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Given that there are enough processes to identify wilful defaulters, the need for a specific process to identify wilful default seems superfluous, but perhaps an acquiescence to the principles of natural justice
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Last week, the Reserve Bank of India (RBI) released a framework for lenders governing technical write-offs and compromise settlements, including those classified as fraud or wilful defaulters.
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The reward may be granted in two stages — interim and final. While the interim reward amount will not exceed two and a half per-cent of the reserve price of the asset regarding which tips was provided or Rs 5 lakh, whichever is less and the final reward amount will not exceed 10 per cent of the dues recovered or Rs 20 lakh, whichever is less.
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Defaulters will be liable to pay fines of as much as Rs 10 crore and can be banned from bidding for contracts for up to three years
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Nearly 150 top borrowers with debt worth Rs 8.59 lakh crore owed across the Indian banking system are struggling to pay interest on their loans.
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As the new financial year unfolds it would soon be time for taxpayers to file their returns. If you are one of the nearly 4 crore taxpayers, you must ensure that you file your returns within the stipulated due date.
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As NPAs of public sector banks soared to a staggering Rs 6.8 lakh crore, the chairman of a key Parliamentary panel today favoured naming and shaming corporate houses which default on repayment of bank loans.
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Markets regulator Sebi has launched as many as 568 prosecution cases against those collecting public money through illegal investment schemes and nearly 1,100 other cases for violation of securities norms.
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As against the previous year, there is 16 percent rise in wilful defaulters owing over Rs 25 lakh each to 8,167 from 7,031 at the end of March 2015. However, dues to the bank have increased to 28.5 per cent to Rs 76,685 crore in 2015-16 from the earlier Rs 59,656 crore.
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Making a strong case for expeditious
adjudication of debt recovery cases, Finance Minister Arun
Jaitley today said the doctrine of natural justice of giving
opportunity to defaulters to defend themselves need not be
carried to an "unnatural extent".
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Sebi has prohibited Maitreya Services from selling various immovable properties, including 7 assets in Maharashtra and Gujarat, as part of its efforts to recover over Rs 82 crore in an illegal money pooling case.
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The defaulters are going to face a penalty of 200 percent on the tax evaded. But some who had declared a part of their unaccounted wealth in the Income Declaration Scheme which ended a month back, will be given immunity.
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Sebi, which was given powers to attach properties in the wake of large-scale defaults by entities collecting money fraudulently from gullible investors, plans to rope in third- party agencies "for providing services of affixture of notices /summons and public announcement of proclamation of attachments, sale notices, etc" at all its offices.
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The details were provided by Finance Minister Arun Jaitley in Rajya Sabha during Question Hour, where he also said that a Joint Committee of Parliament is presently looking into a Bill relating to debt recovery which aims at empowering banks to take more effective steps in dealing with default situations.
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About 913 borrowers have been classified as wilful defaulters and they collectively owe over Rs 11,480 crore to the bank as of March 2016 compared to Rs 10,870 crore in February.
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The new Bankruptcy Law will fast- track recovery of dues from defaulters and employees will be first in line to get their share from liquidation of assets if a company goes belly-up, says Union Minister Jayant Sinha.
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State Bank of India's wilful defaulters stood at 1,164. Punjab National Bank came in second in the list with 904 defaulters, reports CNBC-TV18's Ritupurna Bhuyan, quoting the Finance Ministry.
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The top 50 defaulters of public sector banks had an exposure of Rs 1.21 lakh crore as on
December 2015.
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On the topic of keeping the names of defaulters confidential, Raghuram Rajan said that public shaming is not wise because it is not clear whether a credit default was intentional or not.
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Securities and Exchange Board of India (SEBI) Chairman U.K. Sinha said on Friday the capital markets regulator expected to have a new policy for initial public offerings for start-up companies in three to four months.
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Using its enhanced powers, capital markets regulator Sebi has managed to recover dues in more than 100 cases over the past one year out of the 500 cases in which attachment orders were passed against various defaulters.
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Some of the defaulters have not paid up amounts as small as Rs 15,000, while the majority of individual penalties are worth a few lakhs of rupees and a few others amounting to a few crores of rupees.
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RBI Governor Raghuram Rajan added the Indian rupee had stabilised "somewhat", but said there was no room for complacency. He also called on the government to continue its efforts to contain the fiscal deficit and said raising subsidised diesel prices to market levels would help.
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Five defaulters out of the 19 defaulters in the NSEL crisis have promised to pay Rs 1,330 crore via collaterals. Meanwhile, civil and criminal proceedings have also been initiated against them.
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Public sector banks should deal strictly with wilful defaulters to check non-performing assets (NPAs) while being sympathetic towards borrowers facing difficulties, Finance Minister P Chidambaram said today.
