West Bengal government to take over 2 Saradha group TV channels

The West Bengal government has decided to take over two television channels owned by scam-tainted Saradha Group, following an appeal by employees of the channels that are facing closure.

Chief minister Mamata Banerjee told reporters at Writers' Buildings that the decision was taken following an appeal by employees of the two channels - Tara News and Tara Muzic - seeking government intervention.

She said the government also decided to give the 168 employees of the channels an ex-gratia of Rs16,000 each from this month even as opposition CPI(M) questioned the state government's decision to own TV channels.

The state government would provide Rs26 lakh from the chief minister's relief fund to run the channels, on humanitarian grounds, but would not take the Rs6-crore liability of the channels, she said.

However, this would require legislation, she said, adding that the state government would decide whether it should convene a special session of the assembly or promulgate an ordinance since the assembly was not in session now.

She said the West Bengal government is committed to compensate the thousands of small investors cheated by the Saradha group's ponzi schemes.

"We shall soon start paying compensation to the depositors cheated by the Saradha Group and such other chit fund companies recommended by the Justice (Retd) Shyamal Sen Commission of Inquiry," she said.

The commission of inquiry, set up by the state government to probe irregularities in the chit fund schemes of the Saradha group and other companies, is expected to submit its report within six months.

Banerjee said the commission has so far received over four lakh complaints along with appeals for return of their deposits.

The commission has been asked to find ways on how to return the money of the thousands of investors duped by the Saradha Group and other companies.

The state government has set up a Rs500-crore relief fund to pay back investors and agents following the Saradha meltdown. The government also announced a "social security scheme" to help people invest safely and with a guarantee of "proper returns", she said.

Meanwhile, the opposition Left Front and Congress have demanded a CBI probe into the chit fund scam, claiming that the commission is unlikely to do an impartial inquiry as the ruling party has alleged ties with the Saradha group.