Impose ban on bank defaulters leaving the country

subhash-agrawal

Subhash Chandra Agrawal | March 10, 2016 | New Delhi


#Kingfisher Airlines   #Rajya Sabha   #Vijay Mallya  


It is shameful confession by Attorney General representing the government of India before the Supreme Court that bank defaulter Vijay Mallya fled the country on March 2.

Mallya was last seen in the Rajya Sabha on March 1 during the ongoing budget session, as a nominated member, amid the news reports about his bank-default and chances of fleeing the country.

It cannot happen without some serious lapses in the system.

High level enquiry should be made and guilty ones punished for Vijay Mallya fleeing the country. The government should immediately confiscate all his properties in India, and trace him. Countries where his properties are situated should also be requested to assist the government in recovering money. Parliamentary rules should be changed whereby chairpersons of both the houses may become duty-bound to assist government-agencies in catching hold of a wanted Parliamentarian.

Preventive measures should be taken including confiscating passports of bank-defaulters. Names of all bank-defaulters, having loans of Rs 100 crores and above, should be regularly published in media and websites of concerned banks in a policy of ‘name and shame’. It is indeed shocking that Vijay Malayya was given bank loans in tune of thousands of crores of rupees on his personal goodwill rather than collateral security with no strict recovery steps taken ever as his Kingfisher Airlines ran in financial trouble. Anyone with huge bank loan can easily generate a lavish lifestyle to generate ‘personal goodwill’ required for further bank loans!

 

Comments

 

Other News

On a personal note: DIVINE

An underground rapper who grew up on Mumbai streets, Divine spins his music around his environment and poverty. His breakout single, ‘Meri Gully Mein’, along with fellow rapper Naezy caught Bollywood’s attention. The Hindi film ‘Gully Boy’ is inspired by their lives and gr

The role model for an IAS officer

Anil Swarup, an IAS officer of Uttar Pradesh cadre who retired in 2018, is a model bureaucrat who retained his optimism right till the end of service and exemplified dedication and commitment. His excitement at the opportunities that a job in the IAS provided is evident on every page of his new book publis

Reform of the civil services: At home and away

The question of reform of the civil services has been debated extensively at all levels at least over the last five to six decades after independence. Indeed, it was soon perceived that the Indian Administrative Service (IAS) may not be well equipped to deal with the problems of an emerging developing coun

The greatest challenge for any government

Shouting vengeance at all and sundry while wriggling out of holes of our own making seems to be our very special national characteristic. Some recent instances are illustrative of this attribute. A number of business tycoons with thousands of crores of unresolved debts have fled abroad with the government

The mysterious case of CBI’s legality

The Central Bureau of Investigation (CBI) came into existence, based on a Resolution of the home ministry, dated April 1, 1963 – a sheer coincidence that it also happens to be April Fool’s day. Over the past few months, we have seen the CBI live up to its founding day with great zeal, being i

The Evolution of Modi

Gujarat was passing through a turbulent phase in the 1980s. The decade began middle class agitations against new reservation policies, and the caste friction turned communal under the watch of chief minister Madhavsinh Solanki, alienating majority of urban population on both counts. The ground was ripe for

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter