Defaulters

Action Pending Against Defaulters

  
 
1 All 22 defaulting companies to whom money trail till last paisa has been established to be declared ‘not fit & proper.’
2 All Directors of 22 defaulting companies and their associate companies need to be declared ‘Not fit’ to become Directors in any other company and be declared willful defaulter by RBI
3 All properties and assets of the 22 defaulting companies, their Directors & their parent associate companies to be attached and liquidated immediately by the Government for realization
4 Personal bank accounts of all Directors of 22 defaulting companies and their associate companies need to be attached.
5 All business operations of the 22 defaulting companies & their associate companies need to be immediately frozen & thoroughly inspected by the investigative agencies.
6 RBI/banking facility (including loan and credit facilities) of all 22 defaulting companies and their associate companies needs to be stopped, as they are all big exporters of commodities. All money paid to banks from NSEL amount should be recovered for payment to NSEL trading clients
7 The above action would push the defaulters to give a payment plan of their default amount but if needed their detention by investigative agency will ensure their cooperation.
8 Investigative agencies to call all Directors of 22 defaulting companies and their associate companies for recording their statements, as ONLY a few Directors have been called till date by the agencies.
9 MCA should consider merging the defaulting companies with their parent or group companies.
10 Banks who have granted loan / credit facility to the defaulters or their parent/associate companies should carry out forensic audit of the existing loan facility extended to the defaulter and also find instances of double pledge or use of pledged commodities.
11 FMC (now merged with SEBI) should flag off defaulting companies to Credit Information Bureau (India) Ltd. (CIBIL) so that their credit score can be downgraded.
12 The Board of the defaulting companies should be superseded by Govt. The defaulters should be permitted to only run routine operations of their company and under take no asset sale or capital investments or strategic investments until investigation at recovery is completed.