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

When police data becomes the algorithm

For decades, policing has followed a familiar sequence: a crime occurs, the police respond, an investigation produces records and those records become part of the institutional memory of the criminal justice system. Artificial intelligence is beginning to alter that sequence. Instead of merely recording

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Delhi moves to real-time traffic management

The Cabinet Committee on Economic Affairs (CCEA), chaired by prime minister Narendra Modi, has approved implementation of the ITMS Project by Delhi Police at an estimated cost of Rs.1,789.52 crore, inclusive of taxes. The project will cover 42 identified traffic corridors and will be implemented in three

MDR on UPI: Can sustainability come without weakening the network?

The extraordinary transaction volumes and value (₹29.82 Lakh crore in August 2026 alone) of the Unified Payments Interface (UPI) have made it not only an Indian success story, but a global one. In 2024, UPI accounted for nearly 49% of the world’s real-time payment transaction volume, with more th

The Xi-Trump summit: The unending rivalry

Diplomacy is akin to an art, wherein the summitry, conflict resolution and negotiations form apt constituents of the entire context of deal making and “playing for keeps” in the international arena. The Xi-Trump summit in Washington last week, in which the American president broke all conside

“Indians, yet treated like outsiders”

Moving to Delhi-NCR for education can be an exciting experience for students from Northeast India. It gives us a chance to meet new people, experience a different culture and become more independent. But living away from home also comes with challenges that people who have not experienced them may not al

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter