The Hindu : `Take criminal action against wilful defaulters'

Online edition of India's National Newspaper
Monday, Dec 23, 2002

Southern States

Southern States - Pondicherry

`Take criminal action against wilful defaulters'

By Our Staff Reporter

Pondicherry Dec. 22. The seventh conference of the Bank Employees Federation of India (BEFI-Tamil Nadu) held here today called upon the Centre to publicise the names of borrowers who had taken a loan of Rs. 10 lakhs and above from banks but not repaid them.

A resolution said criminal action should be taken against those wilfully defaulting in repayment of dues. The property of such borrowers should be confiscated. It expressed anguish over the defaulters escaping the clutches of law because of several loopholes in the Acts. Only industrial undertakings were going sick but not entrepreneurs. Bad debts or non-performing assets had been touching Rs. 1.5 lakh crores, exclusive of interest.

No meaningful measure had been taken by the Centre to recover such whopping dues.

No purpose was served through formation of tribunals or forums, it said.

The conference, through another resolution, objected to the enforcement of a law banning strikes in Tamil Nadu.

The conference urged the Centre to revoke its policies to privatise the public sector undertakings.

The disinvestment of a number of undertakings and also those making hefty profits was a clear case of `favouritism to big barons and also foreign companies'. The basic needs of the people would become costly what with rise in consumption and utility charges.

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`Take criminal action against wilful defaulters'