Consortium of Banks move Supreme Court against Vijay Mallya

| Wednesday, March 9, 2016 - 12:09
First Published |
Supreme Court, Vijay Mallya, Consortium of Banks move Supreme Court against Vijay Mallya

New Delhi: The consortium of Banks led by the SBI has now moved to SC against now debunking Kingfisher Airlines chairman Vijay Mallya. The court will hear their pleas at 2 pm on Thursday where banks have asked to impound Mallya’s passport and restrain him from leaving the country. 
The banks are now getting impatient after years of back date and have requested the Supreme Court to stop Mallya from leaving the country.
(Also read: Double blow for Vijay Mallya: First, money laundering and now, stop payment order)
However, Mallya is believed to have already fled to foreign destination a few days ago.
The apex court is all set to hear the matter with the consortium of banks clearly getting impatient not only the banks but the employees who had a four year long wait with no ray of hope are also impatience. 

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NPA ? or is it NPB ? NPA = Non Performing Assets ( bank loans not being repaid ) NPB = Non Performing Bankers ( bank officers not being prosecuted ) Recently , Supreme Court asked RBI for a list of entities , who are defaulting on loans of Rs 500 Crores or more Suddenly , a few banks started publishing lists of their own loan defaulters What is the big deal ? Several thousand Cooperative Housing Societies in Mumbai , have been , routinely publishing on their Notice Boards ( equivalent to the web sites of the banks ? ), names of society-members who have failed to pay their monthly society charges ( includes Municipal Property Tax ) - including cumulative arrears They have been doing so for years . I don't know if Model Standing Orders or Cooperative Society Act requires this But no member seems to object this act of " Name to Shame " ! What has prevented banks from routinely declaring on their web sites : * Complete list of all loan-takers ( Companies / Individuals / Trusts / NGOs etc ) * Full details of loans ( amount / duration / interest rate / collaterals / repayment schedule / sureties etc ) * Names of bank officers who scrutinized and sanctioned loans * Cumulative arrears ( shown graphically ) * Other entities ( including other Companies / Individuals ) inter-connected with the defaulters * Details of Notices sent / Court cases filed / Recoveries made / Blacklisting done , etc After all , most banks have PUBLIC as shareholders and therefore , need to be covered under RTI Act If a bank is owned ( partially or totally ) by any government ( Central or State ) , it is covered under RTI So , why this secrecy ? Why this dragging of feet to take prompt action against defaulters ? I recently heard of a Cooperative Housing Society in Hyderabad which has solved the problem of members defaulting on payment of society charges In members' flats , Society has installed ELECTRONIC DIGITAL PRE-PAYMENT METERS On 1st of each month, a member must key-in the amount ( of Society charges ) in the Meter and authorize deduction from his bank account ( like Mobile Wallet , in collaboration with many banks concerned ) Failure to do so will immediately result in automatic cutting off the electricity and water supply to that flat ! I suppose Andhra / Telengana State Cooperative Society Act permits this. Why progressive Maharashtra does not ? It is no Rocket Science to extend the application of this SIMPLE TECHNOLOGY to bank loan defaulters ! By automatic freezing of personal bank accounts of ALL those who signed the loan document ( takers & givers ) , the moment any repayment installment becomes overdue by ONE DAY ? Also automatic revoke of PASSPORT ? I hope RBI governor , Shri Raghuram Rajan , gets to read my blog and floats a Request for Proposal to Infosys / Wipro / TCS etc

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