Business Mantra: Faridabad
All TV Channels, Social media, Newspapers are discussing/highlighting/debating the issue of Vijay Mallya’s escapade with 8000 Crores of Bank Loans of 17 Banks and hundred of crores of taxes.
But now Mallya has gone, no doubt efforts should be made to bring him back and make all measures to recover maximum of Banks’ dues.
But what about the other willful defaulters, whom Mallya has shown the way of such easy escape?
Timely action should be taken in other cases, so that Mallya like situation may not re-occur.
All the aggrieved Banks including SBI, went to Supreme Court of India, on 7th March, with a request to seize Vijay Mallya’s passport and restrain him from leaving the country. But according to Government representative appearing in Supreme Court, Mallya had already left India on 2nd March, 2016.
Now the questions arise:
- Was Mallya alone director or major shareholder in defaulting companies?
- Why is nobody chasing the other major stakeholders in Mallya’s group defaulting companies?
Some days back, PNB, gave list of nearly 900 willful defaulters, who have defaulting loans worth Rs10870 Crores in their name. Similarly, every Bank has a list of willful defaulters where Lacs of crores of loans are struck up by way of NPA.
What are we waiting for??
Banks, Government, RBI, courts, media should take a call well in time. All the major agencies may not be presently active against willful defaulters but these willful defaulters would be super-active, now in searching routes and shelters for their escapade.
This means same thing will happen again just like replaying the already played movie.
- Another willful defaulter will move out of country with thousand of Crores of loan as NPA against his name.
- Banks will request courts with passport seizure.
- Government will investigate and tell the court that the defaulter has already left the country.
- Then the blame game starts: Politicians blaming the Bank officials for playing with the public and the taxpayers’ money and vice versa.
- All the agencies, media and we, the people then will make all the possible hues and cries
Timely action is the only key to recovery. Already lot of delay has been there.
We have lost lacs of Crores of rupees, due to our wrong actions or no actions in this regard.
A rapid action task force for SOUND and SWIFT RECOVERY proceedings should be made.
May the Banks recover these NPA loans……..