Nagaland Assembly refers SARFAESI Act to select committee

KOHIMA:

The Nagaland Legislative Assembly on Monday referred the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 to a select committee, contending that provisions of the legislation were in conflict with Article 371A of the Constitution.

The article states that no act of Parliament shall come into effect in Nagaland without the assembly adopting it.

The decision to refer to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act was unanimously taken by the ruling and opposition bench members on the second day of the ongoing budget session.

Chief Minister Neiphiu Rio said the act should be forwarded to the select committee for further discussion and legal consultation before adopting a resolution in the House. (PTI)