Defaulter's Delight

Rs 3.5 Lakh crores is the amount of NPA (Non Performing Assets) staring at the banks in our country. All this is public money which has been cornered by a section of our population.
According to Food and Agriculture Organization of UN, India tops with 194.6 million undernourished people.
The enormity of the defaulter’s crime can be gauged from the fact that this amount of NPA would be sufficient to provide food for four years to 19,46,00,000 people who are undernourished in our country (taking Rs 15 as the cost of a home made meal).
The capitalists would be quick in denouncing any “dole outs” but would find excellent reasons for their inability to return the public funds. They would drag the cases in courts and continue exhibiting their shameless enjoyment and delight.
Forget to Forgive
There have been attempts to forget these crimes in a number of “innovative “ ways. One is to restructure these defaulting organizations by converting debts to equity. Thereby the sins are forgotten, forgiven and the burden of these hollow enterprises passes on to the Government of India.
While thousands of people assosciated with Kingfisher Airlines have been driven to unemployment (with some even committing suicide in frustration), there is no swift action to recover the dues and punish the guilty. This has prompted RBI Governor Mr Raghuram Rajan to express his feelings-“ If you flaunt your birthday bashes even while owing the system a lot of money, it does seem to suggest to the public that you don’t care. I think that this is the wrong message to send. If you are in trouble, you should be cutting down your expenses”.
Mr Rajan rightly added- “….these businessmen are sending a wrong message and pushing up the cost of borrowing for others”.
Just to recall, Kingfisher Airlines owes Rs 7,500 Crores ! SBI led consortium is planning to auction Kingfisher House in Mumbai on 17th March. It has been taken possession of this property after a court order and is valued at Rs 150 crores. Earlier too they had taken over Kingfisher Villa in Goa valued at Rs 90 Crores. All this amounts to hardly 3% of what is owed !
Diverting Pain
Balance sheet of several banks have been affected because of provision for bad debts.
Effectively the pain of defaulters is being transferred to the common citizens without them realizing. The Finance Minister should declare to the nation about such kind forgiveness.
Government is refusing to learn. Let us recall that a total of Rs 1.14 Lakh Crores has been written off between 2013-15 in the banking sector. However, fresh bad debts continue to accumulate.
Right and Wrong
Why do such situations arise ? In my opinion reason is the inability of a man to distinguish between right and wrong. Since time immemorial conflicts and wars have taken place because of this.
Mr Subrata Roy of Sahara is now in Tihar Jail since two years and he wonders what “wrong” he has done. In his own words “why me” and “…what have I done to deserve this”.
This gentleman who is unable to distinguish between right and wrong has penned a book- Life’s Mantras.
Rs 36,000 crore is the amount owed by Mr Subrata Roy’s Sahara to their investors. So it should not be difficult for Mr Roy to understand reason for his stay in Tihar jail. The Honourable Judges of Supreme Court have a job at hand- “to convince Mr Roy that he has done something wrong” or else grant this gentleman freedom.

More By  :  Navin Chandra Mishra

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