National
Wilful loan debtors barred from raising public money
New Delhi: Two of India’s financial sector watchdogs on Saturday took a grim view of the stress in the banking sector on account of loan defaults, with the one dealing with equity markets announcing on Saturday a ban on wilful perpetrators from raising public money.
“All wilful loan defaulters will stand disqualified from the board positions as listed companies under the new rules,” Securities and Exchange Board of India (SEBI) Chairman U.K. Sinha said at a press conference here after the watchdog’s board meeting.
Sinha also said tainted people will neither be allowed to take over the management control of other listed companies, nor permitted to float mutual funds, debt or equity securities, or similar money-raising instruments.
In this regard, he said, the criteria for determining who constitutes a “fit and proper” person in the regulations was also being amended. The bar on wilful defaulters is also on floating instruments like non-convertible debentures and redeemable preference shares.
During the board meeting, which was also addressed by Finance Minister Arun Jaitley, officials were asked to remain alert on the supervision of the markets, particularly in the wake of global developments.
The issue of loan defaulters at the watchdog’s meeting followed the matter being raised at the board of governors of the Reserve Bank of India (RBI) meeting here with the top brass of the finance ministry.
One of the main topics of discussion at the RBI meeting was the issue of non-performing assets of banks — which primarily concern loan defaults and wilful defaults by industry.
“Non-performing assets are of two types,” Jaitley said after the RBI meeting, explaining that one is created as the result of a slowdown that can be recovered once the economy turns around, while the other is on account of individual misdemeanours.
“We don’t want to create a situation by overstating these incidents that, in turn, will hamper activities,” he said, alluding that banks should not be deterred from bona fide fresh lending. “But the rising levels of NPAs is a matter of concern for all of us.”
RBI Governor Raghuram Rajan said a due process will be followed in defining wilful defaulters.
As per recent RBI estimates, the total exposure of commercial banks in terms of gross NPAs, the rescheduled loans and write-offs was 14.1 percent of deposits that works out to around Rs.9,455 billion (around Rs.9.5 lakh crore).
The government is also facing flak following the unexpected exit of industrialist Vijay Mallya from the country, even as a consortium of 17 banks led by the State Bank of India, were seeking repayment of around Rs.9,000 crore that he has borrowed from them.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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