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SNE head office manager to face trial
Correspondent MOKOKCHUNG, JUL 23 (NPN):
Published on 24 Jul. 2010 12:15 AM IST
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Specular North East (SNE) Nagaland branch – a micro financing organisation – has filed a case against its head office manager R.K Nath a.k.a Shambu Das,, who is solely responsible for running the organization, for defrauding investors.
As per the case field by the SNE, Nagaland, the District court, Mokokchung has fixed the date for case hearing July 26. R.K Nath was arrested from Guwahati and brought to Mokokchung. The Nagaland SNE has appealed to depositors to bear with the situation till legal action was initiated against Nath. They have state that any untoward consequences would be solely borne by Nath.
According to Nagaland SNE employees, in the year 2008 the SNE head office, Guwahati had directed them to open more sub-branches under their respective special executive officers (SEOs). Subsequently, they opened branches and started micro finance loans to its members from March to June 2009, however, big loans were not sanctioned as promised by the head office. Then again, from July 2009, the head office stopped sanctioning even micro finance loans excepting for a few applicant.
The SNE Nagaland said they however settled the problems of micro finance loan by sanctioning the due loan to its members from the deposited amount and loan recovery amount till October 2009. And as they were struggling to sanction the due loans, the matured dates of the depositors started in the month of September 2009. Subsequently, they requested the head office to sanction the matured amount of the deposited members, but till date the H.O failed to release even a paisa to sanction the matured amount with the interest of 6% p.a.

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