Defaulters

Top 50 wilful defaulters owe Rs 87,295 cr to banks: Finance Minister

The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe Rs 87,295 crore to banks and financial institutions. Of this, top 10 wilful defaulters owe Rs 40,825 crore to schedule commercial banks (SCBs), Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha. SCBs have written off an aggregate amount of Rs 10,57,326 crore during the last five financial years (RBI provisional data for FY 2022-23), he said. "The Reserve bank of India (RBI) has apprised that the amount owed by top 50 wilful defaulters in SCBs was Rs 87,295 crore as on March 31, 2023," he said. Fugitive Mehul Choksi's Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks. It is followed by Era Infra Engineering Limited owing Rs 5,750 crore, REI Agro Limited Rs 5,148 crore, ABG Shipyard Limited Rs 4,774 crore, and Concast Steel and Power Limited Rs 3,911 ...

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Sebi releases list of nine 'most wanted defaulters'- all untraceable

In a bizarre development, the Securities & Exchange Board of India (SEBI) has released a list of some nine Income Tax Department defaulters comprising companies and individuals who have reportedly gone 'missing' and untraceable.

BSNL tops list of CPSEs with highest pending dues to small firms

The micro, small, and medium enterprises (MSME) ministry has created a portal where these firms can file applications online regarding delayed payments

Legislation: Intent and interpretation

Interpreting the margins at the cost of core legislation could be costly for the economy

Our action against defaulters helping banks cut NPAs: FM Sitharaman

Last week, prime minister Narendra Modi had said banks have managed to recover more than Rs 5 trillion from defaulters

Defaulters seek generous bailouts like Siva-IDBI Bank one-time settlement

That deal, approved by 90% of Siva Industries lenders, was signed as there were no other suitable offers; lawyers say it will set a bad precedent

A hale and hearty banking sector but...

More than banks, most of which have the balance sheet strength to stomach bad loans, it is the borrowers who will suffer once they are branded as defaulters since no lender will give them fresh money

Sebi directs bourses, clearing corporations to liquidate defaulters' assets

The recovery of assets would help in meeting the obligations of clients, stock exchanges, and clearing corporations, Sebi said in a circular

Sebi orders nearly Rs 40-crore recovery from two dozen defaulters

The defaulters are 11 directors of Mass Infra Realty, five directors of Skymarg Agro, Life Care and its seven directors

Sebi to provide clarity to MFs over treatment of corporate defaults

The move comes in the wake of rising redemption pressure, lack of activity in the bond market and fears of non-payment of dues by corporate houses

Number of companies with 'default' debt rating doubles to 148

A hundred companies were downgraded this year; of this, 41 were given a "default" rating

Top 50 defaulters of PSBs had exposure of Rs 1.21 lakh crore

Jayant Sinha said the amount owed by wilful defaulters more than doubled to Rs 66,190 crore from Rs 27,749 crore