CUTTACK: Uncertainty looms large over the future of Justice Madan Mohan Das Commission whose tenure expired on February 4.

The delay in extension of tenure has prompted the Commission to stop holding sittings from March 3 by bringing out a notice.

In a notice, Commission Secretary Devraj Rout said: “In view of non-receipt of order of the Government extending the tenure of the Commission till date, the Commission shall not hold sittings from March 3, 2020 until further orders. It is for information of all concerned”.

The delay in extension of the tenure has triggered speculations that the State Government has apparently decided to wind up the panel.

The Commission has been identifying small investors (those who deposited Rs 10,000 or below) who had been duped by fake financial companies who are eligible for compensation from the 8.86 lakh affidavits received in the first phase.

So far the Commission has submitted seven interim reports to the government recommending names of 4,97,844 small investors who are eligible for compensation.

“Another 1.5 lakh small investors identified from among the 8.86 lakh affidavits received in the first phase will be deprived of compensation if the Commission is terminated at this stage,” official sources said.

These small investors will be part of the eighth and last interim report of the Commission which cannot be submitted to the government unless its tenure is extended, the sources added.

“We are hopeful of further extension of the tenure as the Government had through Odisha Computer Application Centre (OCAC) already issued work orders for digitisation of the seven lakh affidavits received in the second phase”, a Commission official said on condition of anonymity.

The process of digitisation involves scanning of affidavits and preparation of database on investors on the basis of digitised material.

“The Government had also revised the Terms of Reference of the Commission in December 2019, limiting its purview of identification of duped investors only to bona fide small investors who had been duped by unauthorised deposit collection companies,” the official said.

While seeking extension by more than a month before its tenure expired on February 4 the Commission had sought more time to file report on three other terms of reference.As part of the other three terms of reference the Commission of Inquiry is expected to identify the individuals and entities who had indulged in unauthorised collection of public deposits in the State, probe and bring out involvement of influential persons, bureaucrats and other sections of the society, if any, in protecting or promoting such illegal activities. The Judicial Commission was set up on July 9, 2013 with Justice RK Patra as head of the Commission of Inquiry. Justice Das had taken charge on February 5, 2015 following the death of Justice RK Patra.

Submissions pending

● The Commission has submitted seven interim reports recommending names of 4,97,844 small investors who are eligible for compensation
● Another 1.5 lakh small investors identified from among the 8.86 lakh affidavits received in the first phase
● They will be deprived of compensation if the Commission is terminated at this stage 
● The small investors will be part of the eighth and last interim report of the Commission
● The report cannot be submitted to Government unless its tenure is extended