SC to hear petition to end write-offs

The petition is listed before Justices S.A. Bobde and S. Abdul Nazeer.   | Photo Credit: Shanker Chakravarty

The Supreme Court will hear on Monday a petition to restrain banks from writing off non-performing assets.

The petition, filed by Supreme Court advocate Reena N. Singh, is listed before a Bench of Justices S.A. Bobde and S. Abdul Nazeer.

For a true picture

The petition gains significance because of the large number of non-performing assets, worth crores of rupee, in the names of such businessmen as Vijay Mallya, Nirav Modi and Mehul Choksi. The petition said write-offs should end so that the “true and exact financial conditions of banks cannot be camouflaged.”

“The banks should not be given any benefit of allowable provision or other in percentage to their Non-Performing Assets, which reduces their tax liabilities,” it said. The system of waiving of loans should be stopped, it said.

“The Centre and State governments should not be permitted to reduce or waive loans. Political parties should not be permitted to offer loan waiver or any other monetary scheme in their election manifestos,” the petition said.

Farm push

It said the Centre, States should formulate a policy to make agriculture profitable, help farmers become prosperous and increase their interest in farming.

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Printable version | Jan 21, 2021 8:57:08 PM |

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