Southern States - Karnataka-Bangalore   

Advocate finds fault with Securitisation Act

By Our Special Correspondent

Bangalore March 22. K.G. Raghavan, senior advocate, said today that there were many loopholes in the law as far as securitisation was concerned and it gave too much weight to the lender. Addressing members of the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) on "Securitisation Act and Small-scale Industries" here, Mr. Raghavan said the law favoured the lender and it gave an impression that all defaulters were wilful. By being arbitrary, it was against the doctrine of reasonableness, he added. Nityananda, chartered accountant, and the FKCCI President, K.N. Jayalingappa, spoke.

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