP to CM

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Hyderabad, Apr 8 (UNI) The Bharatiya Janata Party today urged Andhra Pradesh Chief Minister Y S Rajasekhara Reddy to issue a Government Order, clearly delineating the role, responsibilities and powers of Chit Fund Registrars regarding disputes between the company and the depositor.

In a letter to the Chief Minister, a copy of which was made available to the media, BJP State President Bandaru Dattatreya said while conferring judicial powers on the Registrars through an ordinance in September 2007, the Government did not take into consideration infrastructural facilities for the discharge of judicial responsibilities by Registrars, legal and technical competence of the Registrars in adjudicating intricate financial disputes and availability of staff for the exercise of judicial powers by the Registrar.

He said fast track orientation programmes should be conducted for Registrars to equip them with necessary legal awareness and acumen.

He also demanded appointment of supporting staff to enable the Registrar to take up this additional responsibility.

He said a committee of financial experts should be appointed to look into various problems of the companies and the depositors to initiate long-term and fool-proof method in this sector.


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