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NLA select committee discusses SARFAESI Act

Nagaland News

Kohima, April 26: The Nagaland Legislative Assembly (NLA) Select Committee on SARFAESI Act, under the Chairmanship of Chief Minister Neiphiu Rio, held a meeting with RBI officials and bankers on Monday.

The committee consists of Deputy CM Y Patton, Leader of Opposition TR Zeliang, NLA Speaker Sharingain Longkumer, Ministers Neiba Kronu and Tonpang Ozukum, Advisor Toshi Wuntung, MLA Imkong L lmchen as members, and Chief Secretary as special invitee.
The meeting was held with Justice and Law and Finance Departments, and the representative from RBI-DGM Gauhati Haridas Sarode, and AGM of SBI, Abinash Hembrom, who is also the convenor of SLBC Bankers, Dimapur.
The CM gave the opening remarks and thereafter every member shared their opinion on SARFAESI Act 2002, Art 371 A of the Constitution of India with special reference to Nagaland and also on the Nagaland Land and Revenue Regulation Act 1978 and 2002; and deliberated how to finance the entrepreneurs and the business people.
The meeting was ‘positive’ and concluded with a decision to consult respective funding agencies and come back again for more clarity. In the meantime, the State Government had also assured the bank representatives to bring some more land reforms to suit the prevailing condition of the State.
The meeting concluded with the closing remarks from the CM.

It may be recalled that the Nagaland Legislative Assembly on February 15, 2021 referred the SARFAESI Act 2002 to a select committee, contending that provisions of the legislation were in conflict to Article 371 A of the Constitution.
The decision to refer the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act was unanimously taken by the ruling and opposition bench members. (Page News Service)