tag:blogger.com,1999:blog-80735313819295841002024-03-13T15:33:58.133+05:30DRT - IndiaBank Finance Indiahttp://www.blogger.com/profile/07459486640306688552noreply@blogger.comBlogger1333125tag:blogger.com,1999:blog-8073531381929584100.post-32055532904644606742014-11-15T14:50:00.002+05:302014-11-15T14:50:45.256+05:30Wilful Defaulters : Master Circular by RBI<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;">Master Circular of RBI on Wilful Defaulters</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">As you are aware, the Reserve Bank of India has, from time to time, issued a number of circulars to banks and financial institutions (FIs) containing instructions on matters relating to wilful defaulters.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> In order to enable the banks/FIs to have all the existing instructions on the subject at one place, this Master Circular has been prepared.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> The Master Circular incorporates all the instructions/guidelines issued on cases of wilful default, which are operational as on date.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Yours faithfully,</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(Sudarshan Sen)<br />Chief General Manager</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Reserve Bank of India</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">1 July 2014 </span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><span class="head" style="font-weight: bold;">Purpose</span>:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">To put in place a system to disseminate credit information pertaining to willful defaulters for cautioning banks and financial institutions so as to ensure that further bank finance is not made available to them.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;">Application:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">To all scheduled commercial banks (excluding RRBs and LABs) and All India Notified Financial Institutions.</span></div>
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<u class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;">Structure</u>:</div>
<table align="center" bgcolor="#3e72aa" border="0" cellpadding="0" cellspacing="1" style="font-family: Arial; width: 409px;"><tbody>
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1</div>
</td><td class="table" colspan="2" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT1" style="color: blue;">Introduction</a></td></tr>
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2</div>
</td><td class="table" colspan="2" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT2" style="color: blue;">Guidelines issued on wilful defaulters on May 30, 2002</a></td></tr>
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2.1</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT21" style="color: blue;">Definition of Wilful Default</a></td></tr>
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2.2</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT22" style="color: blue;">Diversion and siphoning of funds</a></td></tr>
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2.3</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT23" style="color: blue;">Cut-off limits</a></td></tr>
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2.4</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT24" style="color: blue;">End-use of Funds</a></td></tr>
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2.5</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT25" style="color: blue;">Penal measures</a></td></tr>
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2.6</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT26" style="color: blue;">Guarantees furnished by group companies</a></td></tr>
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2.7</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT27" style="color: blue;">Role of Auditors</a></td></tr>
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2.8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT28" style="color: blue;">Role of Internal Audit / Inspection</a></td></tr>
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2.9</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT29" style="color: blue;">Reporting to RBI / Credit Information Companies</a></td></tr>
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3</div>
</td><td class="table" colspan="2" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT3" style="color: blue;">Grievances Redressal Mechanism</a></td></tr>
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4</div>
</td><td class="table" colspan="2" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT4" style="color: blue;">Criminal Action against Wilful Defaulters</a></td></tr>
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4.1</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT41" style="color: blue;">J P C recommendations</a></td></tr>
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4.2</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT42" style="color: blue;">Monitoring of End Use</a></td></tr>
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4.3</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT43" style="color: blue;">Criminal Action by Banks / FIs</a></td></tr>
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5</div>
</td><td class="table" colspan="2" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT5" style="color: blue;">Reporting names of Directors</a></td></tr>
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5.1</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT51" style="color: blue;">Need for Ensuring Accuracy</a></td></tr>
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5.2</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT52" style="color: blue;">Position regarding Independent & Nominee Directors</a></td></tr>
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5.3</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT53" style="color: blue;">Government Undertakings</a></td></tr>
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5.4</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="351"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT54" style="color: blue;">Inclusion of Director Identification Number (DIN)</a></td></tr>
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6</div>
</td><td class="table" colspan="2" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT61" style="color: blue;">Annex 1 - Reporting Format</a></td></tr>
<tr><td class="table" colspan="2" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><a class="links" href="http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9044#CT62" style="color: blue;">Annex 2 - List of Circulars consolidated</a><br />
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;">1. Introduction</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Pursuant to the instructions of the Central Vigilance Commission for collection of information on wilful defaults of Rs.25 lakhs and above by RBI and dissemination to the reporting banks and FIs, a scheme was framed by RBI with effect from 1st April 1999 under which the banks and notified All India Financial Institutions were required to submit to RBI the details of the wilful defaulters. Wilful default broadly covered the following:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">a) Deliberate non-payment of the dues despite adequate cash flow and good networth;</span></blockquote>
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<span style="font-family: Arial, Helvetica, sans-serif;">b) Siphoning off of funds to the detriment of the defaulting unit;</span></blockquote>
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<span style="font-family: Arial, Helvetica, sans-serif;">c) Assets financed either not been purchased or been sold and proceeds have been misutilised;</span></blockquote>
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<span style="font-family: Arial, Helvetica, sans-serif;">d) Misrepresentation / falsification of records;</span></blockquote>
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<span style="font-family: Arial, Helvetica, sans-serif;">e) Disposal / removal of securities without bank's knowledge;</span></blockquote>
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<span style="font-family: Arial, Helvetica, sans-serif;">f) Fraudulent transactions by the borrower.</span></blockquote>
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<span style="font-family: Arial, Helvetica, sans-serif;">Accordingly, banks and FIs started reporting all cases of wilful defaults, which occurred or were detected after 31st March 1999 on a quarterly basis. It covered all non-performing borrowal accounts with outstandings (funded facilities and such non-funded facilities which are converted into funded facilities) aggregating Rs.25 lakhs and above identified as wilful default by a Committee of higher functionaries headed by the Executive Director and consisting of two GMs/DGMs. Banks/FIs were advised that they should examine all cases of wilful defaults of Rs 1.00 crore and above for filing of suits and also consider criminal action wherever instances of cheating/fraud by the defaulting borrowers were detected. In case of consortium/multiple lending, banks and FIs were advised that they report wilful defaults to other participating/financing banks also. Cases of wilful defaults at overseas branches are required to be reported if such disclosure is permitted under the laws of the host country</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT2" name="CT2"></a>2. Guidelines issued on wilful defaulters</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Further, considering the concerns expressed over the persistence of wilful default in the financial system in the 8th Report of the Parliament's Standing Committee on Finance on Financial Institutions, the Reserve Bank of India, in consultation with the Government of India, constituted in May 2001 a Working Group on Wilful Defaulters (WGWD) under the Chairmanship of Shri S. S. Kohli, the then Chairman of the Indian Banks' Association, for examining some of the recommendations of the Committee. The Group submitted its report in November 2001. The recommendations of the WGWD were further examined by an In House Working Group constituted by the Reserve Bank. Accordingly, the Scheme was further revised by RBI on May 30, 2002.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The above scheme was in addition to the <span class="head" style="font-weight: bold;">Scheme of Disclosure of Information on Defaulting Borrowers of banks and FIs</span>introduced in April 1994, vide RBI Circular DBOD.No.BC/CIS/47/20.16.002/94 dated 23 April 1994.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT21" name="CT21"></a>2.1 Definition of wilful default</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The term "wilful default" has been redefined in supersession of the earlier definition as under:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">A "wilful default" would be deemed to have occurred if any of the following events is noted :-</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(a) The unit has defaulted in meeting its payment / repayment obligations to the lender even when it has the capacity to honour the said obligations.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(b) The unit has defaulted in meeting its payment / repayment obligations to the lender and has not utilised the finance from the lender for the specific purposes for which finance was availed of but has diverted the funds for other purposes.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(c) The unit has defaulted in meeting its payment / repayment obligations to the lender and has siphoned off the funds so that the funds have not been utilised for the specific purpose for which finance was availed of, nor are the funds available with the unit in the form of other assets.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(d) The unit has defaulted in meeting its payment / repayment obligations to the lender and has also disposed off or removed the movable fixed assets or immovable property given by him or it for the purpose of securing a term loan without the knowledge of the bank/lender.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT22" name="CT22"></a>2.2 Diversion and siphoning of funds</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The terms “diversion of funds” and “siphoning of funds” should construe to mean the following:-</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">2.2.1 Diversion of funds, referred to at para 2.1(b) above, would be construed to include any one of the undernoted occurrences:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(a) utilisation of short-term working capital funds for long-term purposes not in conformity with the terms of sanction;</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(b) deploying borrowed funds for purposes / activities or creation of assets other than those for which the loan was sanctioned;</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(c) transferring funds to the subsidiaries / Group companies or other corporates by whatever modalities;</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(d) routing of funds through any bank other than the lender bank or members of consortium without prior permission of the lender;</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(e) investment in other companies by way of acquiring equities / debt instruments without approval of lenders;</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(f) shortfall in deployment of funds vis-à-vis the amounts disbursed / drawn and the difference not being accounted for.</span></blockquote>
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<span style="font-family: Arial, Helvetica, sans-serif;">2.2.2 Siphoning of funds, referred to at para 2.1(c) above, should be construed to occur if any funds borrowed from banks / FIs are utilised for purposes un-related to the operations of the borrower, to the detriment of the financial health of the entity or of the lender. The decision as to whether a particular instance amounts to siphoning of funds would have to be a judgement of the lenders based on objective facts and circumstances of the case.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The identification of the wilful default should be made keeping in view the track record of the borrowers and should not be decided on the basis of isolated transactions/incidents. The default to be categorised as wilful must be intentional, deliberate and calculated.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT23" name="CT23"></a>2.3 Cut-off limits</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">While the penal measures indicated at para 2.5 below would normally be attracted by all the borrowers identified as wilful defaulters or the promoters involved in diversion / siphoning of funds, keeping in view the present limit of Rs. 25 lakh fixed by the Central Vigilance Commission for reporting of cases of wilful default by the banks/FIs to RBI, any wilful defaulter with an outstanding balance of Rs. 25 lakh or more, would attract the penal measures stipulated at para 2.5 below. This limit of Rs. 25 lakh may also be applied for the purpose of taking cognisance of the instances of 'siphoning' / 'diversion' of funds.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT24" name="CT24"></a>2.4 End-use of Funds</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In cases of project financing, the banks / FIs seek to ensure end use of funds by, <em>inter alia</em>, obtaining certification from the Chartered Accountants for the purpose. In case of short-term corporate / clean loans, such an approach ought to be supplemented by 'due diligence' on the part of lenders themselves, and to the extent possible, such loans should be limited to only those borrowers whose integrity and reliability are above board. The banks and FIs, therefore, should not depend entirely on the certificates issued by the Chartered Accountants but strengthen their internal controls and the credit risk management system to enhance the quality of their loan portfolio.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Needless to say, ensuring end-use of funds by the banks and the FIs should form a part of their loan policy document for which appropriate measures should be put in place. The following are some of the <span class="head" style="font-weight: bold;">illustrative measures</span> that could be taken by the lenders for monitoring and ensuring end-use of funds:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(a) Meaningful scrutiny of quarterly progress reports / operating statements / balance sheets of the borrowers;</span></blockquote>
<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; text-align: justify;">(b) Regular inspection of borrowers’ assets charged to the lenders as security;</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">(c) Periodical scrutiny of borrowers’ books of accounts and the no-lien accounts maintained with other banks;</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(d) Periodical visits to the assisted units;</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(e) System of periodical stock audit, in case of working capital finance;</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(f) Periodical comprehensive management audit of the ‘Credit’ function of the lenders, so as to identify the systemic-weaknesses in the credit-administration.</span></blockquote>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;">(It may be kept in mind that this list of measures is only illustrative and by no means exhaustive.)</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT25" name="CT25"></a>2.5 Penal measures</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In order to prevent the access to the capital markets by the wilful defaulters, a copy of the list of wilful defaulters (non-suit filed accounts) and list of wilful defaulters (suit filed accounts) are forwarded to SEBI by RBI and Credit Information Bureau (India) Ltd. (CIBIL) respectively.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The following measures should be initiated by the banks and FIs against the wilful defaulters identified as per the definition indicated at paragraph 2.1 above:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">a) No additional facilities should be granted by any bank / FI to the listed wilful defaulters. In addition, the <span class="head" style="font-weight: bold;">entrepreneurs / promoters of companies</span> where banks / FIs have identified siphoning / diversion of funds, misrepresentation, falsification of accounts and fraudulent transactions should be debarred from institutional finance from the scheduled commercial banks, Development Financial Institutions, Government owned NBFCs, investment institutions etc. for floating new ventures for a period of 5 years from the date the name of the wilful defaulter is published in the list of wilful defaulters by the RBI.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">b) The legal process, wherever warranted, against the borrowers / guarantors and foreclosure of recovery of dues should be initiated expeditiously. The lenders may initiate criminal proceedings against wilful defaulters, wherever necessary.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">c) Wherever possible, the banks and FIs should adopt a proactive approach for a change of management of the wilfully defaulting borrower unit.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">d) A covenant in the loan agreements, with the companies in which the banks / notified FIs have significant stake, should be incorporated by the banks / FIs to the effect that the borrowing company should not induct a person who is a promoter or director on the Board of a company which has been identified as a wilful defaulter as per the definition at paragraph 2.1 above and that in case, such a person is found to be on the Board of the borrower company, it would take expeditious and effective steps for removal of the person from its Board.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">It would be imperative on the part of the banks and FIs to put in place a transparent mechanism for the entire process so that the penal provisions are not misused and the scope of such discretionary powers are kept to the barest minimum. It should also be ensured that a solitary or isolated instance is not made the basis for imposing the penal action.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT26" name="CT26"></a>2.6 Guarantees furnished by group companies</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">While dealing with wilful default of a single borrowing company in a Group, the banks / FIs should consider the track record of the individual company, with reference to its repayment performance to its lenders. However, in cases where a letter of comfort and / or the guarantees furnished by the companies within the Group on behalf of the wilfully defaulting units are not honoured when invoked by the banks / FIs, such Group companies should also be reckoned as wilful defaulters.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT27" name="CT27"></a>2.7 Role of auditors</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In case any falsification of accounts on the part of the borrowers is observed by the banks / FIs, and if it is observed that the auditors were negligent or deficient in conducting the audit, they should lodge a formal complaint against the auditors of the borrowers with the Institute of Chartered Accountants of India (ICAI) to enable the ICAI to examine and fix accountability of the auditors. Pending disciplinary action by ICAI, the complaints may also be forwarded to the RBI (Department of Banking Supervision, Central Office) and IBA for records. IBA would circulate the names of the CA firms against whom many complaints have been received amongst all banks who should consider this aspect before assigning any work to them. RBI would also share such information with other financial sector regulators/Ministry of Corporate Affairs (MCA) / Comptroller and Auditor General (CAG).</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">With a view to monitoring the end-use of funds, if the lenders desire a specific certification from the borrowers’ auditors regarding diversion / siphoning of funds by the borrower, the lender should award a separate mandate to the auditors for the purpose. To facilitate such certification by the auditors the banks and FIs will also need to ensure that appropriate covenants in the loan agreements are incorporated to enable award of such a mandate by the lenders to the borrowers / auditors.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In addition to the above, banks are advised that with a view to ensuring proper end-use of funds and preventing diversion/siphoning of funds by the borrowers, lenders could consider engaging their own auditors for such specific certification purpose without relying on certification given by borrower’s auditors. However, this cannot substitute bank’s basic minimum own diligence in the matter.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT28" name="CT28"></a>2.8 Role of Internal Audit / Inspection</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The aspect of diversion of funds by the borrowers should be adequately looked into while conducting internal audit / inspection of their offices / branches and periodical reviews on cases of wilful defaults should be submitted to the Audit Committee of the bank.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT29" name="CT29"></a>2.9 Reporting to RBI / Credit Information Companies</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(a) Banks/FIs should submit the list of suit-filed accounts of wilful defaulters of Rs.25 lakh and above as at end-March, June, September and December every year to a credit information company which has obtained certificate of registration from RBI in terms of Section 5 of the Credit Information Companies (Regulation) Act, 2005 and of which it is a member. Reserve Bank of India has, in exercise of the powers conferred by the Act and the Rules and Regulations framed thereunder, granted Certificate of Registration to (i) Experian Credit Information Company of India Private Limited, (ii) Equifax Credit Information Services Private Limited, (iii) High Mark Credit Information Services Private Limited and (iv) Credit Information Bureau (India) Limited (CIBIL) to commence/carry on the business of credit information. Credit Information Companies (CICs) have also been advised to disseminate the information pertaining to suit filed accounts of Wilful Defaulters on their respective websites.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(b) Banks / FIs should, however, submit the quarterly list of wilful defaulters where suits have not been filed only to RBI in the format given in Annex 1.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(c) In order to make the current system of banks/FIs reporting names of suit filed accounts and non-suit filed accounts of Wilful Defaulters and its availability to the banks by CICs / RBI as current as possible, banks / FIs are advised to forward data on wilful defaulters to the CICs/Reserve Bank at the earliest but not later than a month from the reporting date.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">d) After examining the recommendations of the Committee to Recommend Data Format for Furnishing of Credit Information to Credit Information Companies (Chairman: Shri. Aditya Puri) it has been decided to implement the following measures with regard to reporting and dissemination of information on wilful defaulters:</span></div>
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<li><span style="font-family: Arial, Helvetica, sans-serif;">Banks/FIs may continue to furnish the data on wilful defaulters (non-suit filed accounts) of Rs. 25 lakhs and above for the quarter ending June 30, 2014 and September 30, 2014 to RBI in the existing format.</span></li>
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<li><span style="font-family: Arial, Helvetica, sans-serif;">In terms of Credit Information Companies (Regulation) Act, 2005, banks/FIs are advised to furnish the aforementioned data in respect of wilful defaulters (non-suit filed accounts) of Rs. 25 lakhs and above for the quarter ending December 31, 2014 to CICs and <u class="head" style="font-weight: bold;">not to RBI</u>. Thereafter, banks/FIs may continue to furnish data in respect of wilful defaulters to CICs on a monthly or a more frequent basis. This would enable such information to be available to the banks/FIs on a near real time basis.</span></li>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif;">Explanation</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In this connection, it is clarified that banks need not report cases where</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(i) outstanding amount falls below Rs.25 lakh and</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(ii) in respect of cases where banks have agreed for a compromise settlement and the borrower has fully paid the compromised amount.</span></blockquote>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT3" name="CT3"></a>3. Grievances Redressal Mechanism</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Banks/FIs should take the following measures in identifying and reporting instances of wilful default:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(i) With a view to imparting more objectivity in identifying cases of wilful default, decisions to classify the borrower as wilful defaulter should be entrusted to a Committee of higher functionaries headed by the Executive Director and consisting of two GMs/DGMs as decided by the Board of the concerned bank/FI.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(ii) The decision taken on classification of wilful defaulters should be well documented and supported by requisite evidence. The decision should clearly spell out the reasons for which the borrower has been declared as wilful defaulter vis-à-vis RBI guidelines.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(iii) The borrower should thereafter be suitably advised about the proposal to classify him as wilful defaulter along with the reasons therefor. The concerned borrower should be provided reasonable time (say 15 days) for making representation against such decision, if he so desires, to a Grievance Redressal Committee headed by the Chairman and Managing Director and consisting of two other senior officials.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(iv) Further, the above Grievance Redressal Committee should also give a hearing to the borrower if he represents that he has been wrongly classified as wilful defaulter.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">(v) A final declaration as ‘wilful defaulter’ should be made after a view is taken by the Committee on the representation and the borrower should be suitably advised.</span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><span class="head" style="font-weight: bold;"><a href="https://www.blogger.com/null" id="CT4" name="CT4"></a>4.</span> <span class="head" style="font-weight: bold;">Criminal Action against Wilful Defaulters</span></span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT41" name="CT41"></a>4.1 J.P.C. Recommendations</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Reserve Bank examined, the issues relating to restraining wilful defaults in consultation with the Standing Technical Advisory Committee on Financial Regulation in the context of the following recommendations of the JPC and in particular, on the need for initiating criminal action against concerned borrowers, viz.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">a. It is essential that offences of breach of trust or cheating construed to have been committed in the case of loans should be clearly defined under the existing statutes governing the banks, providing for criminal action in all cases where the borrowers divert the funds with malafide intentions.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">b. It is essential that banks closely monitor the end-use of funds and obtain certificates from the borrowers certifying that the funds have been used for the purpose for which these were obtained.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">c. Wrong certification should attract criminal action against the borrower.</span></blockquote>
<br />
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT42" name="CT42"></a>4.2 Monitoring of End Use</span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><br /></span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Banks / FIs should closely monitor the end-use of funds and obtain certificates from borrowers certifying that the funds are utilised for the purpose for which they were obtained. In case of wrong certification by the borrowers, banks / FIs may consider appropriate legal proceedings, including criminal action wherever necessary, against the borrowers.</span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT43" name="CT43"></a>4.3 Criminal Action by Banks / FIs</span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><br /></span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">It is essential to recognise that there is scope even under the existing legislations to initiate criminal action against wilful defaulters depending upon the facts and circumstances of the case under the provisions of Sections 403 and 415 of the Indian Penal Code (IPC) 1860. Banks / FIs are, therefore, advised to seriously and promptly consider initiating criminal action against wilful defaulters or wrong certification by borrowers, wherever considered necessary, based on the facts and circumstances of each case under the above provisions of the IPC to comply with our instructions and the recommendations of JPC.</span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">It should also be ensured that the penal provisions are used effectively and determinedly but after careful consideration and due caution. Towards this end, banks / FIs are advised to put in place a transparent mechanism, with the approval of their Board, for initiating criminal proceedings based on the facts of individual case.</span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT5" name="CT5"></a>5. Reporting names of Directors</span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><br /></span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><a href="https://www.blogger.com/null" id="CT51" name="CT51"></a>5.1 <u>Need for Ensuring Accuracy</u></span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><u><br /></u></span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">RBI / Credit Information Companies disseminate information on non-suit filed and suit filed accounts respectively, as reported to them by the banks / FIs and responsibility for reporting correct information and also accuracy of facts and figures rests with the concerned banks and financial institutions. Therefore, banks and financial institutions should take immediate steps to up-date their records and ensure that the names of current directors are reported. In addition to reporting the names of current directors, it is necessary to furnish information about directors who were associated with the company at the time the account was classified as defaulter, to put the other banks and financial institutions on guard. Banks and FIs may also ensure the facts about directors, wherever possible, by cross-checking with Registrar of Companies.</span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><a href="https://www.blogger.com/null" id="CT52" name="CT52"></a>5.2 <u>Position regarding Independent and Nominee directors</u></span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><u><br /></u></span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Professional Directors who associate with companies for their expert knowledge act as independent directors. Such independent directors apart from receiving director's remuneration do not have any material pecuniary relationship or transactions with the company, its promoters, its management or its subsidiaries, which in the judgment of Board may affect their independent judgment. As a guiding principle of disclosure, no material fact should be suppressed while disclosing the names of a company that is a defaulter and the names of all directors should be published. However, while doing so, a suitable distinguishing remark should be made clarifying that the concerned person was an independent director. Similarly the names of directors who are nominees of government or financial institutions should also be reported but a suitable remark 'nominee director' should be incorporated.</span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Therefore, against the names of Independent Directors and Nominee Directors, they should indicate the abbreviations “Ind" and "Nom" respectively in brackets to distinguish them from other directors.</span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><a href="https://www.blogger.com/null" id="CT53" name="CT53"></a>5.3 Government Undertakings</span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">In the case of Government undertakings, it should be ensured that the names of directors are not to be reported. Instead, a legend "Government of -------- undertaking" should be added.</span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: large;"><br /></span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: large;"><a href="https://www.blogger.com/null" id="CT54" name="CT54"></a>5.4 Inclusion of Director Identification Number (DIN)</span></div>
<div class="head" style="background-color: white; font-weight: bold; text-align: justify;">
<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Ministry of Corporate Affairs had introduced the concept of a Director Identification Number (DIN) with the insertion of Sections 266A to 266G of Companies (Amendment) Act, 2006. In order to ensure that directors are correctly identified and in no case, persons whose names appear to be similar to the names of directors appearing in the list of wilful defaulters, are wrongfully denied credit facilities on such grounds, banks/FIs have been advised to include the Director Identification Number (DIN) as one of the fields in the data submitted by them to Reserve Bank of India / Credit Information Companies.</span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="background-color: white; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">It is reiterated that while carrying out the credit appraisal, banks should verify as to whether the names of any of the directors of the companies appear in the list of defaulters/ wilful defaulters by way of reference to DIN/PAN etc. Further, in case of any doubt arising on account of identical names, banks should use independent sources for confirmation of the identity of directors rather than seeking declaration from the borrowing company.</span></div>
<hr style="background-color: white; text-align: justify;" />
<div align="right" style="background-color: white; font-family: Arial; font-size: 13px;">
<span class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;"><a href="https://www.blogger.com/null" id="CT61" name="CT61"></a>ANNEX 1</span><br /><span class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;">(Refer Para 2.9)</span></div>
<div align="center" style="background-color: white; font-family: Arial; font-size: 13px;">
<span class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;">Format for submission of data on cases of wilful default (non-suit</span><u class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;">filed accounts) of Rs.25 lakh & above to RBI on quarterly basis:</u></div>
<div style="background-color: white; font-family: Arial; font-size: 13px; text-align: justify;">
The banks/FIs are required to submit data of wilful defaulters (non-suit filed accounts) in Compact Disks(CDs) to RBI on quarterly basis, using the following structure (with the same field names):</div>
<table align="center" bgcolor="#3e72aa" border="0" cellpadding="0" cellspacing="1" style="font-family: Arial; width: 650px;"><tbody>
<tr class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><td class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;" width="36"><div align="center">
Field</div>
</td><td class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;" width="124"><div align="center">
Field Name</div>
</td><td class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;" width="92"><div align="center">
Type</div>
</td><td class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;" width="52"><div align="center">
Wi-dth</div>
</td><td class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;" width="140"><div align="center">
Description</div>
</td><td class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;" width="199"><div align="center">
Remarks</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="36"><div align="center">
1</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="124"><div align="justify">
SCTG</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="92"><div align="justify">
Numeric</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="52"><div align="center">
1</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="140"><div align="justify">
Category of bank/FI</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="199"><div align="justify">
Number 1/2/4/6/8 should be fed<br />1 SBI and its associate banks<br />2 Nationalised banks<br />4 Foreign banks<br />6 Private Sector Banks<br />8 Financial Institutions</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
2</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
BKNM</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Character</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Name of bank/FI</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
Name of the bank/FI</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
3</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
BKBR</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Character</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
30</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Branch name</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
Name of the branch</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
4</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
STATE</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Character</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
15</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Name of state</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
Name of state in which branch is situated</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
5</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
SRNO</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Numeric</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
4</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Serial No.</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
Serial No.</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
6</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
PRTY</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Character</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
45</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Name of Party</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
The legal name</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
7</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
REGADDR</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Character</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
96</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Registered address</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
Registered Office address</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
OSAMT</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Numeric</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
6</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Outstanding amount in Rs. lakhs (Rounded off)</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
<br /></div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
9</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
SUIT</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Character</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
4</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Suit filed or not</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
Type ‘SUIT’ in case suit is filed. For other cases this field should be kept blank.</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
10</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124"><div align="justify">
OTHER_BK</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92"><div align="justify">
Character</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"><div align="justify">
Name of other banks/ FIs</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
The names of other banks/FIs from whom the party has availed credit facility should be indicated. The names may be fed in abbreviated form e.g. BOB for Bank of Baroda, SBI for State Bank of India etc.</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="36"><div align="justify">
11</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="124"><div align="justify">
DIR1</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="92"><div align="justify">
Character</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" valign="top" width="140"><div align="justify">
Name of director</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
(a) Full name of Director should be indicated.</div>
<div align="justify">
(b) In case of Government companies the legend “Govt. of ____undertaking” alone should be mentioned.</div>
<div align="justify">
(c) Against the names of nominee directors of banks/ FIs/ Central Govt./ State Govt., abbreviation 'Nom' should be indicated in the brackets.</div>
<div align="justify">
(d) Against the name of independent directors, abbreviation 'Ind' should be indicated in the brackets.</div>
<div align="justify">
(e) In the case of Directors who held office at the time the account of the borrower entity was classified as defaulter, but are no longer on its Board, the symbol @ should be indicated in brackets against their names.</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
12</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR1</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR1</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
13</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR2</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
14</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR2</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR2</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR2</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
15</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR3</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
16</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR3</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR3</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR3</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
17</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR4</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
18</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR4</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR4</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR4</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
19</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR5</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
20</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR5</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR5</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR5</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
21</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR6</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
22</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR6</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR6</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR6</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
23</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR7</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
24</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR7</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR7</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR7</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
25</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR8</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
26</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR8</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR8</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR8</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
27</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR9</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
28</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR9</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR9</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR9</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
29</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR10</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
30</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR10</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR10</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR10</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
31</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR11</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
32</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR11</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR11</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR11</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
33</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR12</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
34</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR12</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR12</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR12</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
35</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR13</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
36</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR13</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR13</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR13</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
37</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIR14</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Character</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
40</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Name of director</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
As in DIR1</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"><div align="center">
38</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="124">DIN_DIR14</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="92">Numeric</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
8</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140">Director Identification Number of DIR14</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="justify">
8 digit Director Identification Number of the Director at DIR14</div>
</td></tr>
<tr><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="36"></td><td class="table" colspan="2" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;"><div align="right">
Total bytes</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="52"><div align="center">
953</div>
</td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="140"></td><td class="table" style="background-color: #f2f8fd; font-size: 13px; height: 22px; padding: 3px 2px;" width="199"><div align="center">
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<div style="background-color: white; font-family: Arial; text-align: justify;">
1) If total numbers of directors exceed 14, the name of additional directors may be entered in blank spaces available in the other directors’ columns.</div>
<div style="background-color: white; font-family: Arial; text-align: justify;">
(2) The data / information should be submitted in the above format <span class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;">in Compact disks as .dbf file</span> <span class="head" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;">only.</span> While submitting the CD, the banks/FIs should ensure that:</div>
<ul style="background-color: white; font-family: Arial; text-align: justify;">
<li>the CD is readable and is not corrupted / virus-affected.</li>
<li>the CD is labelled properly indicating name of the bank, name of the list and period to which the list belongs, and the name of list indicated on label and in the letter are same.</li>
<li>the name and width of each of the fields and order of the fields is strictly as per the above format.</li>
<li>records with outstanding amount of less than Rs.25 lakh have not been included.</li>
<li>no suit-filed account has been included.</li>
<li>use of following types of words have been avoided (as the fields can not be properly indexed) : ‘M/s’, ’Mr’, ‘Shri’ etc.</li>
<li>the words ‘Mrs’, ‘Smt’, ‘Dr’ etc. have been fed at the end of name of the person, if applicable.</li>
<li>Except for field "SUIT" and some of the fields from DIR1 To DIR 14, as applicable, information is completely filled in and columns are not kept blank.</li>
</ul>
<div style="background-color: white; font-family: Arial; text-align: justify;">
(3) In case of 'Nil' data, there is no need to send any CD and the position can be conveyed through a letter/fax.</div>
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(4) A certificate signed by a sufficiently senior official stating that ‘the list of wilful defaulters has been correctly compiled after duly verifying the details thereof and RBI’s instructions in this regard have been strictly followed’ is sent along with the CD.</div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-62560513251060305562014-11-15T13:56:00.000+05:302014-11-15T13:56:22.412+05:30Political influence :Sujana’s loan recast: Did founder YS Chowdary’s political influence help?<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="color: #282828; font-family: Helvetica, CircularStdBookRegular; font-size: 16px; line-height: 25px; margin-bottom: 10px; padding: 0px;">
I<img height="266" 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s4fuEPw/U14YNeB3bRvZzW1G/R4Ufi3Pp1mRcNBN5nQXMa4emqfRFdgfRvxO2C0+ir4fpJVn4np/lz0hVA1kk1s14Z/0D9J9vf7rKGZWt/6WUhTkS1Nz6TgWlzXcrx/urDgOIqr2lkB1RsFs6tBE3mPlMIb8G096obG/iRaI8FvWrCnamA0bmbE9LRJQycZaJwi4bk/7e/8AhIY3MC0bR4Rqd6Afurpg5FNrbaoaL8jp+65xk9F1fFU2wWsB1OMzIbc38l03B0pvFyoSio6RX8jn2B1CKTw43a8aX+EiJ+n+VVHhjLThcViGmqWN0tY0Bz7gOcQAGnaHA+qu2eUC5rm2mJHmL/cfVc2xWOccQ95s5oaWOjdzIABBseVk2JvaJZa1IvRxDTuXOPjP/m5E05cBAiBaLH/I1SvCWbNxNEOLGsqts9oiAeo8D9NlPuNlf8V+yX5q9FBGBrE2oOd56o93EKUwtPENEdlTZ/gmP8ytDihayKxJCvK2R7Ndp6QBrc7fzt12Ck37IXDs79+V/wBkY4J/RNvZA4oRUPjBQOYhumXt1AGUbmH9p6fumMQ2WkDc2Waa7osnVFYzMky/5RHdgRI5yoltUsrdowlwbdzQe9t9QFZcbgWEhmsg8pNvEKr4vCQ57WgzsYknpusGKM25Rm/9G6GOeWPGDpLZKZximFhcMSJLCCye6ZGwHVQuQim2pSlttbJ8bhA0sqLqL3kkaHAAHeec9Ai+FR2mJot/nb/lv+yr4+OMLUXeyEZ2naO3YcX8UdSYhMIJMox1Tl6nyXqGI4p8U8EKWPe4CG1WtqeGr5XfVs+qqbL3Vz+MOJaa9Fo+drHF3gC4aZ9nKk0H2V4snRu5q1hOStCmADvAvJM2gdeq0aLJ7ENESrZ8O+HO3d+Iqj8phhgOz3jn4hv38lJqmOnomeA+GexZ21QfmvFgRdjTy8zz9lbXmAnn0wOaBrVJO6UJglQfFectw1BxIlzwWtb1JFz5AfsicbnFNjXQQ5w/TMT/AFXPeIsS6t2uJJBaxobTbuASQIPjefZI5ekNwdWwrhmp3HjoKH/5qP8ARNZ2xxewNMa21WT4upPA/wA2lDcM1na3AAdmadF0jm4029TNtLh6LfiTEimaD3XY2q0vHMtFzHjAKYUla7DVphxMh7QY8CAf3VHxFEscWkbK6cL4Sp+Gc57w4do9jP5RTOmFCcTUA2oCP1D7JZlsLp0Q1NlklvCwpmmi3Vqz9DbHu3JMS6Nw2OXNYbT1EuPMWJALm9bDYf0T2V5fUquMGXC0uvAvMxtYj7LoWR8PUKLQSwF3MkftsEWjLbILgnKjpdVIiRA6RMkgcpgK1sdEk8iDHgiXsc9jgyGEtIaSJA6GOfkqm3iFzXfh8SxrKsWew6qT4O/Vh8HKEo+y0X6LLWpamkgdSPJcxbkdSri6wYCQ2bmzZNgJ97LqdN7eygOaSehBUXi8VTw7SGAF5JcR4ncuT4oW7EySpUR/BmSPw1XXUJADSAA4u1udGoutsIsrq3Fhzg0A3vcRt6rnOKzusbB5k2sBz2Vw4UyepSHaVnuL3fpmQ2evUrQqWkRk+W2TrihanNFEXQ9YLhUDDcI1l2z5oQCAnK+KAZDZPIaQTHsuOIPG15rERaJnrdNVjYxun8awiHERyA5gRafGyCL7qEuyq6Kfi3EVNdTVE2gypLKw1ztTXhpBklxHsAs5iwEyKYd4Hb1UPjsMCNbCG7S1p7vqvNyxeVte2aFkl92WHNS0U3l3ekTbYwq58NaWvGg8mte/ytA/7kBm+aVp1tOhsaAAe7GxVz+GuEH5lWO84NbIG4tt6gp/A8eeF1L2DNk7XwdDpOgADc/RPEANj1PiU3TAAJO/+uaRpn39162vZj+jz9x1jDVx9Zxnuu0AERAaI5+Mn1UVRcu9ZhwXg6pcX0Gl7zqdUlweSfEG3JD4H4ZYKmZLHP8A77yR7CEynQeJxVrkRQy99X5R7q+/EDLKNB+inTYxoYxw0tA3LwTbfYKsZXW/MAEGx3MDbqoy8iTtJdF8fjx05PsEo8MVHPAqHTS1APqAzpB8N5suqYfMMNSY2lScAGtAa3S4QB5jdUTFZjpa5stDXXcLkEjYk8lFYTOqAeHVHOAbyay7vWbBdCc5dnZMeOJ0mriyeXqVC53Vd2RDD3t94soPG8eUQO4x7jykBo+6sGR4dmKwgrOhxqS11MOEtkkNA6usD6q1Nme62UjHYlxN5nmRHrMifdYzfLqlLA1W1BpBDajRzhxG45bbLoXD/B7O1DqjS4gzJDgIGwIkyo34k4hlbtmgzDIMeJJA+oSKLT2PKakqRzfhfFN1N70HSynEGS78117dOaK43pTSBG8hNYHL6THMc18Edg4sNyXnWH3FmgTsUbxEQ+iWtu7kBujYlBXB2cMNGpTOqX1alYEgQIbT7QHzNQER0KA4kBeQ4AwLbQpnhnJqMF9NxHf0dmSCO/h5Jk3PeplacQH8o+gPug6aHhqSKmxphJPtcY5LKmbdHVMur0aTQ2mxwAECRO36nXGo+dka3NiNmkz+p0C3OGtkfVV1+Y9AnsK2vU+Rh84t7mFG5sHDFEKzTOa5BaHBrYjuiD4gmSVC4Vw71iT/AK3VsxmS1cS/tHltIEAFrB/Dz33P9EAzhRvaBorODTudInyCb8b9irNFdFbxlaqx7CwaujdJDj0LSNzZTwwdX8N+Iqt0g/puX3MCRyv4qcpZRSw7gGSXGXFzo1Q3YCAABqITjM0pMDqNYsAM/OQGkG9p53+irC+iOSSeyl5ZQOIxVGnMDWNQBEwJcfPbfxXYQuecK1aIzN4YGlrqbhTIfrEtILiHSdwT/hXRCngqJZJX0NVExU5p96Hqc0WIMxdECkA2BZMkJylUAa2eZj1lCgkPnZsPMKK1KQ4nrta5jeZcAgWMhTa2UT0DZlpFNxeYEf7Kj4rMWM7tNoAnnufRXvNKJdTIDQ536Qdp5EqLybhoN/MrQ+qb/wAo8gklj5ST+AxyyhVfZU8yYDT16b+NvKBzVz+GuetNLsBAqNdrvzaQRbrB+4VXx9Oriq5ZpIa0xpiABKjs5quw2M1UrOphoHQjSJBRi98hsuSWaTk+zuRqHUL2hG0a4m65Hl3xN0ACphyT/LUj6ELOO+KzpPY0ADA+d0gejd/daFKLIOMkdja61gD6ofHZvToiatRrBz1OA+64LmfxBx1YaRUFJvSkNJ/xXKrVWXnU9znOPNzi4+5TpCOzqHxF4lwuIaDRql1VoLe62WOaSDdx6X26rntOoQZm+6HoMhPwmWOPdB5yWrNMVWc7ck+Gw9hZAO3KNebIKoUGkugp32NuU3wxxU7CVqQc0PoCo17mx3gZHfYQdxYxziOag3FE5Tl/bVmt5bnwHNTboNHWuKvitSALMIO0eRGuIYPLm5VfAgihUq4iXOqHW+1/Cw22CcyzIKNI6o1O5F148lKdQuSb2waS0c5NRoqmx7MkWMzAMwFO5vWoNZRcKJ79EGwJMh9RpJ8e6ERxDl4e9rgdMRfoeR90+6qPw+HdHe/OpkT+ptTV6CKkpafsdlc4Or6cSx5MBr5OroA4x7SpXizGxUfTtAf7t3H3Cq+Pxpa82/U4WPUwUPicY6o8h0l1hM9IA+kLmx4KnYeMSElG9pFiDI8Ukho5M9FYTJaVMWYJ6m5HqVJ0WJ6oAtQ7byXUZrG6pMQFpRo3B6J4halcACxVTU8ujo0epk/YKh/E6iW9lUFzIB6Wkfv9Vea36RMX1E9eQCqHxSrt7BjLSXzHUAJfY90QvDeK7PEYaoPla9jTP8Lu6fSD/wCl3ErzxhcTNMCwLRb/AHXoDJ8SKtClU/jY13uAVaLJzg0rN6qHcEZWA5IdzbIiAzlXHcW0abnUqpDDTcSJmHA3aRA8VY37FU3McopVXuNRskHdJNtK0PFJvYOczbjMUHMk06YnUQRLza08gFMNQ2CwjKQ0saGhFBSTb2x3XSMtcE+yjKAxeKZSGp5gKMHFlH+MDzKdMRosjMDuQBPkuX8c4Y0sY4kSHBrh7R+yuTeLaX/PZ/iCpPG+aivVYWvDgGxIM89l0ugw7IKq+dTnXKArkchHjG55+23otsZU5DzP7JlpkeAsPIJsa9nSfocYU+1N0Gp6VeKJM3ati+y0DVvpVEID1ShKpupCqQEFWB3KSQ0RgqX4RefxPm1w+x/ZRBcpTherpxDZ6O+yn7HLa/GPBgQnsHWLwSTfwQFe8lZy93d8fuE6JsLfQ1zMwfFVh7nsqPaANV4PPzPpCt+q1lDZhhRpNX9Xbdmeml1PV7y1CQ0Sg4s/LzJ7xPUkrRpioP7yxj7PjpZavPen+YKJqslDT1X6/wCySapVIEeJ+5SQHs9NOdJ8E41qfw9AEov8KEKIWAOCae2FIvoAckDj6VnSYG39UGcRIMlzjfa3SFzDjTFGvV1l8Ms1gsLGQbn/AFddA4sxrKFHQJ11TpAb8xEXPh/uuWZmxpLWiYiO9cgj5h5wmiCTHcqYH0hraXAHS0dDPekjz+i7HwA4jA0gdml7Wnq0PcGrlHDOCdVf2bAW6qkBvQEC/oJK7lhMM2lTZTZZrGho9Ey7OlGo2/Y5Vcm2myzWTbLpiYzVKrtb+0d6KxVgq5jx+afJTydDw7MsTjhZNMWatXkFFMo0M4ik14h4BHQiQqhjsopCYY238oVsxVQhpPQKvYl7o1EGHdRCnllRTEtkM3K6X/LZ7IHOsua1mpjQ2DeBEypxr/L3QubjVSeLWE79LrJCcuSNMoRplHxTDqEdAB+6yHCLWCaFUzA5i/hO6VMWC9dHnP5H2ORDAhqQRFNWQjHpWHGPNZha6U5Mb0SZKZxxiAi0BmW7PM/aEsuhkDuROTVNNen/AHgP8Xd/dClbYc99h6Ob9wpDl8xwgR7rGCFvIrGKfJW2DEhOhCQEbqLxzgaNXwxFEj1a4FSDQedlEZm+GYgAiNdB078yDsukFFEzxkV3jxQz9z6FHcUD/ianmPqEA4fZSLph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<b><span style="color: red;">By Dinesh Unnikrishnan : FP : 15 Nov 2014</span></b></div>
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n May this year, the All India Bank Employees’ Association (AIBEA) made public a list of 400 top bank loan defaulters of India’s state-run banks as on 31 March 2013.</div>
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Among the names in the list were two Hyderabad-based companies — Sujana Towers Ltd and Sujana Universal India Ltd, founded and controlled by Telugu Desam Party leader and now a union minister in Narendra Modi’s government, YS Chowdary.</div>
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Going by the list, both companies in the Sujana group together had defaulted loans worth Rs 920 crore to two public sector banks, Central Bank of India and Bank of India. Besides the two companies, the Sujana group also runs another company — Sunjana Metal Products. All three are listed on Indian bourses.</div>
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Over the last few years, the Sujana group companies were not in a good financial position as reflected in their balance sheets and share prices. These companies were either making losses or managing single digit profits for several quarters.</div>
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For financial year ended March 2014, Sujana Metals posted a loss of Rs 38 crore, Sujana Universal a loss of Rs 6.3 crore and Sujana Towers logged a net profit of Rs 1.8 crore.</div>
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Between fiscal year 2011 and 2014, the debt burden on the books of Sujana Towers grew to Rs 1,750 crore from Rs 565 crore and market capitalisation declined to Rs 37 crore from Rs 1,534 crore. Shares of Sujana Towers have eroded almost 94 percent of their value since 2007. On Thursday, the stock closed at Rs 21 apiece on BSE.</div>
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Interestingly, banks continued to lend to the company even though stress on its balance sheet was evident.</div>
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Worse still, most of the loan exposure of banks to this company had become bad.</div>
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Early this month, shortly after Prime Minister Narendra Modi expanded his cabinet accommodating 21 more ministers, Chowdary was inducted as minister of state for science and technology, the Congress party raised the issue of loan default. Effective 15 October 2014, Chowdary resigned as the promoter and non-executive director from the board Sujana Towers.</div>
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Both finance minister Arun Jaitley and Chowdary himself played down the issue saying the ‘allegations’ are politically motivated. “These are cases arising out of political agitations, not cases out of some crime,” Jaitley said.</div>
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“They said that Chowdary has non-performing assets (NPAs) of his company. One of his many companies was making losses. The bank restructured it; he is paying back all the instalments,” Jaitley said.</div>
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According to a <a href="http://www.deccanchronicle.com/141111/nation-current-affairs/article/arun-jaitley-says-sujana-case-political" style="color: #00beba; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">report</a> in <em style="margin: 0px; padding: 0px;">Deccan Chronicle</em>, the Sujana group too clarified that “in its 27 years’ history (it has) never approached banks with requests for waivers and write-offs.”</div>
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When <em style="margin: 0px; padding: 0px;">Firstbiz</em> spoke to an official at the corporate debt restructuring (CDR) cell, a forum of banks that offer relaxed loan repayment terms to stressed borrowers, the official confirmed that two Sujana group companies - Sujana Metals and Sujana Towers - have been admitted to CDR.</div>
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The CDR cell official didn’t want to be identified. An email sent to Central Bank of India executive director RK Goyal on Wednesday, seeking his response, remained unanswered.</div>
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Under CDR, banks recast the loans of a troubled borrower if 60 percent of the lenders by number and 75 percent by volume find merit in the proposal.</div>
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To be sure, if the account is standard at the time of referring the restructuring proposal to CDR, then CDR lenders need not classify the account as NPA. On the other hand, if the account is already NPA at the time of recast, banks must retain the asset as NPA on their books and not as a standard asset.</div>
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Ideally, banks offer CDR assistance to troubled companies which are in stress due to genuine reasons, like economic downturn. But in the past several non-genuine cases were given this facility.</div>
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Under the norms, for a fresh standard restructured asset, banks need to make a provision of 5 percent of the total loans. If the account is an NPA, the provision goes up further and it remains an NPA.</div>
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Assuming that the AIBEA list is true, Sujana Towers was already an NPA in the books of banks as on 31 March 2013. In a communication to the BSE, Sujana Towers said it received the approval from banks for CDR on 28 March, 2013. Was it already an NPA then? In that case, why did banks go ahead to recast loans of a company, which continued to make losses?</div>
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It is unclear what worked behind banks’ liking to the Sujana group. <em style="margin: 0px; padding: 0px;">Firstbiz</em> couldn’t independently verify any case of political intervention in the whole affair. But the question is whether the account indeed merited CDR assistance? Was it a genuine case?</div>
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Remember, one of the reasons for the pile up in bad loans in India’s banking system is that in the past bankers have resorted to rampant ever greening of bad loans by extending loan recast facility. This is often due to interventions form influential politicians and industrialists, who generously fund politicians.</div>
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Going by the September quarter data, under CDR, Indian banks currently restructure about Rs 2,60,000 crore of loans, while an equal amount is estimated to be recast through bilateral channel. While the declared amount of gross NPAs in the banking system is about Rs 2,50,000 crore, a significant chunk of bad loans are hidden in the restructured channel.</div>
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Is Sujana yet another instance of loan recast system being misused to hide actual bad loans on the books of lenders?</div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-31005136260922353442014-11-15T13:44:00.004+05:302014-11-15T13:44:52.485+05:30SBI numbers show promise but worst is not over for public sector banks<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><b>FP Dinesh Unnikrishnan15 Nov 2014</b></span></div>
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State Bank of India (SBI), the country’s largest lender, on Friday came out with decent numbers in the September quarter. The most critical factor in SBI’s earnings is steady decline in fresh slippages and health recovery.Gross non-performing assets (NPA) of the lender, during the quarter, have come down to 4.89 percent of its total loan book from 4.9 percent in the preceding quarter.</div>
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Thus, SBI’s bad loans have come down by a total of 84 basis points (bps) since the third quarter of last fiscal from 5.73 percent to 4.89 percent. One bps is one hundredth of a percentage point.</div>
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Net NPAs, after adjusting provisions, too have declined to 2.73 percent from 2.91 percent compared with the year-ago quarter even though have gone up marginally from the preceding quarter.</div>
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In the last one year, SBI has attempted to get a firm hold on the bad loan scenario by identifying the problematic areas and intensifying the fight against wilful defaulters, borrowers who do not pay back even if they have the capacity to do so.</div>
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The biggest pain on SBI’s book emerged from the mid-sized corporate segment and agriculture, which continued to be significant contributors to bad loans this quarter. But the bank has clearly managed to address the stressed asset situation as reflected in the quarter numbers.</div>
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The net profit at Rs 3,100 crore has beaten the estimates of analysts polled by CNBC at Rs 3,096 crore. The improvement in the net interest income to Rs 13,275 crore, up 8.4 percent, from Rs 12,251 crore in the corresponding period last year, has aided the 30 percent jump in the profit on a year-on-year basis.</div>
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SBI’s other income, which includes the treasury income, too have grown by 39 percent to Rs 4,571 crore from Rs 3,278 crore in the year-ago period.</div>
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Loan growth has been robust for the bank with its advances growing by 9.7% on year, which, in turn, helped the lender to manage strong growth in Interest income.</div>
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Total provisions, during the quarter stood at Rs 4,275 crore of which Rs 4,028 crore was set aside for bad loans.</div>
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That said, the numbers announced by other state-run banks such as Punjab National Bank and Indian Bank of India, reiterate the belief that the banking sector, dominated by government banks, is yet to come past the worst as far as bad loan situation is concerned.</div>
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Gross NPAs of total 40-listed Indian banks have grown by 17.5 per cent in the September quarter to Rs 2,68,933 crore from Rs 2,28,895 crore in the year-ago quarter and up by 7 percent compared with Rs 2,51,962 crore in the June quarter. But the pace of increase in bad loan generation has surely come down.</div>
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<a href="http://firstbiz.firstpost.com/wp-content/uploads/2014/11/table-for-sbi.jpg" style="color: #00beba; margin: 0px; padding: 0px; text-decoration: none;"><img alt="table-for-sbi" class="alignnone wp-image-108365 size-full" height="138" src="http://firstbiz.firstpost.com/wp-content/uploads/2014/11/table-for-sbi.jpg" style="-webkit-filter: url('#hc_extension_invert_back'); border: 0px; display: block; margin: 0px; padding: 0px;" width="313" /></a></div>
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Of the total bad loans, almost 90 percent comes from state-run banks.</div>
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Bad loans are only one segment of the total stressed assets in the banking system. The other chunk is the restructured loans, which constitute almost double to the declared gross NPAs in the banking system.</div>
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Together, stressed assets constitute 13-14 percent of the total loans given by banks, while bad loan generation remained modest in private banks.</div>
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There are at least 10 banks in the Indian banking system, which have Gross NPAs above 5 percent of their total loans. Topping the list are state-run banks such as United Bank of India and Indian Overseas Bank.</div>
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As <em style="margin: 0px; padding: 0px;">Firstbiz</em> has noted earlier, the seeming economic revival is yet to show on the ground as reflected in the muted credit growth of banks largely due to the absence of new project proposals.</div>
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Unless the positive sentiments post the arrival of the Narendra Modi government at the Centre translates into investments and real economic activity on the ground, banking sector will not be freed from the ills of NPAs.</div>
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But the long-term solution lies in freeing state-run banks from the control of the government. These banks must be prepared to find sufficient capital to survive on their own instead of the current practice of annual capital infusion through budget allocation.</div>
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Going ahead, the government will find it extremely difficult to meet the rising capital requirement of state-run banks unless it is willing to reduce holding in these banks.</div>
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Also, shorter tenures of top executives and frequent intervention from politicians in the business decisions of government banks have only helped to add to their incompetence of sarkari banks before deep-pocketed tech-savvy rivals in private sector.</div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-91792115556135824412014-11-15T11:53:00.001+05:302014-11-15T11:54:26.918+05:30கிருஷ்ணய்யர் : ‘நீதித் துறையின் மனசாட்சி’,<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;">இந்திய நீதித் துறை வரலாற்றில் ஒரு நீதிபதி பணியாற்றி ஓய்வு பெற்றபின், தான் எந்த நீதிமன்றத்தில் நீதிபதியாக அமர்ந்து வழக்காடிகளுக்கு நீதி பரிபாலனம் செய்தாரோ, அதே நீதிமன்றத்தில் குற்றஞ்சாட்டப்பட்டு, ஒரு வழக்காடியாக நிறுத்தப்பட்ட அரிய வரலாற்றுச் சம்பவம் 1981-ம் ஆண்டு நவம்பர் திங்களில் கேரள உயர் நீதிமன்றத்தில் நடந்தேறியது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">கேரள உயர் நீதிமன்ற வெள்ளி விழாவில் சிறப்பு விருந் தினராக உரையாற்றிய நீதிபதி வி.ஆர். கிருஷ்ணய்யர் நீதித் துறையை அவமதிக்க வேண்டும் என்ற கெட்ட எண்ணத்துடன் விமர்சனம் செய்து பேசினார் என வழக்கறிஞர் வின்சென்ட் பனிகுலங்கரா என்பவர் நீதிமன்ற அவமதிப்புக்கான குற்ற நடவடிக்கை எடுக்கக் கோரி மாநிலத் தலைமை வழக்குரைஞரின் அனுமதி பெற்று வழக்கு தாக்கல் செய்தார். குற்றம் சாட்டப்பட்டவர் </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">ஏற்கெனவே அந்த உயர் நீதிமன்றத்தில் 1968-ம் ஆண்டு முதல் மூன்று ஆண்டுகள் நீதிபதியாகப் பணியாற்றியவர். அவ்வழக்கினை விசாரித்த நீதிமன்றம், குற்றம்சாட்டப்பட்ட வி.ஆர். கிருஷ்ணய்யரைத் தண்டிக்கவோ, எச்சரிக்கை செய்யவோ முன்வரவில்லை.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> மாறாக, இந்திய நீதித் துறையின் பெருமையையும் வலிமையையும் உலகம் உணரும் வகையில் தீர்ப்புகளை வழங்கியவர் ‘நீதித் துறையின் மனசாட்சி’, ‘நாட்டு மக்கள் நலன் விரும்பி’ எனப் பாராட்டு மொழிகளால் தனது தீர்ப்பில் புகழாரம் சூடி, மனுவைத் தள்ளுபடி செய்தது. ஓர் உயர் நீதிமன்றத்தின் முன்னாள் நீதிபதியே பின்னாளில் அந்நீதிமன்ற வழக்காடியான வரலாறு முன்னுதாரணம் இல்லாத, முன் தீர்ப்பாகச் சட்ட நூல்களில் இடம்பெற்றுள்ளது.</span></div>
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<b style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;">பல்துறை அனுபவம்</span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">உலகின் மிகப் பெரிய நீதி பரிபாலன அமைப்பு முறையைக் கொண்டுள்ள இந்தியக் குடியரசின் உச்ச நீதிமன்றத்தை அலங்கரித்த நீதியரசர்களில் வி.ஆர். கிருஷ்ணய்யர் குறிப்பிடத்தக்கவர்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">ஏனெனில், 25 ஆண்டுகள் வழக்குரைஞராகப் பணியாற்றி, புகழ்பெற்ற வழக்குகளில் நீதிமன்றத்தில் வாதாடி வாகை சூடிய அனுபவம், தேர்தல் களத்தில் போட்டியிட்டு மக்கள் மன்றத்தில் தலைச்சேரி தொகுதியில் வென்று, சென்னை மாகாண சட்டப் பேரவை, கேரள மாநில சட்டப் பேரவைகளில் உறுப்பினராக, மாநில சட்ட அமைச்சராக உயர்ந்த பொறுப்புகளை வகித்து சட்டமியற்றல், திட்டமிடுதல், நிதி ஒதுக்கீடு, நிர்வாகம் எனப் பல்துறை அனுபவத்தையும் பெற்றவர்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> பின்னர், இந்தியச் சட்ட ஆணைய உறுப்பினராக இருந்ததால் சட்ட முன்வரைவுகள், அறிக்கைகள் தயாரித்தல் இவற்றில் தனிப் பெரும் பயிற்சியும் கிடைத்தது. சட்டப்புலமை, திட்ட மிடுதல், திறமையாக வாதிடுதல் இவற்றுடன் தனக்கே உரிய தலைமைப் பண்புகளுடன் வாழ்ந்து உயர் நீதிமன்ற, உச்ச நீதிமன்ற நீதிபதியாகப் பொறுப்பு வகித்தவர். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">இத்துடன் இளமையில் தடுப்புக் காவலில் ஒரு மாதச் சிறை வாழ்க்கையையும் அனுபவித்துள்ளார். இவ்வாறு இந்தியாவில் உச்ச நீதிமன்றம், உயர் நீதிமன்றங்களில் பணியாற்றிய நீதியரசர்களில் மாநில அமைச்சராக, சட்டமன்ற உறுப்பினராகப் பணியாற்றிய அனுபவம் வி.ஆர். கிருஷ்ணய்யரைத் தவிர வேறு எவருக்கும் கிடைக்க வில்லை.</span></div>
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<b style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;">காந்தியச் சிந்தனையாளர்</span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">காந்தியச் சிந்தனைகளைப் பயின்று உள் வாங்கிய நீதிபதியான கிருஷ்ணய்யர், குற்றவாளிகளைச் சீர்திருத்தும் நோக்கில் தண்டனைகள் அமைய வேண்டும். அதற்கேற்ற வகையில், சிறைச்சாலைகள் மனநல மருந்தகங் களாகச் செயல்பட வேண்டும் என்ற நிலைப்பாட்டினைக் கொண்டிருந்தார்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> இந்தியாவின் மிகப் பெரிய சிறையான திகார் சிறைச் சாலைக்குள் சென்று பார்வையிட்டு, அங்குள்ள சிறைக் கைதிகளின் மறுவாழ்வுக்கும் சிறைச் சாலை சீர்திருத்தங்களுக்கும் எடுக்க வேண்டிய நடவடிக் கைகள் பற்றிய திட்டமிடல் மேற்கொண்ட நீதிபதிகளில் கிருஷ்ணய்யர் முதன்மையானவர். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">கைதிகள் தங்களுக்கு ஏற்பட்ட மனித உரிமை மீறல்கள், துன்பங்கள், கொடுமைகள் பற்றிய கடிதங்களைத் தனக்கு அனுப்பிவைத்தால், அவற்றின் தன்மை அறிந்து அதனையே வழக்குக்கான மனுவாக ஏற்று, விசாரணை மேற்கொண்டு ‘கடித வழி நீதி நல்கும் முறை’யைத் தீவிரமாக அமல்படுத்தினார்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">ஒரு நபரைக் கைது செய்யும்போது அச்சுறுத்தல், பாது காப்புக் காரணங்கள் எதுவுமில்லாத நிலையில், தேவை யின்றி இரும்புச் சங்கிலியைக் கையில் பூட்டி இழுத்துச் செல்வது மனித மாண்புகளுக்கு ஏற்றதல்ல என, கை விலங்கை உடைத்தெறியும் ஆற்றல் அவரது தீர்ப்புகளுக்கு இருந்தது.</span></div>
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<b style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;">கலைக்களஞ்சியம்</span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">உச்ச நீதிமன்றத்தில் 7 ஆண்டுகாலக் குறுகிய பணிக் காலத்தில் 745 புகழ்மிக்க தீரப்புகளை வழங்கியுள்ளார். அதனை ஆய்வு செய்த அமெரிக்க ஆய்வாளர், குறுகிய காலத்தில் இத்தகைய சிறப்பான, மிகுதியான தீரப்புகளை அக்காலத்திலேயே வழங்கியவர் என கிருஷ்ணய்யரைப் பாராட்டுகின்றார். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">கணிப்பொறி, இணையதளத் தொடர்புகள் இல்லாத பணிச் சுழலில், ஒவ்வொரு தீரப்பிலும் உலக அறிஞர்களின் மேற்கொள்கள் உள்ளிட்ட பல தகவல்களையும் ஆதாரத்துடன் குறிப்பிட்டு எழுதப்பட்டுள்ளதால், அவை படிப்பவர்களுக்கு ஒரு கலைக்களஞ்சியமாகத் தோன்றும்.</span></div>
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<b style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;">முதன்மையான தீர்ப்பு</span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">இன்று நீதிமன்றங்களில் தாக்கல் செய்யப்படும் பொதுநல வழக்காடும் முறையைச் சுமார் 35 ஆண்டுகளுக்கு முன்பே தொடங்கி வைத்து ஊக்குவித்த பெருமை கிருஷ்ணய்யருக்கு உண்டு.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> மத்தியப் பிரதேச மாநில ரத்லம் நகராட்சியின் சுகாதாரச் சீர்கேடுகளை எதிர்த்து அந்நகர மக்கள் தாக்கல் செய்த வழக்கில் கிருஷ்ணய்யர் வழங்கிய அந்தத் தீர்ப்புதான் ‘நீதி நல்குவதில் மக்கள் பங்களிப்பை’ உறுதிசெய்த முதன்மையான தீர்ப்பு என சட்ட அறிஞர்கள் பலரும் பாராட்டியுள்ளனர்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">1980-ம் ஆண்டு உச்ச நீதிமன்ற நீதிபதியாகப் பணியாற்றி ஓய்வு பெற்ற பின், தொடர்ந்து 35 ஆண்டுகளாக ஓய்வின்றி மக்கள் நலப்பணிகளிலேயே ஈடுபட்டு வாழ்ந்துவரும் தியாகச் செம்மலான கிருஷ்ணய்யர், தனது வாழ்நாள் முழுவதையும் மனித உரிமைகள் பாதுகாப்பு, மது-புகையிலை ஒழிப்பு, ஏழை மக்களுக்காகக் குரல் கொடுப்பது போன்ற பணிகளுக்காகத் தனது ‘சத்கமயா’ வீட்டின் கதவு களைத் திறந்து வைத்துக் காத்திருக்கிறார்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">இந்திய உச்ச நீதிமன்ற மூத்த வழக்கறிஞர் பாலி நாரிமன் தனது ‘நினைவுகள் மறையுமுன்’ என்ற தன் வரலாற்றில் கூறியுள்ளதுபோல், உச்ச நீதிமன்றத்தின் சிறந்த நீதிபதி களில் ஒருவரான கிருஷ்ணய்யரின் பணிக்காலத்தை ‘கிருஷ்ணய்யர் காலம்’ என்றே அழைக்கலாம்.</span></div>
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<b style="outline: none;"><span style="color: red; font-family: Arial, Helvetica, sans-serif;">- இல. சொ. சத்தியமூர்த்தி</span></b></div>
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<b style="outline: none;"><span style="color: red; font-family: Arial, Helvetica, sans-serif;">நீதித் துறையின் சேலம் மாநகர முதுநிலை உரிமையியல் நடுவர்</span></b><br />
<b style="outline: none;"><b style="color: red; font-family: Arial, Helvetica, sans-serif; line-height: 19.9999980926514px;"><span style="line-height: 18px; outline: none; text-align: center;">தி இந்து:</span><span style="line-height: 19.9999980926514px; text-align: center;">சனி, நவம்பர் 15, 2014</span></b></b><br />
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-62679912411703933572014-11-15T11:34:00.002+05:302014-11-15T11:34:59.618+05:30கிருஷ்ணய்யர் :நீதியின் நாயகன்!<div dir="ltr" style="text-align: left;" trbidi="on">
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<i style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;">தமிழ்நாட்டு முதலமைச்சராக இருந்து ஓய்வு பெற்ற ராஜாஜியை, மரியாதை நிமித்தம் சந்திக்க, கேரள சட்டப்பேரவை உறுப்பினர் ஒருவர் தனது மனைவி, இரு மகன்களுடன் செல்கிறார். அவர்களை வரவேற்றுப் பேசிய ராஜாஜி, அவ்விரு சிறுவர்களிடம் சொல்கிறார்:</span></i></div>
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<i style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;"> “உங்கள் அப்பனைப் பின்பற்றாதீர்கள், அவர் விஷமத்தனமானவர், ஆனால் அவரது விஷமத்தனமெல்லாம் நல்லவற்றுக்காகவே.” </span></i></div>
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<i style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;">வைத்தியநாதபுரம் ராமய்யர் கிருஷ்ணய்யர்தான் அந்த சட்டப்பேரவை உறுப்பினர்.</span></i></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">1952-ல் கேரளாவின் குத்துப்பரம்பு தொகுதியிலிருந்து தேர்ந்தெடுக்கப்பட்ட அவர், சென்னை மாகாணத்தின் சட்டமன்றத்தில் இரண்டு வருட காலம் முதலமைச்சர் ராஜாஜிக்கு குடைச்சல் கொடுத்த உறுப்பினர். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">அதன் வெளிப்பாடுதான் அவரைச் சந்தித்த மகன்களுக்கு கிடைத்த ஆலோசனையை மேலே பார்த்தோம். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">மாவட்ட மருத்துவ அதிகாரி ஒருவர் மீதுள்ள ஊழல் புகார்பற்றி பொது விசாரணை கோரி சட்டமன்றத்தில் கோரிக்கை விடுக்கப்பட்டது. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">முதலமைச்சர் ராஜாஜி தானும் ஒரு வழக்கறிஞர், அந்தப் புகாரைப் பரிசீலித்ததில் முதல் நோக்கில் குற்றமேதும் தென்படவில்லை என்று கூறவும் உடனடியாக கிருஷ்ணய்யர், தானும் மாவட்ட நீதிமன்றத்தில் கிரிமினல் வழக்குகள் நடத்தியதில் திறமை பெற்றவர் என்றும், மருத்துவ அதிகாரியின் மீதுள்ள குற்றம் தெளிவாகவே கூறப்பட்டுள்ளது என்றும் வலியுறுத்திப் பேசவே, முதலமைச்சர் தனது கருத்தை மாற்றிக்கொண்டு விசாரணைக்கு உத்தரவிட நேர்ந்தது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">மொழிவாரி மாநிலப் பிரிவினைக்குப் பின்னர் நடந்த கேரளத் தேர்தலில், சுயேச்சையாக வெற்றிபெற்ற கிருஷ்ணய்யர், ஈ.எம்.எஸ்.நம்பூதிரிபாடின் கம்யூனிஸ்ட் கட்சி அமைச்சரவையில் உள்துறை அமைச்சரானார். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">1958-ம் வருடம் ஒரு நாள் அவர் டென்னிஸ் விளையாடிக்கொண்டிருக்கும்போது தொலைபேசிச் செய்தி வருகிறது. அருகிலிருந்த காவல் நிலையத்தில் இளைஞன் ஒருவன் சித்திரவதைக்கு உள் ளாக்கப்படுவதாகத் தகவல். உடனடியாக காரைத் தானே ஓட்டிக்கொண்டு காவல்நிலையத்துக்குச் செல்கிறார். கேள்விப்பட்டபடியே இளைஞன் ஒருவன் சித்திரவதைக்கு உள்ளாக்கப்பட்டிருப்பதைப் பார்த்து, அவனை விடுவிக்க காவல் அதிகாரிகளுக்கு உத்தரவிடுகிறார். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; line-height: 19.9999980926514px;">தினமும் இரவில் திருவனந்தபுரம் மாவட்டக் கண்காணிப்பாளருடன் வீதிகளில் பயணம் செய்து காவலர்கள் தங்கள் பணிகளை ஒழுங்காகச் செய்கிறார்களா என்பதைச் சோதித்த உள்துறை அமைச்சரை இந்நாடு இதுவரை கண்டதில்லை.</span></div>
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<b style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;">சிறைக் கைதிக்கு மனிதாபிமானம்</span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">தேர்தல் வெற்றிக்கு முன்னரே தடுப்புக் காவல்சட்டத்தின் கீழ் சிறையில் அடைக்கப்பட்ட கிருஷ்ணய்யர், தனது 30 நாட்கள் சிறைவாசத்தில் சிறைக் கைதிகளின் நிலைமையை உணர்ந்ததுடன், இந்தியச் சிறைகள் கற் காலத்தில் இருப்பதைத் தெரிந்துகொண்டார்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> பின்னர், உச்ச நீதிமன்ற நீதிபதியானபோது, சிறைக் கைதி ஒருவர் அஞ்சல் அட்டையில் அனுப்பிய புகாரை வழக்காக எடுத்துக்கொண்டு, சிறைக் கைதிகளை மனிதாபிமானத் துடன் நடத்துவதற்கு உத்தரவிட்டதுடன், சுனில் பாத்ரா-2 என்ற வழக்கில் பரவலான சிறை சீர்திருத்தங்களுக்கு உத்தர விட்டதோடு மட்டுமின்றி, எதிர்காலத்தில் புகார்களை நீதிமன்றங்கள் தாமாகவே எடுத்துக்கொண்ட வழக்காகக் கருதி, அவ்வழக்குகளில் நிவாரணம் வழங்க உத்தர விட்டார். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">மேலும், மாவட்ட நீதிபதிகள் தொடர்ந்து சிறைச் சாலைகளுக்குச் சென்று, கைதிகளிடமிருந்து புகார்களைப் பெற்று நிவாரணம் வழங்கவும் அத்தீர்ப்பு உறுதிசெய்தது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">சென்னையைச் சிங்காரச் சென்னையாக மாற்றுவதற்குப் பலரும் திட்டங்கள் வைத்திருந்தனர். எம்.ஜி.ஆர். ஆண்ட காலம். மெரினா கடற்கரையில் நிறுத்தி வைக்கப்பட்டுள்ள மீனவர்களின் கட்டுமரங்கள் அதன் அழகைக் குறைக்கின்றன என்று யாரோ ஒருவருக்குத் தோன்றியது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> திடீரென்று கட்டுமரங்கள் ஒரு நாள் காணாமல் போயின. எதிர்த்து நின்ற மீனவர்கள் மீது காவலர்கள் துப்பாக்கிச் சூடு நடத்தியதில், சிலர் இறந்தனர். அதற்குப் பின்னும் காவல் துறையினரின் அத்துமீறிய தாக்குதலுக்குப் பயந்து பல மீனவர்கள் குப்பங்களை விட்டு இடம்பெயர்ந்தனர்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> ராணிமேரி கல்லூரிக்குப் பக்கத்தில் உள்ள நடுக்குப்பம் 4.12.1985-ல் காவலர்களால் சூறையாடப்பட்டது. தனிமையில் விடப்பட்ட பெண்கள், குழந்தைகள், வயசாளிகள் யாரும் தாக்குதலுக்குத் தப்பவில்லை. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">உச்ச நீதிமன்றத்திலிருந்து ஓய்வு பெற்ற பிறகும், ஓய்வறியா அந்த உத்தமர் கிருஷ்ணய்யருக்கு இருப்புக்கொள்ளவில்லை. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">செய்தி கேட்டு நடுக்குப்பத்தின் சேறு சகதிகள் பாராமல் நேரில் சென்று அம்மக்களின் குறை கேட்டு, அறிக்கை ஒன்றைத் தயார் செய்தார். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">முதலமைச்சர் எம்.ஜி்.ஆருக்கு அந்த அறிக்கையுடன் அவர் எழுதிய கடிதத்தில், “மீனவர்கள் இம்மண்ணின் மூத்த குடிகள், அவர்களது வாழ்வாதாரத்தைப் பறிப்பதற்கு எவருக்கும் அதிகாரமில்லை” என்று குறிப்பிட்டதுடன், அம்மக்களுக்கு உரிய நிவாரணம் வழங்க வேண்டுகோள் விடுத்தார்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">மனித உரிமைக்கான வழக்கறிஞர், சட்டமன்ற உறுப் பினர், உள்துறை அமைச்சர், உயர் நீதிமன்ற நீதிபதி, மத்திய சட்ட கமிஷன் உறுப்பினர், உச்ச நீதிமன்ற நீதிபதி என்று பன்முக ஆளுமை கொண்ட கிருஷ்ணய்யருக்கு அடிநாத மாக விளங்கியது விளிம்பு நிலை மனிதர்களின் விடுதலை தான். எண்ணம், எழுத்து, செயல் இவை அனைத்திலும் இருந்த சிந்தனைப்போக்குகளை அவர் கட்டுரைகள் வாயிலாக வெளியிட்டதோடு மட்டுமல்லாமல், தனது சிறப் பான தீர்ப்புகளிலும் அதைப் பதிவுசெய்ய மறந்ததில்லை. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">அதிகாரம் கிடைக்கும்போதெல்லாம் அதை நலிவுற்ற மக்களுக் குப் பயன்படுத்தத் தயங்கியதும் இல்லை. அதே நேரத்தில், அதிகார மமதையில் சர்வாதிகாரப் பாதையில் சென்ற அரசியல்வாதிகளுக்குப் பாடம்புகட்டவும் மறந்ததில்லை.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">மத்திய சட்டக் கமிஷன் உறுப்பினராக இருந்தபோது, அவர் அளித்த அறிக்கையின் அடிப்படையில்தான் ஏழைகளுக்கு இலவச சட்ட உதவி அளிக்கும்வண்ணம் அரசமைப்புச் சட்டம் திருத்தப்பட்டு, பிரிவு 39-A அறிமுகப்படுத்தப்பட்டது. நீதிமன்றங்கள் அனைவருக்கும் பொது என்றாலும், வசதியும் வாய்ப்பும்மிக்க வக்கீல்களின் உதவியைப் பெற முடியாத நலிவுற்ற மக்களும் நீதிமன்றத்தை நாடும் வகையில் இப்பிரிவு கொண்டுவரப்பட்டதற்கான முழுப் பெருமையும் அவரையே சாரும்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">1975-ம் வருடம் அலகாபாத் உயர் நீதிமன்றம், அன்றைய பிரதமர் இந்திரா காந்தி போட்டியிட்டு வென்ற ரேபரேலி தொகுதியில் தேர்தல் முறைகேடாக நடத்தப்பட்டது என்று கூறி அவரது தேர்தல் வெற்றி ரத்து செய்யப்பட்டது. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">அதை எதிர்த்துப் போடப்பட்ட மேல்முறையீடு உச்ச நீதிமன்றத்தின் விடுமுறைக் கால நீதிமன்றத்தின் முன் விசாரணைக்கு வருகிறது. அப்போது விடுமுறைக் கால நீதிபதியாக நியமிக்கப்பட்டவர் கிருஷ்ணய்யர். வழக்கு விசாரணைக்கு வருமுன்னே அவரைத் தொலைபேசியில் தொடர்புகொள்ள அன்றைய சட்ட அமைச்சர் கோகலே முயற்சிக்கிறார். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">அவரைச் சந்திக்க மறுத்த கிருஷ்ணய்யர், வழக்கை விசாரித்த பின், உயர் நீதிமன்றத் தீர்ப்புக்கு முழுத் தடை வழங்க மறுக்கிறார். ஆட்டம் கண்ட பிரதமர், நாடு முழுதும் நெருக்கடி நிலைமையைப் பிரகடனப்படுத்தி, எதிர்க் கட்சித் தலைவர்கள் அனைவரையும் உள்நாட்டுப் பாதுகாப்புச் சட்டத்தில் சிறைப்படுத்துகிறார். கிருஷ்ணய்யர் முழுத் தடை அளிக்க மறுத்ததன் காரணந்தான் நெருக்கடி நிலைமை ஏற்பட்டதென்று பலரும் கூறுவர். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">அவர் அளித்த உத்தரவை அவரது கருத்துக்களுடன் முழுதும் ஒத்துப்போகாத பிரபல சட்ட நிபுணர் எச்.எம். சீர்வை, கிருஷ்ணய்யர் முழுத் தடை விதிக்க மறுத்த தேதியன்றுதான் உச்ச நீதிமன்றம் அதனுடைய சிறப்பான நேரத்தைப் பெற்றது என்று தனது புத்தகத்தில் பதிவுசெய்திருக்கிறார்.</span></div>
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<b style="outline: none;"><span style="font-family: Arial, Helvetica, sans-serif;">கிருஷ்ணய்யரின் தீரம்</span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">நெருக்கடி நிலையின்போது, இந்திரா காந்தியிடம் அவரது அதிகார மமதையைச் சுட்டிக்காட்டப் பயந்த நேரத்தில், கிருஷ்ணய்யர் பிரதமரிடம் அவரது அரசு நீதிமன்றத்தில் மக்களது அடிப்படை உரிமையைப் பறித்தது நியாயம் என்று வாதாடியது தவறென்று சுட்டிக்காட்டினார்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> அந்நேரத்தில், எவருமே இந்திரா காந்தியிடம் விமர்சனங்களை முன்வைக்க வராதபோது, கிருஷ்ணய்யர் நேரடியாகப் பிரதமரிடம் அவர் இழைத்த தவறை சுட்டிக்காட்டிய செயல் அவரது தீரத்தை வெளிப்படுத்தும்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">இன்றைக்குப் பலரும் தமிழரின் உடைக் கலாச்சாரம் வேட்டிதான் என்று பேசுவார்கள். சமீபத்தில், நீதிபதி ஒருரை அனுமதிக்க மறுத்த சென்னை கிரிக்கெட் கிளப் விவகாரத்தை ஒட்டி எழுந்த ஆவேசத்துக்குப் பிறகு, தமிழக சட்டமன்றமும் வேட்டி கட்டி வருபவருக்கு அனுமதி மறுக்கப்பட்டால் சிறைத் தண்டனை என்ற சட்டம்கூட இயற்றியுள்ளது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> நீதிபதி கிருஷ்ணய்யரைப் பொறுத்தவரை அவர் ஓய்வுபெற்ற பிறகு, என்றுமே அவர் பாரம்பரிய உடையையே அணிந்துவந்தார். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">கிரிக்கெட் கிளப்பில் உறுப்பினராயிருந்த கிருஷ்ணய்யரின் நண்பர் ஒருவர், அவரை அங்கு இரவு உணவுக்கு அழைத்துச் சென்றார். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">கதர் சட்டையும் கதர் வேட்டியும் கட்டி ரப்பர் செருப்பு அணிந்து வந்த அவரை அங்கிருந்த வாயிற்காவலர் உள்ளே அனுமதிக்க மறுத்துவிட்டார். கிளப் விதிகளின்படி மேல்நாட்டு உடைகளையே அணிந்து வர வேண்டும் என்பதால், அவருக்கு அனுமதி மறுக்கப்பட்டது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">பிரச்சினையைப் பெரிதுபண்ண விரும்பாத கிருஷ்ணய்யர், அங்கிருந்த விருந்தினர் பதிவேட்டில் இவ்வாறு எழுதிக் கையெழுத்திட்ட பின் வெளியேறினார்:-</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“எனக்கு இரவு உணவு இங்கு மறுக்கப்பட்டது. ஆனாலும், கௌரவமான இந்தியனாக இங்கிருந்து நான் வெளியேறுகிறேன்.”</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">1957-ம் வருடம் நடைபெற்ற தேர்தலுக்குப் பிறகு, முதல்முறையாக இந்தியாவில் (ஏன் உலகத்திலேயே) தேர்தலில் போட்டியிட்டு வெற்றிபெற்று கம்யூனிஸ்ட் ஆட்சி அமைத்தது. பள்ளிக் கல்வியைச் சீரமைக்கவும், ஆசிரியர்களின் பணிப் பாதுகாப்பை உறுதிப்படுத்தவும் சட்டம் இயற்றப்பட்டது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">அது பொறுக்காத சிறுபான்மைக் கல்வி நிறுவனங்களும், சாதி அமைப்புகளும் கம்யூனிஸ்டுகள் கையிலிருந்து கேரளாவை விடுவிக்க விடுதலைப் போராட்டம் (விமோசன சமரம்) ஆரம்பித்தனர். சட்டம், ஒழுங்கு கெட்டுவிட்டதென்று அங்கே குடியரசுத் தலைவர் ஆட்சி 1959-ல் அமலுக்கு வந்தது. தேர்தல் வெற்றிக்குப் பிறகு முதலில் ஆட்சிக்கு வந்த கம்யூனிஸ்ட் கட்சி முதல் ஜனநாயகப் படுகொலைக்குப் பலியானது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">அந்த முடிவைத் தவிர்ப்பதற்கு நல்லெண்ண முறையில் அன்றைய பிரதமர் பண்டித நேருவை கிருஷ்ணய்யர் சந்தித்து முயற்சி செய்தார். ஆனால், தொடர்ந்து கம்யூனிஸ்ட் கட்சியின் ஆட்சி நடைபெற்றால் காங்கிரஸைக் கரைத்துவிடும் என்ற எண்ணத்தில் ஆட்சிக் கலைப்பு முடிவு ஏற்கெனவே எடுக்கப்பட்டுவிட்டதால் கிருஷ்ணய்யரின் முயற்சி தோல்வியுற்றது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">உச்ச நீதிமன்றத்தில் கிருஷ்ணய்யர் ஆற்றிய பணியைப் பற்றி பலரும் எழுதியுள்ளனர். சட்ட நிபுணர்கள் ஒருமித்த குரலில் அவரது பணியைப் பாராட்டியுள்ளனர். இவை எல்லாவற்றையும்விட, கிருஷ்ணய்யரைப் பற்றியும் அவரது தீர்ப்புகளைப் பற்றியும் பல நாடுகளில் உள்ள சட்ட நிபுணர்களும் நீதிபதிகளும் பாராட்டியுள்ளனர். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">ஆஸ்திரேலிய உச்ச நீதிமன்ற நீதிபதி மைக்கேல் கிர்பி, கிருஷ்ணய்யரின் 80-வது பிறந்ததினத்துக்கு அனுப்பிய செய்தியில் குறிப்பிட்டிருந்து இன்றைக்கு அவர் நூற்றாண்டு காணும் சூழலிலும், என்றைக்கும் பொருத்தமானது.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“கிருஷ்ணய்யர் பொதுச்சட்டத்தில் பேராற்றல் பெற்றவர். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">அவர் இந்தியாவுக்கு மட்டும் சொந்தமானவரல்ல. உலகம் முழுதும் உள்ள வக்கீல்கள் மற்றும் சட்ட நிபுணர்களுக்குச் சொந்தமானவர்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> அவருடைய தீர்ப்புகள் ஆஸ்திரேலிய நீதிமன்றங்களில் மேற்கோள் காட்டப்படுவது<span style="line-height: 19.9999980926514px;">டன் நீதிபதிகள் அவற்றைப் பின்பற்றவும் முற்படுவர்!”</span></span></div>
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<span style="font-family: Latha, Georgia, 'Times New Roman', Times, serif; font-size: 12.1212110519409px; line-height: 19.9999980926514px; outline: none;"><span style="color: red;"><span style="background-color: #edf2f8; font-size: 12.1212110519409px; line-height: 18px; outline: none; text-align: center;"><span style="background-color: white; font-size: 12.1212110519409px; line-height: 19.9999980926514px; outline: none; text-align: left;">கே. சந்துரு</span>:</span> </span></span><b style="color: red; font-family: Latha, Georgia, 'Times New Roman', Times, serif; font-size: 12.1212110519409px; line-height: 19.9999980926514px; outline: none;">முன்னாள் நீதிபதி, உயர் நீதிமன்றம், சென்னை.</b></div>
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<span style="background-color: white; color: red; font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><b><span style="line-height: 18px; outline: none; text-align: center;">தி இந்து:</span><span style="line-height: 19.9999980926514px; text-align: center;">சனி, நவம்பர் 15, 2014</span></b></span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-83567445678339928362014-11-10T20:17:00.005+05:302014-11-10T20:17:58.926+05:30 what constitutes as non-performing assets ? Supreme Court to decide ...<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; font-family: helvetica, tahoma, sans-serif; font-size: 13px;"><b><i><span style="color: red;">Monday, 10 November 2014 - 6:22am IST | Place: Mumbai | Agency: DNA</span></i></b></span><br />
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Several promoters of distressed companies have dragged the ReserveBank of India to the Supreme Court alleging that its prudential norms defy the right to equality under Article 14 of the Constitution of India. The case comes up for hearing on this Wednesday where it's just not the definition of non-performing assets (NPA) as defined by the Securitisation Act of the parliament but also that as defined by RBI that have been challenged as `unconstitutional'. Both the definitions have been found contrary and contradictory to each other, say legal experts.</div>
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In the meantime, the apex court had granted status quo to the companies and promoters, about 55, from Gujarat and Tamil Nadu, till the case comes up for hearing on November 12. Some of the petitioners include Deccan Chronicles Holdings, Goldstar Jewellers, Seema Jewellers, Natraj Ships Agency and Shelter Pharma. The case dates back to the Gujarat High Court's April judgment in a common civil petition filed before it. The high court had struck down the powers of different regulators defining NPAs (under section 2(1)(o)(a) of the Securitisation Act, 2002). indicating that RBI's NPA classification be adhered to. The judgment now mandates RBI to enact guidelines for all such institutions, but as of now the RBI cannot issue any guidelines as the case will continue in the Supreme Court, legal experts said.</div>
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Banks and financial institutions which are governed by its own Act but not under the RBI as regulator can define their own timeframe to classify an asset as an NPA. The days range between RBI's prescribed 90 days and 180 days. A few such institutions are EXIM Bank, under Section 39 of the EXIM Act, National Housing Bank under NHB Act, and so is the case with Power Finance Corporation, Nabard, Rural Electrification Corporation and Indian Railway Finance Corporation.</div>
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Interestingly, Power Finance Corporation (PFC), which was notified as a public financial institution in 1990 under the Companies Act 1956, has a six-month period to classify an asset as an NPA. It subsequently registered itself in 2010 as a non-banking finance company (NBFC) with the RBI and has classified itself as an infrastructure finance company.</div>
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Advocates Vishwas Shah and Masoom Shah had argued in the high court, that the Securitisation Act and Reconstruction of Financial Assets & Enforcement of Security Interest Act, (Sarfaesi Act) 2002 should be applied uniformly across all borrowers and challenged the RBI guidelines on income recognition, provisioning and asset classification under prudential norms as being unconstitutional. The high court quoting an earlier Supreme Court judgment of Mardia Chemicals said the RBI guidelines were taken note of by the apex court and had upheld the provisional norms of RBI as intra-vires, meaning within its legal power.</div>
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"There is no justification of declaring the guidelines by the RBI to be invalid because different period of default has been indicated for declaring an asset as NPA of banks on one hand and NBFCs on the other." The order further stated: "The high court in writ jurisdiction should not interfere with such guidelines unless those are found to be contrary to any statutory provisions or the Constitution." The petition had questioned the constitutional validity under the right to equality as per Article 14 of the Constitution of India and that NPA classification of RBI were not as defined by the Sarfaesi Act which does not specify the any period to declare an asset an NPA.</div>
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"The regulators, by virtue of the amendment of Section 2(1) (o) of the Securitisation Act, can, at any point of time, take a liberal approach thereby inducing the citizen to take loan from them by fixing a relatively longer period as NPA and at the same time, without any valid reason, for the benefit of only the financial interest of those financial institutions, can also take a stringent policy fixing a relatively shorter period of time for declaring the existing secured assets as NPA," the high court had said.</div>
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The advocates who partially succeeded in the common civil petition filed before theGujarat High Court had made two-fold submissions before the court. The first was Section 2 (1) (o) of the Securitisation Act was ultra-vires (illegal) the Constitution of India, violating Article 14 and the principal of the original act. The principal grievance of advocate Shah is that paragraph 2.1 of the RBI Guidelines is discriminatory, arbitrary, unreasonable and ultra vires the Securitisation Act and that the definition of the NPA as per RBI is contrary, distinct and contradictory to the definition of the NPA under the Central Act, and hence the same is unconstitutional.</div>
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Bank Finance Indiahttp://www.blogger.com/profile/07459486640306688552noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-5353507002822812722014-11-10T19:52:00.002+05:302014-11-10T19:52:21.675+05:30Safeguard professional ethics: Justice Banumathi<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><b style="background-color: white;"><img alt="Justice R. Banumathi, a judge of the Supreme Court, on Saturday said cases of violations of code of conduct should be dealt with stringently and it was the responsibility of the bar council to safeguard professional ethics and reinforce the people’s" height="242" pagespeed_url_hash="1569410205" src="http://d2yhexj5rb8c94.cloudfront.net/sites/default/files/styles/article_node_view/public/Madras%20High%20Court%202_0_1.jpg" title="Justice R. Banumathi, a judge of the Supreme Court, on Saturday said cases of violations of code of conduct should be dealt with stringently and it was the responsibility of the bar council to safeguard professional ethics and reinforce the people’s" typeof="foaf:Image" width="400" /></b></span><br />
<span style="background-color: white; line-height: 17.9200000762939px; text-align: center;"><span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><b>Justice R. Banumathi, a judge of the Supreme Court, on Saturday</b></span></span><br />
<span style="background-color: white; line-height: 17.9200000762939px; text-align: center;"><span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><b> said cases of violations of code of conduct should be dealt with</b></span></span><br />
<span style="background-color: white; line-height: 17.9200000762939px; text-align: center;"><span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><b> stringently and it was the responsibility of the bar council to </b></span></span><br />
<span style="background-color: white; line-height: 17.9200000762939px; text-align: center;"><span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><b>safeguard professional ethics and reinforce the people’s</b></span></span><br />
<span style="background-color: white; line-height: 17.9200000762939px; text-align: center;"><span style="color: red; font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><b> faith in the profession</b></span></span><br />
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<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><b><span style="line-height: 17.9200000762939px;">DC CORRESPONDENT | </span><span style="border: 0px; font-stretch: inherit; line-height: 17.9200000762939px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">November 09, 2014, 05.11 am IST</span></b></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.538em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Chennai: </span></strong><span style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.538em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Justice R. Banumathi, a judge of the Supreme Court, on Saturday said cases of violations of code of conduct should be dealt with stringently and it was the responsibility of the bar council to safeguard professional ethics and reinforce the people’s faith in the profession. </span><span style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.538em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">After inaugurating the disciplinary committee halls in the new Bar Council of Tamil Nadu and Puducherry (BCTP) building, Justice Banumathi said the function of the state bar council was to maintain a roll of advocates and to lay down standards and procedures to be followed.</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In the profession of law, the advocates had a dual responsibility: to uphold the interest of their clients and to efficiently conduct themselves as officers of the court. It becomes indispensable for advocates to adhere to the highest standards of probity and honour. The law profession was a noble calling and ethics ought to play an instrumental role in it, she added.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">She said the Advocates Act vested the power of enquiry into cases of misconduct against advocates in the disciplinary committees of the bar council. The decision of the committees must be to enforce at least a minimal level of integrity in the profession. In cases of minor aberrations, a liberal view may be adopted and recourse taken to warnings and censures.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Earlier, Justice C. Nagappan, a judge of the Supreme Court, who inaugurated the auditorium in the new BCTP building, said with members of the bar moving away from the true spirit of the profession and regarding it more a business, some aberrations had resulted. This attitude had to be corrected.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">New entrants to the profession had their own economic compulsions which was contributing to the change in attitude, he said. But the basic needs of a meritorious entrant ought to be provided for to encourage him to withstand the rigours of life at the threshold of his career.</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-79530879804658774762014-11-10T19:23:00.004+05:302014-11-10T19:23:55.447+05:30Bar council must enlarge scope of legal education: SC judge<div dir="ltr" style="text-align: left;" trbidi="on">
<img alt="Madras high court Chief Justice Sanjay Kishan Kaul inaugurates administrative block in Bar Council of Tamil Nadu and Puducherry building on Saturday (Photo: DC)" height="242" pagespeed_url_hash="801724834" src="http://d2yhexj5rb8c94.cloudfront.net/sites/default/files/styles/article_node_view/public/Madras-high-court-Chief-Jus.jpg" title="Madras high court Chief Justice Sanjay Kishan Kaul inaugurates administrative block in Bar Council of Tamil Nadu and Puducherry building on Saturday (Photo: DC)" typeof="foaf:Image" width="400" /><br />
<span style="background-color: white; font-family: Lato, sans-serif; line-height: 17.9200000762939px; text-align: center;"><span style="color: red; font-size: x-small;">Madras high court Chief Justice Sanjay Kishan Kaul inaugurates </span></span><br />
<span style="background-color: white; font-family: Lato, sans-serif; line-height: 17.9200000762939px; text-align: center;"><span style="color: red; font-size: x-small;">administrative block in Bar Council of Tamil Nadu and Puducherry</span></span><br />
<span style="background-color: white; font-family: Lato, sans-serif; line-height: 17.9200000762939px; text-align: center;"><span style="color: red; font-size: x-small;"> building on Saturday (Photo: DC)</span></span><br />
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<b><span style="color: red; font-family: Arial, Helvetica, sans-serif;"><span style="line-height: 17.9200000762939px;">DC CORRESPONDENT | </span><span style="border: 0px; font-stretch: inherit; line-height: 17.9200000762939px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">November 09, 2014, 06.11 am IST</span></span></b><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.538em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Chennai:</strong> </span><span style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.538em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Supreme Court judge Justice F.M. Ibrahim Kalifullah on Saturday asked the Bar Council of Tamil Nadu and Puducherry (BCTP), regulating legal education in the state, to enlarge its scope at the global level.</span><span style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.538em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Inaugurating the new BCTP building on N.S.C. Bose Road, Justice Kalifullah said the bar council has to focus on four mandates: legal education, enrolment of advocates, supervision of professionals and protection of lawyers.</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The bar council would have to maintain the standard of legal education which had grown phenomenally in the global context, he pointed out. “The time has come for it to see that legal education’s standards rise to the highest level,” he added.<span style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.538em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">He said it should adopt the 184th Law Commission report, which suggested how legal education could be improved. “Today, strategies are not restricted to the domestic level, but include the international.</span></span></div>
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<span style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.538em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-family: Arial, Helvetica, sans-serif;">We have intellectual property rights issues, arbitration and commercial litigations. Foreign investments are being poured in. We have some very good law institutions. Why not every institution impart legal education to match that standard and produce law graduates who can maintain standards when they join the profession? If private institutions can maintain standards, why can’t the bar council do the same with the standard of education. Once the bar council sets the standard, automatically all fake institutions and lawyers will get eliminated,” Justice Kalifullah said.</span></span></div>
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Earlier, Justice Sanjay Kishan Kaul, Chief Justice of the Madras high court, said legal education had to be improved in India. “We have a paucity of good professors. Eminent lawyers should supplement their role. There should be periodic checks by the bar council to verify the standard of law institutions functioning in the whole state. Faculty should be verified.</div>
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Continuing legal education should be provided and senior lawyers should impart it. The younger generation is the ‘aspiration generation’. The bar council must pick up ideas and issues and teach these to young lawyers. Legal education should be given at the initial level and, thereafter, continuous legal education should be given. The bar council can then achieve its objective,” he said.</div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-26524894346230398932014-11-05T19:15:00.000+05:302014-11-05T19:15:14.773+05:30Corporate Debt Restructuring :Restructured loans of banks may zoom by ₹1 lakh cr in next 5 months<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="color: red;"><span style="font-family: Arial, Helvetica, sans-serif;">B L :</span><span style="font-family: Arial, Helvetica, sans-serif; line-height: 16px; text-transform: uppercase;">MUMBAI, NOV 4:2014</span></span></b></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><b>Debt of top 500 corporates totals ₹28 lakh cr; 1 in 5 firms distressed: India Ratings report</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The Indian banking system could see restructured loans surging by ₹1 lakh crore in the remaining five months of this financial year even as it may take a ‘big bath’ to address asset quality problems and start the next fiscal year on a clean slate, said credit rating agency India Ratings (Ind-Ra).</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Painting this grim scenario, the agency said loan accounts whose performance may deteriorate could be addressed (restructured) at one go.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Restructuring of assets entails creditors (among others) extending concessions to borrowers by reducing interest rates, rescheduling repayments and converting debt into equity, and promoters infusing equity into their venture.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Ind-Ra based its estimates of restructured assets on an analysis of the credit metrics of the top 500 corporate borrowers, who accounted for the largest debt in the financial year that ended in March 2014.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The aggregate debt of these 500 corporates is ₹28,76,000 crore, which is 73 per cent of the total bank lending to the industry, services and export sectors.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b style="outline: none;">Financially distressed</b><br style="outline: none;" /><br style="outline: none;" />Around 82 of these 500 top borrowers have already been formally tagged as financially distressed (as a non-performing asset, corporate debt restructuring case or restructured asset).</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Another 83 (17 per cent) of these 500 borrowers, accounting for 9 per cent of the overall debt of the group, have severely stretched credit metrics, said Ind-Ra. The credit rating agency observed that within these 83 corporates, operating profitability barely covers the interest required to be serviced in most cases. These corporates have limited expectation of an immediate improvement in profitability.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">However, thus far, these borrowers with severely weak credit metrics have not been publicly tagged as financially distressed. But one out of every four could be tagged as stressed by the end of March 2015.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b style="outline: none;">Incremental restructuring</b><br style="outline: none;" /><br style="outline: none;" />Ind-Ra assessed that potentially one-third to half of the 83 accounts could be in the category of SMA 2 (special mention accounts), with delays in debt servicing ranging between 61 and 90 days.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Loan accounts, which may be tagged as SMA 2 during the October-December 2014 period, would be either normalised or put up for restructuring. This decision is to be arrived by the lenders by March 31 next year, it added.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">If some of the corporates are unable to generate significant cash flow or infuse significant equity in the near term, they may be identified by their lenders for restructuring pursuant to RBI guidelines.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Some borrowers may even deteriorate further, to be tagged as NPAs. The cumulative impact may be an incremental ₹60,000 crore to ₹1 lakh crore of restructured assets in the banking system in the next five months, the report said.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">A senior public sector bank official said given the tough situation in the economy, whereby infrastructure projects are stalled because of external factors and de-allocation of coal blocks will impact metal, power and cement companies, the central bank needs to come up with a special dispensation for asset classification.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“If the RBI sticks to its deadline of April 1, 2015, for complete withdrawal of regulatory forbearance, then banks will get impacted as not only will an asset be downgraded once it is restructured, they will also have to make higher provisions. This will shake investor confidence in banks,” he said.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">VS Seshagiri Rao, Joint MD and CFO, JSW Steel, said banks have to take a practical call and come out with a special sector-specific dispensation on stressed assets.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Each sector, such as infrastructure, power, steel and textiles, is affected by different problems, largely due to factors beyond the purview of company promoters.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">For instance, delays in project clearance and high pricing of raw material in domestic markets, especially coal, is eroding profitability of Indian companies.</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-67395083990864286622014-11-05T18:08:00.001+05:302014-11-05T18:08:57.054+05:30 NPAs : Asset quality remains a niggling worry for Indian banks <div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="color: red;"><span style="line-height: 24px; margin: 0px; outline: 0px; padding: 0px;"><span style="font-family: Arial, Helvetica, sans-serif;">Moneycontrol Bureau :</span></span><span style="font-family: arial; line-height: 4.78087663650513px;">Nov 05, 2014, 08.46 AM IST</span><span style="font-family: arial; line-height: 4.78087663650513px;"> </span></span></b><br />
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<span style="line-height: 4.78087663650513px;"><span style="color: red; font-family: Arial, Helvetica, sans-serif;"><b>Maintaining its cautious view, global rating agency Moody's recently said that it </b></span></span><br />
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<span style="line-height: 4.78087663650513px;"><span style="color: red; font-family: Arial, Helvetica, sans-serif;"><b>remains </b></span></span><b style="color: red; font-family: Arial, Helvetica, sans-serif; line-height: 4.78087663650513px;">negative on Indian banks on the back of high leverage in the corporate </b><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Fears of worsening asset quality continue to haunt Indian banks. While poor asset quality is usually synonymous with public-sector lenders, private banks don’t seem to be out of the clutches of bad loans either. The list ranges from banks like <a href="http://www.moneycontrol.com/india/stockpricequote/banks-publicsector/statebankbikanerjaipur/SBB02" style="border: 0px; color: #015ea3; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">State Bank of Bikaner and Jaipur</a> and <a href="http://www.moneycontrol.com/india/stockpricequote/banks-publicsector/statebanktravancore/SBT" style="border: 0px; color: #015ea3; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">State Bank of Travancore</a> to bluechip like <a href="http://www.moneycontrol.com/india/stockpricequote/banks-privatesector/icicibank/ICI02" style="border: 0px; color: #015ea3; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">ICICI Bank</a> .</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">To begin with, <a href="http://www.moneycontrol.com/india/stockpricequote/banks-publicsector/indianoverseasbank/IOB" style="border: 0px; color: #015ea3; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">Indian Overseas Bank</a> reported loss in the second quarter of the current fiscal year due to higher tax expenses and provisions for bad assets. The public sector lender made provisioning for bad loans to the tune of Rs 892.38 crore versus Rs 619.90 crore in the same quarter a year ago. Its asset quality worsened as gross non-performing assets (NPAs) jumped to 7.35 percent from 4.65 percent a year ago. Net NPAs also almost doubled to 5.17 percent from 2.83 percent a year ago.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The stock is likely to face heat as global rating agency <a href="http://www.moneycontrol.com/news/business/sp-downgrades-indian-overseas-bank-to-speculative-grade_1218644.html" style="border: 0px; color: #015ea3; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">Standard & Poor's has lowered the credit rating of IOB to BB+. </a>The rating indicates speculative grade following IOB's asset quality deterioration. It expects the bank's asset quality to remain remain weak over the next 12 months.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">While <a href="http://www.moneycontrol.com/india/stockpricequote/banks-publicsector/unionbankindia/UBI01" style="border: 0px; color: #015ea3; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">Union Bank of India</a> ’s (UBI) net profit rose 78 percent in the quarter gone by, the picture on asset quality front didn’t seem too bright. Its gross non-performing assets (NPA) jumped 42 basis points quarter-on-quarter and 105 bps year-on-year to 4.69 percent. Net NPA climbed 25 bps Q-o-Q and 56 bps Y-o-Y to 2.71 percent in July-September quarter.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The subsidiaries of India’s largest public sector bank <a href="http://www.moneycontrol.com/india/stockpricequote/banks-publicsector/statebankindia/SBI" style="border: 0px; color: #015ea3; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">State Bank of India</a> (SBI) – State Bank of Bikaner and Jaipur (SBBJ) and State Bank of Travancore (SBT) also saw marginal rise in bad loans.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">SBBJ’s gross NPA rose to 4.24 percent versus 3.6 percent and net NPAs was at 2.49 percent versus 2.1 percent, Q-o-Q. SBT was stung by higher NPA provisions. Its gross NPA increased to 5.11 percent from over 3.5 percent of the total advances, on a year-on-year basis. Net NPA also rose to 3.2 percent from 2.07 percent a year ago.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Their parent SBI is yet to announce it Q2FY15 earnings. In Q1FY15, the bank’s overall asset quality continued to be stable. Gross non-performing assets (NPA) slipped 5 basis points sequentially and 66 bps on yearly basis to 4.90 percent while net NPA fell 17 bps year-on-year (up 9 bps quarter-on-quarter) to 2.66 percent in Q1FY15.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Maintaining its cautious view, global rating agency Moody's recently said that it remains negative on Indian banks on the back of high leverage in the corporate sector.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">" <a href="http://www.moneycontrol.com/news/business/retain-negative-outlookbanks-for-highcorp-leverage_1213959.html" style="border: 0px; color: #015ea3; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;">Our outlook for the country's banking system remains negative</a> , as it has been since November 2011. The negative outlook reflects our view that high leverage in the corporate sector could prevent any meaningful recovery in asset quality, notwithstanding a moderate rebound in economic growth," the agency said in a note.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">It further added that the negative outlook pertains mainly to the state-owned lenders which represent more than 70 percent of total banking system assets.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">But largest private sector lender ICICI Bank is also not spared. The bank met expectations on profit and net interest income front (NIM) but asset quality weakened. Its gross NPA rose 4 basis points on a Y-o-Y basis and 7 bps sequentially to 3.12 percent and net NPA increased 11 bps on yearly basis and 9 bps quarter-on-quarter to 0.96 percent.</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-17766208312251647072014-11-05T17:52:00.000+05:302014-11-05T17:52:06.129+05:30Banks face Rs 1 lakh cr loan restructure hurdle: Modi govt must privatise state lenders<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="color: red; font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white;">Dinesh Unnikrinan </span>: FP : Nov 5,2014</span></b></div>
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The rating downgrade effected by Standard and Poor’s on state-run lender, Indian Overseas Bank (IoB) is yet another strong warning to the Modi government about what is possibly in store in the ensuing years — worsening financial position and a bigger crises in government banks.</div>
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S&P downgraded the long-term credit rating of IoB to BB+ speculative grading in the face of recent deterioration in the bank's asset quality. IoB’s gross non-performing assets (NPAs) shot up to 7 percent in the September quarter from 5 percent in the March quarter.</div>
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Besides, the chunk of total standard restructured loans on the books of the bank too has surged to close to 8 percent in the quarter, which means a significant chunk of the assets in IoB’s is now under the stressed asset category.</div>
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According to officials at the agency, IDBI Bank is the only lender it rates that carry a BB+ rating.</div>
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Typically, long-term instruments of state-run banks are accorded rating at par with the sovereign rating given that these entities enjoy the backing of the sovereign. In rating parlance, BB+ is speculative or junk grade.</div>
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For practical reasons, a junk rating would mean a sharp rise in the borrowing costs of the firm concerned and risk aversion from the investors, besides being an indicator of trouble in the balance sheet. Kolkata-based United Bank of India, which had seen its gross NPAs surging to double digits early this year, is not covered by S&P.</div>
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At least five state-run banks have their gross bad loan levels above 5 percent of their total loans now. Some of them are facing immense stress on account of an equal rise in the restructured loan portfolios as well. Restructured loans are loans of troubled borrowers, which seek relaxed repayment terms from banks.</div>
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Currently, about Rs 2.5 trillion of the loans given by banks are bad and about Rs 5-6 trillion are being recast under various channels.</div>
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The situation is unlikely to get better any time soon. On Tuesday, rating agency, India Ratings, formerly known as Fitch India, said India's banking system is likely to witness a surge in restructured assets by a whopping Rs 60,000 to Rs 1,00,000 crore over the next five months.</div>
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"We expect the restructured assets in the banking system to shoot up by another Rs 60,000 crore to Rs 1 trillion over the next five months," India Ratings senior finance director Deep N Mukherjee said.</div>
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Such a rise in the bad and restructured loans could significantly add up to the capital burden of banks since current norms require banks to set aside substantial amount of money to cover stressed assets.</div>
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Capital burden arising out of bad loans is just one side of the story. State-run banks also require about Rs 2.5 trillion capital to meet the Basel-III capital norms.</div>
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Any respite in the stressed asset situation can happen with a lag—that too if economic revival takes strong hold, projects come back on track as and when investments return to the country and procedural roadblocks are removed. Until then, stress in the banking system is a hard reality before the Modi-government to deal with.</div>
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The financial burden will ultimately fall upon the government, which is the owner of state-run banks. The government infuses capital into state-run banks on an annual basis.</div>
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For the current fiscal, the budgeted allocation is Rs 11,200 crore. That would be just a fraction of what is actually required considering the growing capital requirement, even with a longer deadline to comply with Basel-III rules.</div>
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Going ahead, a capital constrained government will find it extremely difficult to continuously feed state-run banks with taxpayer’s money. The solution, as FirstBiz has highlighted before, is in privatizing public-sector banks and leaving the competition to the market. The government has no business to be in business.</div>
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Modi, who has positioned himself as the agent of change, shouldn’t shy away from uttering the P-word any more. The process could begin with small and medium sized banks that are financially weak.</div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-85020790267553211732014-11-05T17:42:00.001+05:302014-11-05T17:42:56.804+05:30Corporate Debt Restructuring :Banks step up restructuring of stressed assets <div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; font-family: Arial, Helvetica, sans-serif;"><span style="color: red;"><b> Anup Roy | Vishwanath Nair mint 27 Oct 2014</b></span></span><br />
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<span style="background-color: white; color: #e69138; font-family: Arial, Helvetica, sans-serif;"><b>Fourteen cases worth Rs.13,300 cr were referred to</b></span><br />
<span style="background-color: white; color: #e69138; font-family: Arial, Helvetica, sans-serif;"><b>corporate debt restructuring cell in the September </b></span><br />
<span style="background-color: white; color: #e69138; font-family: Arial, Helvetica, sans-serif;"><b>quarter against two cases worth Rs.2,854 cr in Q1</b></span><br />
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<b style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Mumbai: </b>Indian banks have only two quarters left to restructure stressed assets without significantly dragging down their profits—a fact that’s prompting banks to step up the recast of loans that may eventually need restructuring.</div>
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Effective 1 April 2015, the Reserve Bank of India’s regulatory forbearance, under which banks were allowed to qualify restructured assets as standard, will come to an end.</div>
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For now banks are setting aside 5% of the value of the loan to cover the risk of default on any restructured assets. Starting in the next financial year, when all restructured assets will be termed as non performing assets (NPAs), or bad loans, the requirement will increase to a minimum 15%.</div>
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The change will also mean banks’ bad-loan portfolio will swell.</div>
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In fact, fearing an increase in bad assets once change takes effect, bankers have already started asking RBI to extend the forbearance for another year, the <i style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Business Standard</i> reported on 15 October. The bankers, according to the report, have told RBI that if the window is not extended, their gross NPA ratio will rise to 10% from 4% in March 2014.</div>
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Bad loans in the banking system rose to 4.03% of total advances in 2013-14 from 3.42% in 2012-13 and 2.94% in 2011-12, finance minister <span class="person" style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Arun Jaitley</span>told the Parliament on 1 August, as slower economic growth and delays in securing statutory approvals such as environmental clearances and completing land acquisition stalled many big-ticket projects, hurting companies’ ability to generate cash flows and repay loans on time. The economy grew less than 5% in each of the previous two years.</div>
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To fend off some of the negative impact of higher NPAs and increased provisioning that will be required from next year, banks appear to be hastening restructuring.</div>
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“Restructuring is not a bad thing. The economy is not out of the woods and a lot of companies are under stress,” said a senior public sector banker who didn’t want to be named.</div>
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Restructuring through so-called joint lenders’ forum or the corporate debt restructuring (CDR) mechanisms will “continue to happen, but we won’t get the regulatory leeway if we restructure after six months”, the banker said.</div>
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“So for a few cases, where we know for sure restructuring will be required in the coming quarters, we are fast-tracking the process to save precious capital. There is nothing wrong in it,” he added.</div>
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This increased pace of restructuring is showing up in data from the CDR cell. In the three months ended 30 June, referrals to the CDR cell fell to only two cases, amounting to <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>2,854 crore, according to data on the CDR cell website.</div>
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In the three months ended 30 September, 14 cases, totalling <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>13,300 crore, were referred to the cell. Of the referrals, seven cases involving a combined<span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>6,000 crore of loans came in September alone. Among these was <span class="company" style="background: 0px 0px; border: 0px; font-size: 13px; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Shriram EPC Ltd</span>’s <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>2,400 crore loan. On 11 September, Shriram EPC informed the BSE that its board had approved a scheme of restructuring.</div>
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To be sure, the fall in debt restructuring cases in the first quarter was also partly due to a new stressed asset framework under which banks were required to form a JLF to monitor accounts of <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>100 crore and above that are overdue by more than 60 days.</div>
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The JLF can together choose to give additional funds to a stressed borrower, or restructure, or initiate recovery if they feel their loan is under threat.</div>
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The new rules were effective 1 April.</div>
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“It took a full quarter for banks to understand how the JLF should function. Companies also requested us not to put them in CDR because that puts lot of restriction on them, hence the low referrals in the first quarter,” said another senior public sector banker who did not want to be named.</div>
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Once a company is in CDR, its operating freedom is curtailed as banks keep a close eye on the activities of the management and sometimes push the companies to sell assets to recover their dues. The companies also find it difficult to raise additional funds from the market.</div>
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“Besides, companies were hoping that with a stable government at the centre, the macro-economic situation will improve fast, but nothing much came in the July budget and then the recent coal de-allocation has dashed hopes of companies for a quick turnaround. Referrals in the second quarter is now back to normal,” said the banker quoted above.</div>
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However, bankers add that restructuring in the current fiscal is unlikely to rise above the levels seen in previous years. Rating agency <span class="company" style="background: 0px 0px; border: 0px; font-size: 13px; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Crisil Ltd</span> estimates that restructuring in fiscal years 2012, 2013 and 2014 were to the tune of<span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>1.2 trillion, <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>1.6 trillion and <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>1.3 trillion, respectively.</div>
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Crisil expects the banking system to restructure <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>1 trillion of loans in fiscal 2015, out of which <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>30,000 crore was completed in the first quarter.</div>
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“The key reason is the existing pipeline of assets under restructuring, end of regulatory forbearance for restructured assets by March 2015, and continued pressure on the credit profile of leveraged companies. This will take the cumulative restructuring since April 2011 to nearly <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>5 lakh crore by March 2015,” said Pawan Agrawal, senior director at Crisil Ratings.</div>
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Restructuring in fiscal 2016, the year when the regulatory forbearance ends, depends on a few key factors, explained Agrawal.</div>
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Apart from economic growth and the ability of firms to raise equity through sale of assets or otherwise, “success of the RBI norms related to revitalization of distressed assets, the effectiveness of JLFs and success of the policy measures (such as fuel availability, fuel pricing, and ease of land acquisition process) to address the viability of the infrastructure projects”, will be key in determining restructuring in the next financial year, he said.</div>
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An emerging uncertainty which could add to the need for restructuring is the recent de-allocation of coal blocks following a Supreme Court order.</div>
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Bankers fear this will add to stress across power sector borrrowers, many of whom have already faced adverse operating circumstances due to issues such as inadequate fuel linkages. Loans to companies affected by the coal-block de-allocation may need restructuring, bankers say.</div>
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In a high-level meeting on 17 October between the finance ministry, power ministry, and bankers, power companies requested for special dispensation for their loans. The request is likely to be put across by bankers to RBI.</div>
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A special dispensation is restructuring outside the regular banking mechanisms such as CDR where accounts across an industry can be restructured without additional provision requirements. Typically, under such schemes, companies get a temporary moratorium and more time to repay loans and a change in interest rate terms.</div>
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<span style="background-color: white; font-size: 14.0495862960815px; letter-spacing: 0px;">“These are special extraordinary conditions and merit a dispensation by the central bank. If RBI allows us such a provision, then the stress on our books can come down significantly,” said a banker who attended the 17 October meeting. He also spoke on condition of anonymity.</span></div>
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Banks’ exposure to the power sector is more than <span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>5 trillion, banking secretary <span class="person" style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="color: #444444;">G.S. Sandhu<a href="http://www.livemint.com/Search/Link/Keyword/G.S.%20Sandhu" style="text-decoration: none;"> </a></span></span>said after the meeting. An 8 October report by India Ratings and Research Pvt. Ltd said the committed exposure of the banking sector to power projects affected by the Supreme Court verdict is around<span style="background: 0px 0px; border: 0px; font-family: 'Utopia Std_Rupee'; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="WebRupee" style="background: 0px 0px; border: 0px; font-family: WebRupee; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs.</span></span>90,000 crore, or about 1.2% of the banking system’s loans.</div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-59993089047446278532014-11-01T14:21:00.002+05:302014-11-01T14:21:25.228+05:30Five-star jail: Sahara pays up Rs 31 lakh for Subrata Roy’s stay in Tihar ‘deal room’<div dir="ltr" style="text-align: left;" trbidi="on">
<img alt="Five-star jail: Sahara pays up Rs 31 lakh for Subrata Roy’s stay in Tihar ‘deal room’" height="266" src="http://stat1.firstbiz.co/fbimages/640x427/proportional/jpeg/2014/07/saharafp-624x416.jpg" title="Five-star jail: Sahara pays up Rs 31 lakh for Subrata Roy’s stay in Tihar ‘deal room’" width="400" /><br />
<b><i><span style="color: red; font-family: Arial, Helvetica, sans-serif;"> PTI 1 Nov 2014</span></i></b><br />
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The Sahara group has paid Rs 31 lakh to Tihar jail authorities as charges for stay of its chief Subrata Roy in an air-conditioned facility and using services like phone, internet and video conferencing for 57 days to negotiate sale of his luxury hotels abroad.</div>
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Subrata Roy was allowed by the Supreme Court to use the jail's conference room to negotiate sale of his hotels in order to collect Rs 10,000 crore for his bail.</div>
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"The payment was made by the Sahara group a few days before the withdrawal of special services. An amount of Rs 31 lakh has been submitted to us that includes the expenses of security, electricity charges, food etc," a senior jail official told <em style="margin: 0px; padding: 0px;">PTI</em>.</div>
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Roy, 65, stayed in the special facility for a total period of 57 days with his two directors Ashok Roy Choudhary and Ravi Shankar Dubey from August 5 to September 30.</div>
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In a letter to Tihar authorities recently, Roy had demanded restoration of the facilities saying that almost 80 percent of the deal was fixed and that withdrawal of services may lead to its cancellation.</div>
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He had also demanded enhanced security claiming threat to his life.</div>
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Roy, who was sent to jail on March 4 this year for non-refund of over Rs 20,000 crore with interest to depositors, was asked by the court to pay Rs 10,000 crore to get bail, including Rs 5,000 crore in cash and rest of the amount in bank guarantee.</div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-31082378472058423392014-11-01T14:07:00.001+05:302014-11-01T14:07:55.982+05:30K Srinivasan posted as CBI prosecutor<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;">CHENNAI: Advocate K Srinivasan has been appointed new prosecutor of CBI to handle cases pending before the Madras high court. An order issued by CBI said Srinivasan would hold the post of retainer counsel for three years. <br style="margin: 0px; padding: 0px;" /><br style="margin: 0px; padding: 0px;" />"You are requested to attend to all matters arising out of criminal appeals, revisions, criminal original petitions and all matters concerning CBI," the October 31 order read.</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-76332339047530407212014-11-01T13:50:00.002+05:302014-11-01T13:50:30.629+05:30பஞ்சாப் வங்கி கொள்ளை : மூவர் கைது: ஒருவர் மர்ம மரணம், 39 கிலோ தங்கம் பறிமுதல்<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><b style="background-color: white;"><span style="line-height: 18px; outline: none; text-align: center;">தி இந்து:</span><span style="line-height: 19.9999980926514px; text-align: center;">சனி, நவம்பர் 1, 2014</span></b></span></div>
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ஹரியாணா மாநிலம் சோனிபட் பகுதியில் பஞ்சாப் நேஷனல் வங்கியில் சுரங்கம் தோண்டி கொள்ளையடித்த சம்பவம் தொடர்பாக மூன்று பேர் கைது செய்யப்பட்டுள்ளனர்.</div>
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அவர்களிட மிருந்து 39 கிலோ தங்கம், வெள்ளி நகைககள், ரூ. 60 ஆயிரம் ரொக்கம் கைப்பற்றப்பட்டுள்ளது.</div>
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முக்கிய குற்றவாளி என சந்தேகிக் கப்படும் ஒருவர் மர்மமான முறையில் இறந்து கிடந்தார். அவர் தற்கொலை செய்து கொண்டிருக் கலாம் எனக் கருதப் படுகிறது.</div>
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<b style="outline: none;">கொள்ளை</b></div>
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ஹரியாணா மாநிலம் சோனிபட் மாவட்டம் கோஹனா நகரில் பஞ்சாப் நேஷனல் வங்கியின் தலைமைக் கிளையில் கடந்த 26-ம் தேதி சுரங்கம் தோண்டி உள்ளே நுழைந்த கொள்ளையர்கள், அங்கிருந்த ரூ. 40 லட்சம் மற்றும் 84 லாக்கர்களில் இருந்த பொருட் களைக் கொள்ளையடித்துச் சென்றனர்.</div>
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இதுதொடர்பாக, தனிப் படை அமைத்து ஹரியாணா காவல் துறையினர் குற்றவாளிகளைத் தேடி வந்தனர். ஹரியாணா காவல்துறைக்கு உதவுவதற்காக, கூட்டுப் புலனாய்வுக் குழு தலைவர் ஆர்.என். ரவியை பிரதமர் அலு வலகம் அனுப்பி வைத்தது.</div>
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<b style="outline: none;">குற்றப் பின்னணி இல்லாதவர்கள்</b></div>
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இதனிடையே, கொள்ளைச் சம்பவம் தொடர்பாக நான்கு பேர் மீது சந்தேகம் எழுந்தது. அதில் மூன்று பேரை தனிப்படையினர் கைது செய்துள்ளனர்.</div>
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அவர்கள் அனைவருமே, சம்ப வம் நடந்த பகுதிக்கு அருகில் உள்ள கத்வால் கிராமத்தைச் சேர்ந்தவர்கள். இவர்கள் மீது பெரிய அளவிலான குற்றச்சாட்டுகள் எதுவும் இதுவரை இல்லை.</div>
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அவர்களிடமிருந்து 39 கிலோ தங்கம், வெள்ளி நகைகள் மற்றும் கொஞ்சம் ரொக்கம் கைப்பற்றப்பட்டதாக காவல் துறையினர் தெரிவித்துள்ளனர்.</div>
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கைது செய்யப்பட்ட மூவரில் சதீஷ் என்பவர் ரியல் எஸ்டேட் தொழில் செய்து வருகிறார். சுரேந்தர் ஆய்வுக் கூடத்தில் (லேப் டெக்னீஷியன்) பணிபுரிகிறார், பல்ராஜ் விவசாயி. மேலும் ராஜேஷ் என்ற ஒரு நபரை காவல்துறையினர் தேடி வருகின்றனர்.</div>
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<b style="outline: none;">ஒருவர் மரணம்</b></div>
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இக்கொள்ளைச் சம்பவத்துக்கு மூளையாகச் செயல்பட்டதாகக் கருதப்படும் மஹிபால் என்பவர், பானிபட் சாலையில் நேற்று காலை 3 மணிக்கு இறந்த நிலையில் கண்டறியப்பட்டார். அவர் உடலில் வெளிப்படையாகக் காணத்தக்க காயங்கள் எதுவும் இல்லை.</div>
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வங்கிக்குள் செல்வதற்காக, கைவிடப்பட்ட வீட்டிலிருந்து சுரங்கம் தோண்டப்பட்டிருந்தது. மஹிபால் அவ்வீட்டின் உரிமை யாளராவார்.</div>
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“கொள்ளைச் சம்பவத்தை அரங்கேற்ற மற்ற நால்வருக்கும் உதவி புரிந்த முக்கியக் குற்றவாளி மஹிபால். தான் பிடிபட்டு விடு வோம் என்ற பயத்தில் அவர் தற்கொலை செய்துகொண்டிருக்க வேண்டும்” என காவல்துறை கண்காணிப்பாளர் அருண் சிங் தெரிவித்துள்ளார்.</div>
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<b style="outline: none;">இரவில் தோண்டிய சுரங்கம்</b></div>
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மஹிபாலின் பயன்படுத்தப் படாத வீட்டுக்கு தினமும் இரவில் சென்ற குற்றவாளிகள், விடியும் வரை சுரங்கம் தோன்றியுள்ளனர். இரும்புக் கம்பிகளைப் பயன்படுத்தி பாதுகாப்புப் பெட்டகங்களை உடைத்துள்ளனர்.</div>
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சுரங்கம் தோண்டும் போது, அவ்வழியாகச் சென்ற தொலை பேசி இணைப்புகள், குடிநீர் குழாய் இணைப்புகள் ஆகியவற்றுக்கு சிறிதும் இடையூறு இல்லாமல் சுரங்கம் தோண்டப்பட்டுள்ளது. மூன்றடி உயரம், 2-3 அடி அகலத் துக்கு சுமார் 100 அடி தொலைவுக்கு சுரங்கம் தோண்டியுள்ளனர்.</div>
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<b style="outline: none;">எழும் சந்தேகம்</b></div>
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“திருட்டுத் தொழிலில் அனுபவ மற்ற கத்துக்குட்டிகளான இவர்கள், மிக நுட்பமாகத் திட்டமிட்டு, இதை அரங்கேற்றியிருப்பது ஆச்சர்ய மளிக்கிறது. மஹிபாலின் திடீர் மரணம் பல சந்தேகங்களை எழுப்பியுள்ளது.</div>
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உண்மையான கதை இன்னும் வெளிவரவில்லை எனக் கருதுகிறேன். வங்கி ஊழியர் அல்லது வாடிக்கையாளருக்கோ இக்கொள்ளைச் சம்பவத்தில் தொடர்பு இருக்கலாம் என்பதை மறுப்பதிற்கில்லை” என விசாரணை அதிகாரி ஒருவர் தெரிவித் துள்ளார்.</div>
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<b style="outline: none;">பிடிபட்ட சுரேந்தர்</b></div>
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இது தொடர்பாக காவல்துறை அதிகாரி ஒருவர் கூறும்போது, “கைது செய்யப்பட்ட சுரேந்தர், அந்த பாழடைந்த வீட்டுக்கு அருகே அடிக்கடி சுற்றித் திரிந்ததைப் பார்த்த காவல்துறை தகவலாளி, அதை எங்களுக்கு தெரிவித்தார். </div>
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அவரை கத்வால் கிராமத்தில் பிடித்தபோது, சுரேந்தர் தனது குற்றத்தை ஒப்புக்கொண்டார். கூட்டாளிகள் பெயரையும் சொல்லி விட்டார்” என்றார்.</div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-81379869426361096272014-10-28T16:48:00.001+05:302014-10-28T16:48:34.423+05:30BOOKS : "Talking of Justice " -A new book by the first woman high court chief justice <div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;">Leila Seth at her home in Noida. Photo: Pradeep Gaur/Mint</span></div>
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<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; line-height: normal;"><b><span style="color: #e69138;">A new book by the first woman high court chief justice offers insights into the causes affecting women today</span></b></span><span style="background-color: #efeee4; font-family: Arial, Helvetica, sans-serif; line-height: normal;"> </span></div>
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<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; line-height: normal;"><b><span style="color: red;">Namita Bhandare : Mint: 28 oct 2014</span></b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">At the sprightly age of 84,</span><span class="person" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; border: 0px; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> Leila Seth </span><span style="font-family: Arial, Helvetica, sans-serif;">is busy planning her schedule. There are literary seminars to attend, talks to be given to schoolchildren, a book that has just been launched and, yes, already, another book to be written.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The latest is barely out. Launched on her 84th birthday on 20 October,<i style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Talking Of Justice: People’s Rights In Modern India </i>is a collection of essays on subjects the former chief justice of the Himachal Pradesh high court holds dear: children’s rights, the status of widows, the need for gender sensitization within the judiciary, prisoner rights, the girl child.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Most of these essays began as talks and lectures delivered 1992 onwards, although the material itself has been updated, edited and rewritten for the book. An essay, <i style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">You’re Criminal If Gay, </i>appeared first in <i style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The Times Of India</i>soon after a two-judge Supreme Court bench reversed an earlier court decision to decriminalize homosexuality. And one, <i style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rape: Inside The Justice Verma Committee, </i>is a first-person account of the tumultuous days of December 2012.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Appointed after the gang rape and subsequent death of a young paramedical student in December 2012 that led to national outrage and spontaneous street protests, the three-member commission included Seth, former chief justice of India <span class="person" style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">J.S. Verma</span> and former solicitor general <span class="person" style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Gopal Subramanium</span>. It was given 30 days to recommend amendments to the existing sexual assault laws.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Without waiting for the government to provide it with the necessary facilities, the commission got down to work. Subramanium roped in his entire office and all his juniors. Even Justice Verma’s granddaughter, a student at the University of Oxford, UK, home for the holidays, chipped in. The task was mammoth: Sift through 80,000 suggestions from the public, expert advice from around the world, representations from women’s groups and the lesbian, gay and transgender community, and inputs from the police and administration. It was an intense, hectic time; 15 minutes before the deadline to receive submissions ended, representatives from a political party woke up Justice Verma. It was 11.45pm. They too had an urgent submission, they said, leaving only after a signed receipt from him.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">When the 631-page report was presented in just 29 days, there was a sense of disbelief in the packed room at New Delhi’s Vigyan Bhavan. Not only had the commission delivered in such a short time, its recommendations went far beyond the law. It wanted police reforms. It spoke about the need for changes in education, particularly the need for sex education. It wanted changes in The Representation of the People Act that would make candidates charged with rape ineligible to contest elections. It was, in short, a 21st century charter for women. “Our brief was limited to the law,” says Seth. “But we went for the wider scope because we knew that unless our approach was holistic, it would not be enough.”</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The then prime minister <span class="person" style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Manmohan Singh</span> sent “a nice letter of thanks”, recalls Seth. But when the law was finally passed, Parliament baulked. Many of the commission’s significant recommendations—on marital rape and rape by men in the Armed Forces, and on making rape gender neutral, for instance—were left out. The death sentence, not recommended, was added. And the age of juveniles, at least for heinous crimes, is being sought to be lowered to 16 through a Bill introduced this year in Parliament.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Over 18 months have passed since the Justice Verma Commission. Justice Verma died barely three months after the report. There is a new law but the number of reported rape and sexual assault cases is up. Misogyny remains on blatant public display, often from elected representatives themselves.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Yet, seated in her book-embellished home, a grand piano inside and a red<i style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">champa </i>tree outside, Seth says she remains an “optimist” because “You cannot live without hope.” The government may not have accepted all the commission’s recommendations, but it is, she says, a “beginning”.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The real challenge lies in changing mindsets. “The changed law provides an immediate remedy. But changing mindsets is a slower process. And that change doesn’t come fast,” she says.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“Nothing can change unless we first start talking. The problem is when you sweep things under the carpet,” says Seth.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The commission’s work is done. But the new conversation around sexual violence, patriarchy and the status of women has not abated.</span></div>
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<b style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-family: Arial, Helvetica, sans-serif;">Personally speaking</span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Leila Seth began her law practice in 1959 in Patna as one of only two women lawyers practising in the high court there. By the time she wrote her first book, an autobiography elegantly titled ‘On Balance’, she was 74. The book was an 80th birthday gift to her husband Premo, now 91.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In 1992, David Davidar, then with Penguin, visited Shimla, where Seth was the chief justice. He was there to read her son Vikram Seth’s manuscript of ‘A Suitable Boy’. It was Davidar who suggested that Seth write her own book. And it was Davidar again, now head of Aleph Book Co., who suggested she write a personal account of her time at the Justice Verma Commission.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Along the way, Seth wrote <i style="background: 0px 0px; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">We, The Children Of India</i>, which explains the Constitution and preamble—which Seth calls the ”soul of our Constitution”—to children. “Children understand things very quickly, they understand concepts of fairness and justice,” says Seth. It is her conversation with children that gives Seth, a grandmother to two girls, Nandini, 13, and Anamika, 10, her energy. “The young today are so confident,” she says. Her next book is a compilation of stories for children, some of them fictional, imparting values without being preachy.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Taking an interest in the world around her and looking to the future drives Seth’s optimism. She travels throughout the country and beyond, attending literary festivals from Bhutan to Bangalore, asking for no special concessions to her age as she bustles about attending sessions in her trademark handloom saris, feet comfortably encased in Crocs.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The changes she has seen, from the Quit India movement and Partition to the protests of December 2012, are astonishing. Significant laws have been passed, and Seth considers reservation for women in panchayats, the right to information and education among the three most significant in the country.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">On this journey, Seth has been open to change too. For instance, she says, when she started out in the profession, completing her law degree after the birth of her children, she says she was against the concept of reservation for women. “As I’ve got older, I have begun to realize that women have been put down for so long that reservation is absolutely essential.”</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">For Seth, a just society is an equally balanced one. “I am one of those who wishes to walk hand in hand, not a step in front or a step behind,” she says.</span></div>
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<span style="color: #e69138; font-family: Arial, Helvetica, sans-serif;"><b><i style="background-attachment: initial; background-clip: initial; background-color: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Namita Bhandare is consulting editor, gender, </i>Mint.</b></span></div>
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Bank Finance Indiahttp://www.blogger.com/profile/07459486640306688552noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-54542912398127328602014-10-21T19:45:00.001+05:302014-10-21T19:45:41.138+05:30 மாவட்ட நீதிபதிகள் பணியிட மாற்றம்: ஐகோர்ட் உத்தரவு<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;">சென்னை ஐகோர்ட் தலைமை பதிவாளர் பொன்.கலையரசன் வெளியிட்டுள்ள அறிவிக்கையில்,</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">’’சென்னை 14-வது கூடுதல் மாவட்ட (சி.பி.ஐ) கோர்ட்டு நீதிபதி கே.வெங்கடேஷ்சுவாமி, 13-வது கூடுதல் மாவட்ட (சி.பி.ஐ) கோர்ட்டு நீதிபதியாக நியமிக்கப்பட்டுள்ளார்.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> சென்னை சார்பு நீதிபதி வி.சோபனாதேவி மாவட்ட நீதிபதியாக பதவி உயர்வு பெற்றுள்ளார். எஸ்.மோகனகுமாரி, காஞ்சீபுரம் மாவட்ட கூடுதல் நீதிபதியாகவும், வி.சோபனாதேவி சென்னை 14-வது கூடுதல் சி.பி.ஐ. கோர்ட்டு நீதிபதியாகவும் நியமிக்கப்பட்டுள்ளனர். </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">சென்னை முதலாவது கூடுதல் குடும்பநல கோர்ட்டு நீதிபதியாக வி.சாருஹாசினி, சென்னை 2-வது கூடுதல் குடும்பநல கோர்ட்டு நீதிபதியாக ஆர்.கலைமதி, 3-வது கூடுதல் குடும்பநல கோர்ட்டு நீதிபதியாக எஸ்.கோமதிஜெயம் ஆகியோர் நியமிக்கப்பட்டுள்ளனர்’’என்று கூறப்பட்டுள்ளது.</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-74937556570557707792014-10-21T19:40:00.003+05:302014-10-21T19:40:18.408+05:30Happy Diwali !!<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #e06666; font-family: Arial, Helvetica, sans-serif; font-size: large;"><b>May You Be showered with</b></span><br />
<span style="color: #e06666; font-family: Arial, Helvetica, sans-serif; font-size: large;"><b>Happiness, Peace and Prosperity</b></span><br />
<span style="color: #e06666; font-family: Arial, Helvetica, sans-serif; font-size: large;"><b>in the coming Days !!</b></span><br />
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<span style="color: #990000; font-family: Arial, Helvetica, sans-serif; font-size: x-large;"><b>Happy Diwali !!!</b></span><br />
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-43183661427795690732014-10-21T19:19:00.003+05:302014-10-21T19:19:30.257+05:30Delhi HC stays shifting of DRT to Parliament Street<div dir="ltr" style="text-align: left;" trbidi="on">
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<img class="rg_i" data-sz="f" height="299" jsaction="load:str.tbn" name="vfUSdSw7Hm2c1M:" 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" 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<b><span style="color: red;">Press Trust of India | <news:geo_locations>New Delhi</news:geo_locations> <div itemscope="" itemtype="http://schema.org/Article" style="border: 0px; display: inline; margin: 0px; padding: 0px;">
<span content="2014-10-17" itemprop="datePublished">October 17, 2014</span> </div>
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<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; line-height: 22px;">The </span><a class="storyTags" href="http://www.business-standard.com/search?type=news&q=Delhi" style="background-color: white; border: 0px; color: rgb(0, 0, 255) !important; cursor: pointer; font-family: Arial, Helvetica, sans-serif; line-height: 22px; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">Delhi </a><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; line-height: 22px;">High </span><a class="storyTags" href="http://www.business-standard.com/search?type=news&q=Court" style="background-color: white; border: 0px; color: rgb(0, 0, 255) !important; cursor: pointer; font-family: Arial, Helvetica, sans-serif; line-height: 22px; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">Court </a><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; line-height: 22px;">today stayed the shifting of the Debt Recovery Tribunal (DRT) from its current location in Jhandewalan here to a building in </span><a class="storyTags" href="http://www.business-standard.com/search?type=news&q=Parliament" style="background-color: white; border: 0px; color: rgb(0, 0, 255) !important; cursor: pointer; font-family: Arial, Helvetica, sans-serif; line-height: 22px; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">Parliament </a><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; line-height: 22px;">Street. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br style="background-color: white; line-height: 22px;" /><span style="background-color: white; line-height: 22px;">A bench of Justice Vibhu Bakhru in an interim order put on hold till October 27 the Centre's decision to shift the three benches of DRT from their current location, saying, "Let the tribunals function from their present place." </span><br style="background-color: white; line-height: 22px;" /><br style="background-color: white; line-height: 22px;" /><span style="background-color: white; line-height: 22px;">"... The Union of </span><a class="storyTags" href="http://www.business-standard.com/search?type=news&q=India" style="background-color: white; border: 0px; color: rgb(0, 0, 255) !important; cursor: pointer; line-height: 22px; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">India </a><span style="background-color: white; line-height: 22px;">to ensure that the tribunals are allowed to function from their current place. They be not shifted without sufficient arrangements being made at the new place," the court said. </span><br style="background-color: white; line-height: 22px;" /><br style="background-color: white; line-height: 22px;" /><span style="background-color: white; line-height: 22px;">The court passed the order after the DRT Bar Association claimed that the new premises did not have proper parking facilities, places for lawyers and litigants to sit or any amenities. </span><br style="background-color: white; line-height: 22px;" /><br style="background-color: white; line-height: 22px;" /><span style="background-color: white; line-height: 22px;">They also said that there will be a function in th next few days, and if DRT is moved to the new location it will create a chaos as there would be no place to park the vehicles and power and other facilities are also not fully functional. </span><br style="background-color: white; line-height: 22px;" /><br style="background-color: white; line-height: 22px;" /><span style="background-color: white; line-height: 22px;">Presently the DRT is being operated from the basement of a building at the RSS Bharat Prakashan-owned Keshav Kunj in Jhandewalan for several years. </span><br style="background-color: white; line-height: 22px;" /><br style="background-color: white; line-height: 22px;" /><span style="background-color: white; line-height: 22px;">The decision to shift the tribunal to a different location was taken after the RSS filed a suit for eviction, claiming they needed the property for their own offices. </span><br style="background-color: white; line-height: 22px;" /><br style="background-color: white; line-height: 22px;" /><span style="background-color: white; line-height: 22px;">Earlier this year, the Bar Association was told that the government had decided to shift the DRT to the Jeevan Tara Building at Patel chowk on Parliament Street. </span><br style="background-color: white; line-height: 22px;" /><br style="background-color: white; line-height: 22px;" /><span style="background-color: white; line-height: 22px;">The DRT was scheduled to be shifted to the Jeevan Tara offices by October 20 and was expected to start functioning from October 27.</span></span></div>
DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-48915141935827124112014-10-21T19:11:00.001+05:302014-10-21T19:11:27.848+05:30SBI Chief Tries to Shift the Blame on NPAs<div dir="ltr" style="text-align: left;" trbidi="on">
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<img alt="SBI, SBI Chief, Arundhati Bhattacharya, SBI chairperson Arundhati Bhattacharya" src="http://www.moneylife.in/site/userimage/image/Arundhatibhattacharya_SBI.jpg" /><br />
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<b><i><span style="color: #cc0000; font-family: Arial, Helvetica, sans-serif;"><span id="authorLink" style="line-height: 20px; margin: 0px 2px 0px 0px; padding: 0px; text-transform: uppercase;">Money control :DEBASHIS BASU </span><span style="line-height: 20px;">| 17/10/2014 04:43 PM | </span> </span></i></b><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Blames lax regulations for high NPAs when the real cause is widespread corruption in public sector banks</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The State Bank of India (SBI) chairperson Arundhati Bhattacharya, in an interview with Financial Times, has called for shake up in the regulatory system, as if SBI and its chairman is an outside to the same system.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">In the interview, the SBI chief admitted that rates of bad and restructured assets will keep rising for “at least a couple more quarters”, despite having already hit roughly 10% of loans. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">But remarkably for the first time for a chairman of a government-owned bank, she has argued that India needs tougher rules for defaulters, as well as “a proper bankruptcy law to help get orderly resolution of [bad] assets”. “What we need is a little more teeth,” she was quoted while calling for firmer regulations to target indebted tycoons. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">There are three things to note about this new, sudden demand for teeth. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">1. No chairman of state-run lender has ever raised his or her voice about poor regulations that is failing to curb the ever-rising non-performing assets (NPAs).</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">2. SBI and other banks have never targeted defaulting corporate borrowers with determination to recover monies. Indian borrowers have always felt safe borrowing from the public sector banks knowing fully well that chairmen of these banks have no accountability. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">3. In fact, successive bank chairperson have passed the buck to the next person and retired with full benefits, even as defaults continued to hit the government-owned banks at every economic downturn.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">4. The demand for “more teeth” is coming from the State Bank of India but not private sector banks because these banks have negligible bad debts.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">5. This merely proves that it is not the recovery laws but lax credit appraisal and totally compromised top management is responsible for abnormally high bad debts in government banks.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Indeed, the same corrupt nexus between public sector banks and it's defaulting borrowers was responsible for band loans reaching 13% of advances in 2001-2002. In response, the government had created Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 designed to help in the recoveries of bad loans. One of the key provisions of the Act is for banks to be able to auction the assets of defaulting borrowers. This law was supposed to wholly aid banks. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Unfortunately, if the bank officials are corrupt and have lent money without adequate collateral, what auctions will they do? This is why spectacular defaults such as Deccan Chronicle and Kingfisher Airlines have led to no action against defaulters, despite the SARFAESI Act. In addition, SBI has been the biggest lender to Kingfisher. Have you heard of any action against any SBI official, including previous chairman, for what is obviously gross negligence in assessing Kingfisher’s creditworthiness and for not ensuring that the bank’s interests are covered?</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">In May, the All India Bank Employees' Association (AIBEA), while revealing wilful defaults worth Rs70,300 crore in 400 loan accounts in public sector banks (PSBs), has demanded a detailed probe in to the loan sanctioning and loans turning into bad assets. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">This is bad lending of epidemic proportions. If banks were not confident of the laws that would land them in this huge soup of bad loans, whom did they point this out to and why did they lend? No, these bad loans have only one root: corruption, something that Ms Bhattacharya does not want to talk about.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">According to the bank employee's union, over the past seven years, there were fresh bad loans worth Rs4.95 lakh crore only in government banks, while during the same period, these lenders wrote off bad debts worth Rs1.4 lakh crore. Gross non-performing assets (NPAs) and bad loans in the PSBs have increased to Rs1.64 lakh crore as on 31 March 2013 from Rs39,000 crore as on 31 March 2008.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">While the unions were demanding stern action against bank defaulters, not a single bank chairman supported it. Moneylife had asked the SBI chief three questions based on her FT interview. The questions were, did not SBI know that the laws were weak; did banks ever tell the RBI or the Finance Ministry about the problems and is SBI saying that the RBI has failed to act like responsible regulator?</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Her office replied: "(the) Chairman in her interview had merely emphasized the need for tougher resolution mechanism to put a check on wilful defaulters. Additionally, she also said banks should work in tandem and more closely in consortiums, while lending only to projects that have government regulatory clearances in hand." It also said, "...to draw a link between the 3 questions that you have posed and the relevant interview is far-fetched."</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The bank employee unions have been demanding fix responsibility on banks’ top brass for the loans that have turned bad, allow banks to share information on NPAs and wilful defaulters under the Right to Information (RTI) Act, and declare wilful loan default as a criminal offence. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The fact is despite stringent credit appraisal process and committees to sanction loans, borrowers have siphoned off money from the banking system in connivance with bankers. Once this reaches large proportions that affect the functioning of the banks, the ministry of finance quietly steps in and washes the sins of the banks by recapitalizing them, even as chairman after chairman go scot free.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">There is a reason for this perpetual lack of accountability of senior bank officials. Some chairmen are handpicked by ministry and finance minister for their ability to be pliant and sanction dirty loans. The Reserve Bank merely rubber-stamps this selection process. Who will go after the chairman when the MoF is involved and the RBI is hand-off? This is the root of bad loans in India, not lax regulations that Ms Bhattacharya tries to blame</span></div>
DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-7429276862482086632014-10-18T20:07:00.002+05:302014-10-18T20:07:22.154+05:30Full Text of Order of SC On Selvi J.Jayalalithaa's(Bail ) SLP cr <div dir="ltr" style="text-align: left;" trbidi="on">
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" 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<h1 class="post_name" id="post-32708" style="background-color: white; border: 0px; clear: both; color: #111111; font-family: Helvetica, Arial, 'Lucida Grande', Verdana, sans-serif; font-weight: inherit; letter-spacing: -0.04em; margin: 0px; padding: 0px; vertical-align: baseline;">
<span style="font-weight: inherit; letter-spacing: -0.04em;">we suspend the sentence and direct that the petitioners, (i) Selvi J.Jayalalithaa, (ii) Tmt.N.Sasikala, (iii) Mr.V.N. Sudhakaran, and (iv) TMT. J.Elasvarasi be released on bail on executing a bond with two solvent sureties by each of them to the satisfaction of the 36th Addl. City Civil & Sessions Judge (Spl. Court for Trial of Criminal Cases against Kum. Jayalalitha & Ors) at Bangalore. = IA No. 1/2014 in Crl.Appeal No. 835 of 2014 passed by the High Court Of Karnataka At Bangalore) J JAYALALITHAA Petitioner(s) VERSUS STATE OF TAMIL NADU REP. BY THE SUPERINTENDENT OF POLICE DV AND AC, CHENNAI Respondent(s) (With office report) = 2014- Oct. Moth – http://supremecourtofindia.nic.in/outtoday/sr790014p-2014_10_17.pdf</span></h1>
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<b><span style="color: red;"><span class="byline" style="border: 0px; font-family: inherit; font-style: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">POSTED BY ADVOCATEMOHAN</span> <span class="entry-date" style="border: 0px; font-family: inherit; font-style: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span class="dot" style="border: 0px; font-family: 'lucida sans unicode', 'arial unicode ms', sans-serif; font-style: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">⋅</span> <time class="entry-date" datetime="2014-10-17T22:03:40+00:00" pubdate="">OCTOBER 17, 2014</time></span> </span></b></div>
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<b>we suspend</b></div>
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<b>the sentence and direct that the</b></div>
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<b>petitioners, </b></div>
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<b>(i) Selvi J.Jayalalithaa, </b></div>
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<b>(ii) Tmt.N.Sasikala, </b></div>
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<b>(iii) Mr.V.N. Sudhakaran,</b></div>
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<b>and </b></div>
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<b>(iv) TMT. J.Elasvarasi be released on</b></div>
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<b>bail on executing a bond with two solvent</b></div>
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<b>sureties by each of them to the</b></div>
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<b>satisfaction of the 36th Addl. City Civil &</b></div>
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<b>Sessions Judge (Spl. Court for Trial of</b></div>
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<b>Criminal Cases against Kum. Jayalalitha &</b></div>
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<b>Ors) at Bangalore. </b></div>
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<span style="border: 0px; color: red; font-family: inherit; font-size: large; font-style: inherit; font-weight: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><b><i>2014 = Oct. Month –<a href="http://supremecourtofindia.nic.in/outtoday/sr790014p-2014_10_17.pdf" rel="nofollow" sl-processed="1" style="border-bottom-color: rgb(238, 238, 238); border-bottom-style: solid; border-width: 0px 0px 1px; color: #3a6999; font-family: inherit; font-size: 24.264705657959px; font-style: inherit; font-weight: inherit; margin: 0px; outline: none; padding: 0px; text-decoration: none; vertical-align: baseline;">http://supremecourtofindia.nic.in/outtoday/sr790014p-2014_10_17.pdf</a></i></b></span></div>
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<span style="color: #333333; font-family: inherit; font-size: 11.764705657959px; font-weight: inherit;">1</span><br /><span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333; font-weight: inherit;">ITEM </span><span class="skimlinks-unlinked" style="border: 0px; color: #333333; font-style: inherit; font-weight: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">NO.65</span><span style="color: #333333; font-weight: inherit;"> COURT NO.1 SECTION IIB</span><br /><span style="color: #333333; font-weight: inherit;">S U P R E M E C O U R T O F I N D I A</span><br /><span style="color: #333333; font-weight: inherit;">RECORD OF PROCEEDINGS</span><br /><span style="color: #333333; font-weight: inherit;">Petition for Special Leave to Appeal (Crl.) No. 7900/2014</span><br /><span style="color: #333333; font-weight: inherit;">(Arising out of impugned final judgment and order dated</span><br /><span style="color: #333333; font-weight: inherit;">07/10/2014 in in IA No. 1/2014 in Crl.Appeal No. 835 of 2014</span><br /><span style="color: #333333; font-weight: inherit;">passed by the High Court Of Karnataka At Bangalore)</span><br /><span style="color: #333333; font-weight: inherit;">J JAYALALITHAA Petitioner(s)</span><br /><span style="color: #333333; font-weight: inherit;">VERSUS</span><br /><span style="color: #333333; font-weight: inherit;">STATE OF TAMIL NADU REP. BY THE SUPERINTENDENT</span><br /><span style="color: #333333; font-weight: inherit;">OF POLICE DV AND AC, CHENNAI Respondent(s)</span><br /><span style="color: #333333; font-weight: inherit;">(With office report)</span><br /><span style="color: #333333; font-weight: inherit;">WITH</span><br /><b><span style="color: red;">SLP(Crl) No. 7906-7908/2014</span></b><br /><span style="color: #333333; font-weight: inherit;">(With Office Report)</span><br /><span style="color: #333333; font-weight: inherit;">Date : 17/10/2014 These petitions were called on</span><br /><span style="color: #333333; font-weight: inherit;">for hearing today.</span><br /><b><span style="color: red;">CORAM :<br />HON’BLE THE CHIEF JUSTICE<br />HON’BLE MR. JUSTICE MADAN B. LOKUR<br />HON’BLE MR. JUSTICE A.K. SIKRI</span></b><br /><span style="color: #333333; font-weight: inherit;">For Petitioner(s) Mr. Fali S. Nariman, Sr. Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. B. Kumar, Sr. Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. A Navaneetha Krishnan, Sr. Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. S. Senthil, Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. Gaurav Agrawal,Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Ms. Meha Aggarwal, Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. K.T.S. Tulsi, Sr. Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. C Mani Shankar, Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. Rupesh Kumar,Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. A. Ashokan,Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. Raj Kamal, Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. Farz Khan, AdV.</span><br /><span style="color: #333333; font-weight: inherit;">For Respondent(s)/ Mr. Subramonium Swamy,</span><br /><span style="color: #333333; font-weight: inherit;">Intervenor(s) In-person</span><br /><span style="color: #333333; font-weight: inherit;">Ms. Roxy Subramanian, Adv.</span><br /><span style="color: #333333; font-weight: inherit;">Mr. Yatinder Choudhary, Adv.</span><br /><span style="color: #333333; font-weight: inherit;">2</span><br /><span style="color: #333333; font-weight: inherit;">UPON hearing the counsel the Court made the following</span><br /><b><span style="color: red;">O R D E R</span></b><br /><span style="color: #333333; font-weight: inherit;">After hearing Shri Fali S. Nariman,</span><br /><span style="color: #333333; font-weight: inherit;">Shri K.T.S. Tulsi, learned senior counsel</span><br /><span style="color: #333333; font-weight: inherit;">for the petitioners and Shri Subramonium</span><br /><span style="color: #333333; font-weight: inherit;">Swamy, party-in-person and also the</span><br /><span style="color: #333333; font-weight: inherit;">complainant, for the present, we suspend</span><br /><span style="color: #333333; font-weight: inherit;">the sentence and direct that the</span><br /><span style="color: #333333; font-weight: inherit;">petitioners, (i) Selvi J.Jayalalithaa, (ii)</span><br /><span style="color: #333333; font-weight: inherit;">Tmt.N.Sasikala, (iii) Mr.V.N. Sudhakaran,</span><br /><span style="color: #333333; font-weight: inherit;">and (iv) TMT. J.Elasvarasi </span><span style="color: red;"><b>be released on<br />bail on executing a bond with two solvent<br />sureties by each of them to the<br />satisfaction of the 36th Addl. City Civil &<br />Sessions Judge</b></span><span style="color: #333333; font-weight: inherit;"> (Spl. Court for Trial of</span><br /><span style="color: #333333; font-weight: inherit;">Criminal Cases against Kum. Jayalalitha &</span><br /><span style="color: #333333; font-weight: inherit;">Ors) at Bangalore.</span><br /><b><span style="color: red;">Call these matters on 18th December</span></b><span style="color: #333333; font-weight: inherit;">,</span><br /><span style="color: #333333; font-weight: inherit;">2014.</span><br /><span style="color: #333333; font-weight: inherit;">[ Charanjeet Kaur ] [ Vinod K</span></span><span style="color: #333333; font-family: inherit; font-size: 11.764705657959px; font-weight: inherit;">ulvi ]<br />Court Master Asstt. Registrar</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-15619027605074562552014-10-18T19:50:00.000+05:302014-10-18T19:50:00.142+05:30Bombay HC issues notice to RBI on ballooning NPAs<div dir="ltr" style="text-align: left;" trbidi="on">
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BDImkDBsuxhQMnu2gDpkeFD2it8iXgIFAYi2UyCkmNtZ5oOfaxgLFbiuPuKA8nTJDKPeQQDMrIWRPXE7RW3BnLVkpWWn7QARua22oIp/JuAArq+NTzOIwevSn1kjJDDIJCMJxEmG/ZvWJct6Y0pK76ipIAMEhTvgk+Aiju8RKlAQQDJHOOUCObMR8CDpxTUUQupldsvpxT8S+q3FrqdItktoi0DD4z3WqQNyRWleuud9YJmJfh58JhbOMxvtXOdg8SRYADaW2kQZ/LMxIJOeUnPnWo3FMdhbZlXBcMAVzOQJAA6ycld+jlFN0XHWaJOP464GUPraORV5IAOnc6c+wgnGJPjTrxbXLcATIEyqEAjeVKgicxJ6+VV2Ryo5LZ1GCEcg6SxESYkHfcbDB2o+Dcjuw3dqFhcbsZl29xATAwS5keClFMXcmnyWbTusMJJRoBNpTlcZIuECM9OvnVW2joqQWGgiSqFWEATpaSPDBUgz50uH4o6TCh2VmmW04d5wSQJzVbieIuR7BBlhPfDBESBzmRAWSftmdsWk7E9S0WeJ4g3GL6jmOtlNhHssSV22mlWHxBVWIN1BtAjoRIPTcQfjSqnJmFHVdpcSTe1TLDKqwBklnKg6QTEz5cud6Pg7d0OjQdE27pYQpnUO8BE7ws/HyqkHNy/auEiYa20AjBmD4+1Mz49IrQHaQtrZddL6GIdSAQRiBg7j/CB1zzvjBsnG9zCTsxUNoJcuaLN17qjQZJdlzJbBCAyxGdfwqvw/ZfdpZHe3Ge1xHfH8lAfUSWO50nEaidnMBuknC9pP3tpGaYutrLn+dQmOeM6AAdurgAHTi1wdniB3S3iraOIcXycd6hI0KYA0oAXg4/N6U9zWGzaLUuEZHC8O9l3UMboY3XkrBh3Qzk5nmJOPaGM0VySAuedgoyYByAYBHmucQTg7Va7MvXipbiMXNV2ZgDTqQjECAJge6PKq96w5YFQDbZ4JE6kMcpMmNHNjqCaHyRKNj8V2Y123Cl0Ae3c2JIKE4xGcggjB0ii4Xs5gzkGFDbPqAJiNI0AxEL45JNTcP2vxKXC5t215ysc4JUEaiPcWbcHJijbtFtMWyAxuqxJGolCZZfBdZgTuIIxNUm+GT8iIb3A3Cp1XCGuXVvXBDEcqQvTLAkcuAO56kioXtgvcYltTsS2ZJAAAMHdvOM6R76ujjrrFlthObiFAjOjhhEoTHWMuebeKzL/EEG42lbZFxtE7C3qIGs+3JByeu53p2yJtVgyLV1jxCc4hnBB0lSQ0+7MQT0xXb8JcA0CCRoGA3gFAPj1z1rmwIUFWJAGACuRBjbf4ZE+Yq3Y7SMLBBWBnOwImf+lh0HsgSaU3uDR1EuSh2jeeXF1yQDbS2hMwrhoEnm6bTia3+w+AtyRecsjPPMJWCfybELgEZO4wp8K5zt7QeLdQGIt2NWo4LOtpnM/mwCfmJ6mrf0X4VX4W69xnlQhwc5uXJB1SBkg9CYMRT2/KmXH+s6Hj+ylhNC203Z2KDoFfAI6sSevXpM4fB2O57y7bKgEkxkhBjIGAcQSJHUCuxPZNluFUksLjWmM+0AygkTIkzpAwehrCsdki0mrvQ7mUCx5DSxMwdtP3isk6VGk1bszLf0g7Q0k2+6unvCoRbczbAbnHP1gYH2qf6LtMsIBfvPZ87nSc9Rg9KhTiO4S5edAwW+bRIAAXmB1AjZonERI6dX+imBBYtAbrAkOZInbaYrRpU6JTbqybt3jJ0a1/Jo0FxqJMwXAhspkKdX50R1o1uuLyW7aKt0NInXBi5iYJZ1cACc+1G9D2tbthhbKzba3cuMwmF7sHSAIM6rjfMjNU+F7UAS0piQsS3WcAScEgBd43pJOiG6lll/ie1ePZF77gxaQsVclLyG0JUAkkxkNj+6axuIka7jrpK6CRzkl2ltIBaDpWW2IkKc9bXbPEm7pXQQVYmNRiAG0yOpMkSZAzAE1lcXYeBB1aRcaBM6iumZ/ukQTHXergv8C1JqT5I+2wVlyoa2VQqZ2FwZ5ZJwZE7fdQ8NxAOhkCkMQukGIHMQANWDMiQM/jFw/GJcRQyqeZSBuRJxJgY3MbRGMVbuIGRghKYBIUD7OIkeEx76vjDOcm7P4pWwi8xgAmFgsy6RPnI+DE9DWrZ4u5atWl7ltRuKrFlAixo1Np07FtLAMdojBBrnexkAcWyupwdep8KwKyQeoERB6Emuqt9sWzMazN88MvOckTLTqIVBJyPE+NRJU+Dp00qyDxHH3dV1Dw5UpeVdjiwRq1b8zkJ7e3OPKM7tbtkubi9wpVbjW0nBIOlAZMw+rU07c3urX4jti2quxe7+Tu91ljkodRIE4QGRPl8sLtrj+9VANSuHmGbUTC6tJkQfCfEUo85Q5tVyRcL2m/Doywrc0gzMl50YBBO3XxHjVew7rc1AkTqAx1mWIk4MVQSbbMxJJWVzMk4GY2GkfeavcPeW4dtiGEwIBJyc7ZjyrVo5jXsxpGQ05kgTnx86VU7HaRVQCdseyx28xgilUUxWbB4flGYxAEacyRGW2JzJzmsjjuCOiNOgKC4Ck6yIOBAyRI3MyK2eKVw7C5ykQNQMgNGw9+CNzk4MVQ4lAW023yAA7FWLZyoUEwJhidgI+FYwbKKov6RMyWAZZEblQZBzgsARn2T5xoWuJmyA384WBJhRpEbCN85gZg5qMdjAcwJJUHJGokloUREAEM22Mjxo73ClQAVyWE8sk6dSyIE6ZbPTY9BTdSGt3oU+P7T7xeIZUZVKFI+zBAZmgwPMgD2hvirvY3FKzWGYcvKpERO22CCeWJzv51TfgAA0rl2kgkjoJGc9OpmSYGBQ8bbZbKG2yLkkariDCjAjVAHVRielaUuEU5OyRE0IiKAXGogMTBJy3srJyNunwioT2rofSyhdRM6Dqg5DExIicHPic1Elws6qt22FCCdT2k5icw+sYjxI2iOtS8Q6WiUJsr7Z1W3TS2k6ZDAnVIyARmMTsKUfJDXqaS8WARnO0yOUD3Tjefh5ULiBPMY5YERj+8JiSNyI6Tms6/eIMarRVhMmCCJHLyghWzHlI64oH4rQRoFuHUcw0QxzAMHMeO20jwW0Tot8dKjWQJXoFJJMQRkD3YjyOJEHB8cH5lBGxyIXUPZPgcffS4PtCZB3zj84xuYEiAfDzHWrfDdmhxcKzzRPJqHLAjTjB67YImaTpclLTcuERWOEDl2BbR3LLBOqWcquG/OJVm64ir3BXjbS7bXRpaCZk4726yqIOPaAEiSYiq9vg1TVF0BDjmR8MGXmHWDqMAmQV6iqnEXssqm4rHS2lTAJt8yYK7AgMPCfGms/YunB/Ng6zj+1CLSWzpDaSZgybYEsJgj2m2UH4daKOcQfPbM62AMj5R5HFclY7Sd7iCdSKBbtBmgKd3EqIk9cEnGcVv8TxguALuVJBUAFpUk7rHVvmJrN6dBKbkzXZ0up3b6F1OdQ0JBdtMNhestOJ865VLjDh7QmGJ0+3AktzTjEsN9tqs9lWnuqO6D3jP5o1PqnJIBGnGJkZkedP7CqqgABk9oiVhgcQMkke+M5iqjHbyJzckrKfF9tu9rSCFg20nSYVY1gsck/mjVMQoqvw/DtOl2BEiLgB39oqRsBhZB6RE1o8d2crAGABI1nbU0DmOnoTy/PxmiucQCMsJgjoAQ2Nuo3++qTxgluxKFkDVJHMAIGIJmMaplSCBuvhmo7DEhyoZwsgQuSVYSu8bDf3+AqJofTp061aJmOXfVGZAg+XN7qvDigEZCBrCLrgwZaIg7bQMeNTlEFPsvsAokMRAySCcwMxG3hJ6k7UTcEdTCTq5SAZKkggKMjEltM42wBOdlOJSzaW3B1MNRPKI3bMmds4nGdqyLjhXEgKRJkggTqON/CNuvuFSpyeWVWS32RwoR1K6Q5JAYatiUk8zZAaIErENO+L3H8Rct2bgS0hW6BbDQOR4AJzJGNMEfZEGsR+0NM+G8ZggeLRAyfmB4iSvq91cXS06ZH5zKYnVkbEyBBOBQ1m2axnSpFrjuJd7alktgWtQcLM6kDLL4GZuAfiYIrD4q8XCn2mLEkg8qrElSAYWPZmIhRvJrW4/iyyQLlwkhwZZvZLjSARI9kbkY8NyMi+pYrqdzgDbT0A2nHhnwq4kzkmU+LWXEjOlCZAydImQce10orHCjuSJ/pAJzgKpLAT7R1Mv34pu0kGsCCzaU8DnSPCT4Y+e9PxN0Dh0Bzrd2mTygBNQgdZJzvymtiDX4bs46Rzj/sJpVT4btC4qABiABgaNvkKVZUyTR7R7SBJcWss7jSWltOhGUjbSZJgjOPdSsfSC5ci09tdTEW1uTzWy0qxGMwpJJ8SOpitviexLRPOmsCAAdUQQNoIyY8cbbCiXs5FJ0rtIEsxjrvONlM74HhWHchXBpeSjw/bbgcRot2SUFsLCAKxZtLYBljiBJ3G3Smt8ZfbmFwrvC6LbKpncEiY0kiB5c2K0xYVdWy6jJE9YG3y2nrTLwaD7IyTvGTHQCNt/Op7i8DlqP+1lKzwpIkqrMDnSr24JgMYtuIJ0rJyZn7VaFsKV0lDJ3GYO5kAmQNsT9rIwaRtgbGc+Jpu4nBGPn0E/q2o7jZC1JIyr3ZdszNlJME6WvKJI5gASSRMwST8Mitv6FcIEu3AtrTFi7lXuFgNMgYGDIBBIJnbMUyWFggIM5kmSMzifZmknCAeyrrscXWHkRB6ddxRqT3xcbGpO7NLurgvE90GujhEucO1yTe1K2m73hdo1hSxB306YKxWl2TwL2ls37ttu9S1eN0XLge49pXXuy2ldL8mogsRBCyYyuEp07gk4hg7grvsVaRv41WvWdY5xrbcsQpJJOZLCSCcwawcE1T94qv39zV6kUaydnDh+G4nhbSuxS7abWjMzHvGZkKvgkrbt2SV21TuCDWh2+XY8QtuzckXrYXvCdL6pC9wZOkSr6wADGmud4ZjbUqjMoYksEuXFB5QslVcA+yu3RQKrsrySzu5ZFHMW6YiSSRjG/h4kVPaV7m8/8/g0h1G1KvQ3LpWzZt3bSln4a6tpnthjKYf8otxUEMzOsifbBnwqdsoLVzuIu927d+xd1t/zgDIupn5dADKTuWIzgRnhHacuZ8STvHVjmPf1oxwb4lhgHJMnJnbbE9DThFRdt+/dmUtZy9DsDeUcc2pb6MeG1cqK9teSTEMXJByBBluvjT4FbTDgQeey97iGTUrBCgk25JIAjZVM4J8DXNXLZJ36TiBtnx6nPlFVz2XhIPsKEBkkQqBBjHTFJaaqr901+xd36HcfR973e2zdLrrdoQ6hcLKrlwwgAW1DDqwmIAJrC451/wBnIR3oT+UMDrGTKHwAjnJ3/OnrisLiuymcWyzOWQASC20sTEnHT31U4rgSoyeXHUyxO3XFUtOO7dfj8X/IOd4Ni72gw4SweDVm1vdF4oO8gjT3SOqgjSbZYhTynOJJo7putw6XeBLrePEXjfFtA5Zu8XuluFdZUaWJUZQhiSNzXE8fZC6iDAbpsAp1FSTuDnUAWPxmm4PgDburoJ7pxEkbO+FnBDSWAkice4no7C5v1byuecP9fZApnc9pXwLbLweoovabLFsM4RO7V8aJIXvNRXpqJ6CtzgeJLqjG46hu0byqVPK4WdFpjBBtsVK46kYJrxfjne1eeHIODvE6BqWQDERgVr9lcUzXQwlSbZZVMgAtcOfCAGEGOorOfSfLyNTO8sdu3LScaAhBs2g62grIbZN0R7IBQaWP/SpzAxxn8qS4utipuTLnxLe2WABgENsMDoBtVf6QcYdAsMzqpYMyiQWkcpjUQcE5iTMbbaNm6bSqFduUALBZcdIMgwdR6wMTWkNNQV+RSmn6GDxHDEOSioBqUn8qINwQAIDHEjyPN7qdeJgDYHaIBwDOGBAgsTHXlzWueCRiWuIkk5MQZEYMRBMftzRHspN2BiCBkgGQQDA5jEzMTgV0PUj6mdpmbw18sQunoD0jePugYzGKluOpDCMLEiNugMdRP5w2k71cHZIFtUUIOZyx5tUGNIDQIga8sCObpUnCW2R2a4iXgIXQ+plIAhhDMJJiRkRMdam4vhg4ryRcb2cgbUjAXIW2okYPdqFPK2okksII2K+dZXa1vu7dgq9u6A9w/mnMKAYBPIIKYMSprc7Qs983OisB3YUKiq4VQAwDMDM7z1xjAqcWrQLFuHW4mdIaG0yzz7SZ6GBpOc1aml6jtPBzfG9m37txrlmyzW2MqwBAI8gxBj4U9Wx2GmZ1AyZlR4n7vDypUXEMHst36AyZ75Z/5U/480A+gJn+eH6Lyj+s8IpUqnsQ8CoL/cP+2H6M/wCZUdz6BmZ78fov9dKlS7EPH+xNIE/QJo//AGB+iO/6SnP0APW+D77XXHg/lSpU+zDwKgv9wz/Xj9F/rpH6CnP5cfoz/mUqVPsw8CodvoDgzdUn/lEfhcoT9Af7Yfoz/mU1Kl2YeBtC/wDT/H894/0Z6/8AXSb6vAf6b5WyP8dKlR2YeAoQ+rsjbiD4/wA3P+OpP9wT/Xj9H/rpUqOzDwVSIn+r04jiNv7M/H+kp0+gB/8AcZ/uH/MpUqOzDwTQj9X5O98dP6L4/wBZVTjvqzZ1gcSFMgz3Mncf2lPSprRguEVQ3/pPaB1d7kxkq0+UHvJHuGKo3fqdhyy8UeaQdVosdvE3J3zmdhSpVShFMdFTjfqX1vrPFLqjrYJE4Ex3vl7vhim7M+px7TM38tDM25Ng+P8AzqVKtKVUHoaPEfVGrhg3EAkg57nMxvi5nOfuEVFa+qPmR34oMUVUX8iVGBMmLskn39BSpVOxUFE4+q44/wDyEHusEHG2Rdn4GRU1n6sCv/8ASCCBvazjz7zPxpUqntR8BRMPq6bI/lCnH9Sf8ymP1cyc3x+i/wDJSpVL0YeCaQT/AFcf24H/AMX+uk31b/243/qv/J8KVKjtQ8BQ6fVtj+fH6H/yUqVKq7UPBVH/2Q==" 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<span style="color: red; font-family: Arial, Helvetica, sans-serif;">FEXpress </span><span style="color: red; font-family: Arial, Helvetica, sans-serif;">Aamir Khan</span><span style="color: red; font-family: Arial, Helvetica, sans-serif;"> </span><span style="color: red; font-family: Arial, Helvetica, sans-serif;">| Mumbai |</span><span style="color: red; font-family: Arial, Helvetica, sans-serif;"> </span><span style="border: 0px; color: red; font-family: Arial, Helvetica, sans-serif; font-stretch: normal; font-weight: normal; line-height: normal; margin: 0px; padding: 5px 0px 0px;"> October 17, 2014 1:38 am</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The Bombay High Court has issued notice to the Reserve Bank of India in connection with a PIL which alleges that the non-performing assets (NPA) of nationalised banks swelled up from Rs 455 crore for the year ended March 2008 to Rs 9,190 crore in March 2012.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">However, according to the RBI annual report, gross NPAs for public sector banks for FY 14 stood at 4.7 per cent of gross advances, or approximately Rs 2.8 lakh crore.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Justices AS Oka and GS Kulkarni gave the direction while acting on a PIL filed by activist Ketan Tirodkar, seeking directions to the RBI to register a case with the CBI to probe into the “fraudulent sanctions” leading to such huge NPAs. Once the borrower has failed to make interest or principal payments for 90 days, the bank loan is considered to be a NPA.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Relying on RTI replies obtained from the RBI, Tirodkar told the HC that there were over 140 cases of fraud of around Rs 15 crore each reported to the CBI by various banks between the years 2008 and 2012. However, he alleged, there was no information about whether or not cases of NPAs were registered with the investigating agency.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Nationalised banks have not complied with the Banking Regulation Act, 1969, which mandates periodical submission of audit reports to the RBI, alleged the petitioner.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“The Act is not complied with in order to suppress the NPA scenario and shield the culprit beneficiaries working in collusion with the banking authorities,” the PIL alleged.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The involvement of bank authorities commences at the stage when a would-be defaulter approaches the bank to extract a loan against a flimsy proposal / asset with the intention to dupe the bank in future, said the PIL.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">While stating the “modus operandi” of banking authorities, the petitioner said they act in connivance with the future defaulters, decorate artificially the feasibility report, to sanction the proposal.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“The NPAs start accumulating at the end of the quarter which goes unreported to the RBI for a long time. Subsequently, such huge volumes of NPA, when they finally get reported to the RBI, have passed the stage of correction, and the RBI and the banks are forced to either write them off completely or to settle them for peanuts,” Tirodkar claimed.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">While issuing the notice, the HC has posted the hearing on December 9.</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-16220479556492193562014-10-18T19:24:00.005+05:302014-10-18T19:24:47.904+05:30The bail hearing — as it happened in the Supreme Court<div dir="ltr" style="text-align: left;" trbidi="on">
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" 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<span style="font-family: Georgia, arial; line-height: 28.0000019073486px;"><b><span style="color: red;">The Hindu NEW DELHI, October 18, 2014</span></b></span></div>
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<span style="color: #333333; font-family: Georgia, arial;"><span style="line-height: 28.0000019073486px;">The bail hearing — as it happened in the Supreme Court</span></span></div>
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<span style="color: #333333; font-family: Georgia, arial;"><span style="line-height: 28.0000019073486px;"><b>10.30 a.m.:</b> The First Court of the country presided over by a Bench led by Chief Justice of India H.L. Dattu and Justices Madan B. Lokur and A.K. Sikri assembles for the day. The courtroom is jam-packed. Many lawyers from Tamil Nadu and AIADMK cadre present in the court and visitors’ gallery.</span></span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>11.30 a.m</b>.: Senior advocate Fali S. Nariman, for former Tamil Nadu Chief Minister Jayalalithaa, enters the courtroom in his quiet fashion. He is accompanied by senior advocate KTS Tulsi, who represents two of the accused.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>11.40 a.m</b>.: Item 65 on the board is called. Arguments commence with Mr. Nariman driving right into the Karnataka High Court’s bail order. He says the High Court judge has committed an error. Says the High Court refers to the 2012 case law - State of Maharashtra Through CBI, Anti Corruption Branch, Mumbai vs. Balakrishna Dattatrya Kumbhar - which deals with stay of conviction and not suspension of sentence.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>11.42 a.m.: </b>Mr. Nariman says using the 2012 case law to note that “corruption is a violation of human rights” in a limited question of suspension of sentence is wrong.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>11.44 a.m.</b>: Justice Dattu responds that the HC judge is merely saying that these are white-collar crimes. Mr. Nariman responds that a catena of Supreme Court decisions says “suspension of sentence when the criminal appeal is pending is a valuable right afforded to the accused, and is the norm.”</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>11.46 a.m.:</b> Mr. Nariman picks up each judgment used by the Karnataka High Court to justify the refusal of suspension of sentence to counter that in all of them, the tenor of judicial reasoning is that suspension of sentence is the norm, and if denied will leave the exercise of criminal appeal “an exercise in futility” for the accused.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>11.53 a.m.</b>: Mr. Nariman argues that the Special Court convicted his client by “ ignoring a series of evidence on income and assessments placed before it to show that there is no case made out against her under the Prevention of Corruption Act.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12 noon:</b> “But how many years did you take to complete the trial?” the Chief Justice interrupts Mr. Nariman.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;">“Far too many, My Lord,” Mr. Nariman concedes.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;">“If we pass the suspension of sentence now, you will take another two decades to finish the appeal,” Justice Dattu responds.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12.07 p.m.</b>: Mr. Nariman says he will give an affidavit on behalf of his client that the appeal in the High Court will be completed in two months. There will be no delay on Ms. Jayalalithaa’s part.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;">“Should we not take into consideration that the conduct of the accused in the Special Court, in the High Court even in the Supreme Court... the case went on for years and years and years,” the CJI says.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12.09 p.m.</b>: “This is a case in which the entire country has some considerations,” Mr. Nariman submits.</span></div>
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<span style="font-family: Georgia, arial; line-height: 28.0000019073486px;"><span style="color: red;"><b>“We do not take all that into consideration. That does not matter for us,” the Chief Justice replies.</b></span></span></div>
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<span style="font-family: Georgia, arial; line-height: 28.0000019073486px;"><span style="color: red;"><b>“I withdraw my comment,” Mr. Nariman pulls back.</b></span></span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12.10 p.m.</b>: Mr. Nariman suggests to the Bench that “the lady can be confined to her house in Chennai for two months till the appeal is heard.” To this, the Chief Justice replies “we do not pass such unusual orders. Either we grant bail or not.” The Bench then goes into a huddle.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12.12 p.m.</b>: Chief Justice Dattu asks within what time can Ms. Jayalalithaa file documents and be ready to fight her criminal appeal in the Karnataka High Court. Mr. Nariman replies “in six weeks.” He says the appeal hearing can be finished by February 2015. The Chief Justice says the court is willing to take his word for it and he does not have to file an affidavit. Mr. Tulsi submits he agrees with Mr. Nariman.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12.15 p.m.:</b> Mr. Subramanian Swamy, the original complainant in the DA case, is given a chance to make his submissions. He says there has been sporadic violence in Tamil Nadu. Cartoons against the High Court judge have been put up.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;">He says the situation is “extraordinary” and that bail should not be granted. “She could have put a stop to the violence. One command from her was enough. But she has not. Her entire Cabinet is in Karnataka. Her Cabinet cannot take oath without crying,” Mr. Swamy submits.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;">Chief Justice Dattu turns to Mr. Nariman for an explanation. “All this will be communicated. I have already told them. A directive has to be indeed issued by her. They should maintain political morality,” Mr. Nariman assures the court.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12.20 p.m.</b>: The Chief Justice tells Mr. Swamy: “An ‘extraordinary’ circumstance is when a person tries to run away to another country after conviction. Her party workers are unruly, what can she do? Is there anything to show that she ordered the violence?”</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12.24 p.m.: </b>“You prepare the paperbook [case documents and file] and keep it ready in two months. Then we will tell the High Court to hear the appeal in three months. But Mr. Nariman, if the paperbook is not ready in two months, we will not give you a day more,” the Chief Justice tells Mr. Nariman.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;"><b>12.25 p.m.:</b> A short order releasing the four accused on bail provided they present bond with solvent sureties to the satisfaction of the trial judge. The case to be listed on December 18.</span></div>
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<span style="color: #333333; font-family: Georgia, arial; line-height: 28.0000019073486px;">“Keep the paperbook ready, Mr. Nariman on December 18. We will not give even one day’s extension [of bail],” the Chief Justice repeats amid the loud buzz of excitement from the crowd in the court.</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-18574176212992171372014-10-14T20:05:00.001+05:302014-10-14T20:05:02.781+05:30 Banks dig for information to check NPAs<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><b><i><span style="background-color: white; line-height: 20px;">TNN </span><span style="background-color: white; line-height: 20px; margin: 0px; padding: 0px 3px 0px 0px;">|</span><span style="background-color: white; line-height: 20px;"> Oct 6, 2014, 06.29AM IST</span></i></b></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white; color: #3f3f3f; line-height: 20px;">Forensic audit is becoming a standard feature for stressed loan accounts referred to the corporate debt restructuring cell - a forum where a consortium of banks decides on whether to restructure a loan. After a host of incidents involving fraud on the part of the borrower, lenders are no longer taking each other's word on the fidelity of the borrower. The worrying part is that, in many cases, there are indications that the borrower has not acted in good faith and restructuring of the loan is being turned down.</span><br style="background-color: white; color: #3f3f3f; line-height: 20px; margin: 0px; padding: 0px;" /><br style="background-color: white; color: #3f3f3f; line-height: 20px; margin: 0px; padding: 0px;" /><span style="background-color: white; color: #3f3f3f; line-height: 20px;">Forensic audit refers to picking up the money trail and coming out with information that can be used as legal evidence. In most of the high-profile default cases, banks have engaged a consultant to conduct a forensic audit. The most recent such case is that of Bhushan Steel, where banks have an exposure of around Rs 40,000 crore as against the company's market capitalization of Rs 2,600 crore.</span><br style="background-color: white; color: #3f3f3f; line-height: 20px; margin: 0px; padding: 0px;" /><br style="background-color: white; color: #3f3f3f; line-height: 20px; margin: 0px; padding: 0px;" /><span style="background-color: white; color: #3f3f3f; line-height: 20px;">Besides Bhushan Steel, a forensic audit has been undertaken in loan accounts of Winsome Diamonds and Kingfisher Airlines. The Reserve Bank of India, too, has engaged forensic auditors in the case of Deccan Chronicle. The banking regulator had also asked banks to use this for investigations into the money laundering allegations made following sting operations by a web portal.</span></span><br />
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<span style="background-color: white; font-family: georgia; line-height: 15.0000009536743px;"><span style="font-size: x-small;">Forensic audit refers to picking up the money trail and coming out</span></span><br />
<span style="background-color: white; font-family: georgia; line-height: 15.0000009536743px;"><span style="font-size: x-small;">with information that can be used as legal evidence.</span></span><br />
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<span style="background-color: white; color: #3f3f3f; line-height: 20px;"><span style="font-family: Arial, Helvetica, sans-serif;">Speaking to TOI, Arpinder Singh, partner and national leader, fraud investigation & dispute services, Ernst & Young, said, "Earlier, getting approval for corporate debt restructuring was a lot easier. Companies would depend on middle-men who would come up with a very fancy presentation. Today, 'managing' the consortium is becoming difficult for borrowers as forensic audit is becoming mandatory in restructuring."</span></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><br style="margin: 0px; padding: 0px;" />According to a retired bank chairman, one of the reasons why banks insist on a forensic audit is to have their decision backed by an independent recommendation. This way, they are not blamed if the restructured account fails to recover.<br style="margin: 0px; padding: 0px;" /><br style="margin: 0px; padding: 0px;" />Singh adds that close to half of the restructuring cases put up to the corporate debt restructuring forum audited by E&Y are being rejected. According to him, unlike in the earlier decade when the high level of bad loans was backed by real assets, there is an increase in the number of cases which are - on the face of it - fraudulent.<br style="margin: 0px; padding: 0px;" /><br style="margin: 0px; padding: 0px;" />"Take the case of Winsome Diamonds where Rs 6,000 crore of diamonds are claimed to be sold to buyers in the Middle East, who go bankrupt and there is nothing left," said Singh. He added that many of the companies that are defaulting are turning out to be paper companies.</span></div>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0tag:blogger.com,1999:blog-8073531381929584100.post-72077650670715327992014-10-14T18:58:00.000+05:302014-10-14T18:58:35.720+05:30 Book Review : Fali S. Nariman, ‘Before Memory Fades: An Autobiography’<div dir="ltr" style="text-align: left;" trbidi="on">
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<strong><span style="font-family: Arial, Helvetica, sans-serif;">Fali S. Nariman, ‘Before Memory Fades: An Autobiography’, 2010, Hay House (Rs. 599/-)</span></strong></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><em>Surajit Bhaduri</em> reviews ‘Before Memory Fades: An Autobiography’ which gives a wonderful insight into the life of Fali S. Nariman who is one of the greatest jurists that India has ever produced.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Born on the tenth day of 1929, at the General Hospital in faraway Rangoon, to a Zoroastrian, or (Parsis) family as they are called, Fali Sam Nariman, ‘Baba’ to his parents, had to leave for India and take refuge when the Japanese bombed Rangoon in December 1941, during the Second World War.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> Little did they know that their son would rise to become one of India’s greatest lawyers’. Fali was sent to Bishop Cotton School Shimla, then to St. Xavier’s College Bombay for his BA (Hons) and finally to Government Law College Bombay for his LLB.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> Nariman started his career at Payne & Co. as a trainee and thereafter joined the prestigious Kanga Chamber which apart from Sir Jamshedji B. Kanga boasted luminaries such as Harilal Kania the first Chief Justice of independent India and eminent lawyers such as Nani Palkhiwala, H. M. Seervai and Soli J. Sorabjee to name a few.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> <b><span style="color: red;">It was Sir Jamshedji who helped Fali understand that “<em>the art of advocacy - is to make simple what is complicated and vice versa</em>”.</span></b><br /><br />Fali still recalls of those early days in the Bar when he would occasionally get a brief in the form of “Brief for Consent Decree” on which he would mark the magnificent fee of one gold mohurs, though the customary fee was two gold mohurs.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> For juniors like him a consent decree brief would take at least three appearances in order to convince the judge.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> In another occasion when Fali was just a year old in the bar, Nani Palkhiwala had entrusted him with an appeal under the Bombay Land Requisition Act. Nani had an engagement before the Income Tax Appellate Tribunal, the matter reached the court, before Chief Justice Chagla and Justice Gajendragadkar. Fali told the bench that Mr Palkhiwala was appearing in another matter before the ITAT and would be coming in sometime. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Then Chief Justice Chagla asked Fali if he knew the matter. This turned out to be a golden opportunity for Fali to prove himself and he read the facts and the legal provisions. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">While he could see the solicitors and clients who were sitting behind him wringing their hand in despair, Nani arrived before the court just when the judgement had been delivered. </span></div>
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<span style="color: red; font-family: Arial, Helvetica, sans-serif;"><b>Nani interrupted but Chagla who never liked interruptions when he was dictating judgments, said “<em>I don’t think, Mr. Palkhiwala, you can add anything more to what Mr. Nariman has so well presented</em>”.</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> These were some of the early memories in the Bombay Bar which Mr Nariman still recalls and cherish.<br /><br />Before Memory Fades is not just a book but a classic piece of art if I may call. It is a commentary on the most important court cases like Shankari Prasad (1951), Sajjan Singh (1965), Golaknath (1967), Keshavananda Bharti (1973), and Minerva Mills (1980) which laid the fundamental basis of the Indian Constitution. Nariman explains how the judiciary dealt with these amendments and held that Fundamental Rights form a part of the 'basic structure' of the Constitution which can never be amended.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> Nariman recalls some of the most touching family sentiments, when he was offered High Court Judgeship at the age of 38 but declined the honour for financial reasons.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> Thereafter his daughter Anaheeta told Bapsi (Nariman’s wife) “<em>Mummy, please tell daddy to accept; I promise I will not spend too much money, and will cut down on chocolates and sweets because I would like him to be a judge</em>”.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> Years later, Anaheeta presented Fali a cartoon picture which reminds Nariman of “<em>The Judge You Might Have Been</em>”.<br /><br />This autobiography gives a detailed insight of the National Emergency in 1975, when he was the Additional Solicitor General of India. Fali recalls of those days like <em>12th June 1975</em> when Justice Jagmohan Lal Sinha of the Allahabad High Court pronounced the judgment in the election petition filed against Indira Gandhi by Raj Narain where she was held guilty of corrupt practice and thus was disqualified from holding any public office.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> On <em>22nd June 1975</em> an appeal for stay to the Allahabad High Court judgment was filed before the vacation bench before Justice V. R. Krishna Iyer. Nani Palkhiwala argued and got the judgment reserved, but on 24th June 1975 a conditional stay order was granted. Fali S. Nariman recounts his own defiance against autocratic rule when he resigned from the post of Additional Solicitor General of India in opposition to the declaration of Internal Emergency in 1975 by the Indira Gandhi government, being the only public officer in the country to have registered his protest against the suppression of civil liberties.<br /><br />Nariman acknowledges the contribution of a brave Judge Justice H.R. Khanna, (the then second senior most Judge) in the case of ADM Jabalpur (1976). “<em>Khanna knew, when he signed the decenting judgment, that he was signing away his future chief justiceship</em>”. Justice Khanna resigned “<em>in a blaze of glory</em>” when justice Beg superseded him. That’s the reason still today Justice H.R. Khanna’s portrait hangs in the Court where he sat (Court No 2. Supreme Court) says Nariman. While reading Nariman's book, one can sense that that the book is not only an autobiography but describes India’s political and constitutional history.<br /><br />Nariman the lead counsel for the Union Carbide Corporation received severe criticisms while representing the company. <em>Tribune des Droits Humains</em> described him as a 'Fallen Angel', questioning his reputation as a human rights activist. In this autobiography Nariman has reproduced the letter that he wrote in response to the published article in which he defends himself by stating that the suggestion that lawyers who are human rights activists should not accept briefs of those who “<em>violate the human rights of others', <em>is impractical and fraught with grave consequences as it puts an almost impossible burden on the lawyer of pre-judging guilt; and (more important) it precludes the person charged with infringing the human rights of another (such as one accused of murder) the right to be defended by a 'lawyer of his choice” - in my country, a guaranteed constitutional right.”</em></em><br /><br />Nariman also remembers those days when he was the standing counsel in the Supreme Court for the state of Gujarat in a PIL filed on behalf of the tribals who were displaced by the rising height of the Narmada Dam in Gujarat. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">When Nariman went through press reports where Christians in certain part of Gujarat were been harassed and their Bibles being burnt, he asked the then Chief Minister of Gujarat Mr. Keshubhai Patel to stop these acts of grave injustice. Inspite of the assurance given by the Chief Minister the situation worsened, now not only Bibles but Churches in various part of Gujarat was destroyed. In December 1998 Nariman returned the brief and said that “<em>I would not appear for the state of Gujarat in this or any other matter</em>”. Like Palkiwala, during Emergency of 1975, he too never compromised with his principals.<br /><br />In one of the most important cases (Second Judges Case) decided by the <b><i><span style="color: red;">Supreme Court Nariman appeared and won, “A Case I Won – But I Would Prefer To Have Lost”. </span></i></b></span></div>
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<span style="color: #cc0000; font-family: Arial, Helvetica, sans-serif;"><b>Criticizing his own win, Nariman said “<em>I don’t see what is so special about the first five judges of the Supreme Court. They are only the first five in seniority of appointment – not necessarily in superiority of wisdom or competence. I see no reason why all the judges in the highest court should not be consulted when a proposal is made for appointment of a high court judge (or an eminent advocate) to be a judge of the Supreme Court. I would suggest that the closed-circuit network of five judges should be disbanded.</em>”</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br />Before Memory Fades is much more than a chronological account of an eminent lawyer and humble person’s successful life. It is the work of a storyteller whose observations about places, people, and circumstances add up to provide a unique insight into the legal profession, from the early years of Independence when a young Fali joined the Bombay Bar and did “more watching than pleading.” </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">It is a classic example of an extraordinary life lived so ordinarily and is much more than just a collection of anecdotes and reflections on the events and people that have filled his life. This book is a must read for all who have admires the living legend Mr. Fali Sam Nariman who was awarded the Padma Bhushan (1991) and Padma Vibhushan (2007), by the President of India in recognition of distinguished service in the field of jurisprudence and public affairs.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> This autobiography not only inspires us but also reminds us of how important a role a lawyer can play in the moulding of our country.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"> Finally Nariman ends by thanking the secular India “<em>I have lived and flourished in a secular India. In the fullness of time if God wills, I would also like to die in a secular India</em>”.</span></div>
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<tr><td align="left" class="body2" colspan="2" style="border-top-color: rgb(204, 204, 204); border-top-style: solid; border-top-width: 1px; color: #53585e; padding-top: 5px; text-align: justify;" valign="top"><img src="http://www.indialawjournal.com/images/surajit.jpg" /><span style="font-family: Arial, Helvetica, sans-serif;">SURAJIT BHADURI B.A. LL.B (Hons) from Gujarat National Law University, Gandhinagar and has written this review for India Law Journal. He can be reached at mailsurajitbhaduri@gmail.com.</span></td></tr>
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DRT Indiahttp://www.blogger.com/profile/03581473006631189062noreply@blogger.com0