Industrialist and Business men whose moral hazard is bad are the willful defaulters. One of the most important norms world wide for ascertaining the credit worthiness of borrower is to see his past record of repayment.
Why did not the congress take any concrete steps to recover loans advanced to Vijay mallya,when they were in power?This country 's curse is the political system here ie the so called DOOMOCRACY,which is a license for some rogues to plunder the country's resources and not even one politician is an exemption.
THe political hooligans in power for the last 68 years and rogues in the garb of bank chiefs and top bureaucratic dacoits were responsible to extending these loans,with which they all may have made benefits for them. Now the central and state govts insists and compels banks to extend loans for educational needs and unscrupulous fellows avail these loans and commit suicide ,when they are not repaying this.Any one studying with this loans in self financing colleges will never get as much amount as salary to repay these loans and only beneficieries are owners of self financing colleges and there by the political scoundrals.
The first thing is the GOI has Taxed all by more than 50% directly and indirectly by clever taxation. So the GOI has taken the cream of default in their coffers.. So all defaulters must get 50% grace benifit on the amount already taxed by GOI.. TO REPAY. Next thing is all defaulters property and assets must be attached for 3 to 5 years till settlement is made by defaulters.This is because more than double the due amount has been transferred to other accounts even abroad. All Chartered Accountants attached to defaulting firms must be also held responsible for all wilful default and so their assets must be attached for misguiding GOI..TILL RECOVERY IS DONE.. Where necessary such defaulters-Directors must be blacklisted and in few cases declared DESH DROHI-TRAITOR TO THE NATION.. Only fair and strict actions CARROT WITH STICKpolicy can save the Nation from wilful defaulters
Re: Willful or otherwise defaulters
by sanjay sharma on Apr 02, 2016 04:20 PM
First catch all the defaulters and their partners and put them in JAIL money will come automatically
Its seems to be craziness of my speculation, however, I just cant resist myself to comment in this topic , that if CIBIL being our credit investigator of INDIA than many more Mallya will be get highlighted soon. My speculation about CIBIL is that they are generating reports on speculation but I dont find any seriousness about their work in pen and paper. I really astonished when I get my assaulted report of CIBIL where out of 17 pages of report it shows 9 pages of JUNK.
Till then my BHARAT IS MAHAN we have to depend in this sort of institutions and one fine morning we get the news of Mallya in front pages of every newspaper.
According to me our basic system for showing the credibility is wrong and out dated in such a updated IT world.
All the wealth acquired by the promoters of these companies should be confiscated and dues to the bank recovered without losing a penny. Castration is the punishment for rape. Similarly seizing of personal wealth is the punishment for such wilful defaulters. How banks threaten and bully a small borrower? Why are they afraid of these big thieves?
What actions had been initiated by our present and past Governments to put these defaulters behind the bar? Government must publish the names of the defaulters and amount. To offset this huge loss our present Government is reducing the rate of interest on Bank F.DS, PPF, MIS in Post office causing great inconvenience to the helpless Senior Citizens.
What actions had been initiated by our present and past Governments to put these defaulters behind the bar? Government must publish the names of the defaulters and amount. To offset this huge loss our present Government is reducing the rate of interest on Bank F.DS, PPF, MIS in Post office causing great inconvenience to the helpless Senior Citizens.
