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Wilful defaulters increase, owe over Rs 1.10 lakh cr to PSBs

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New Delhi, March 9 (IANS) The number of wilful defaulters, who did not repay their loans to state-run banks, increased by 1.66 per cent to 9,063 during the first nine months (April-December) of the current fiscal, Parliament was informed on Friday.

The amount involved on this count for public sector banks (PSBs) is over Rs 1.10 lakh crore, Minister of State for Finance Shiv Pratap Shukla told the Lok Sabha in a written reply.

“The amount involved for PSBs is reported as Rs 1,10,050 crore,” he said.

“The total number of wilful defaulters is 9,063, which represents a marginal increase of 1.66 per cent during the first nine months of the current financial year.”

This is according to data reported by PSBs, while there are provisions for penal measures and criminal action against wilful defaulters as per the guidelines of the Reserve Bank of India (RBI), Shukla added.

Moreover, market regulator Securities and Exchange Board of India (SEBI) has issued regulations barring companies with wilful defaulters “as promoters/directors from accessing capital markets to raise funds”, he said.

“Amendment has (also) been effected to the Insolvency and Bankruptcy Code, 2016, for barring wilful defaulters from participating in the resolution process.”

“As per the data from PSBs as on 31.12.2017, they have registered 2,108 FIRs against wilful defaulters, filed 8,462 suits for recovery from wilful defaulters and initiated action under the SARFAESI Act, 2002 in respect of 6,962 cases of wilful defaulters,” he added.

The SARFAESI Act, 2002 (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002) allows banks and other financial institutions to auction residential or commercial properties to recover loans.

The Minister’s statement comes in the wake of the Rs 12,600-crore fraud on the state-run Punjab National Bank (PNB) by accused diamantaire Nirav Modi and his uncle Mehul Choksi, reported by the public lender last month.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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