What shall we do with these defaulters .. ? When small businesses default to the tune of lakhs of rupees, the banks immediately spring to action, good enough, and start legal proceedings against them. These same banks and its officials are toothless, hand-in-hand, silent and inactive when it comes to taking action against these big sharks.
What great day-light corruption !! Somewhere this loot should end..
These companies are repeatedly blessed by our banks and politicians by being advanced more loans as a gift for criminal neglect of non-repayment of loans of Rs 300,000 crores to banks.
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Here's a financial tip no one gives you. If you owe money to the banks, make sure the amount is huge. Then you won't need to worry about paying it back on time. Or, indeed, in some cases, paying it back at all.
The respectable names of Tata Group, Aditya Birla group, Mukesh Ambani group have been contributing to the country's growth. It is really unfortunate that the modern defaulter companies listed in the pictorial and the Credit Suisse list, are taking the citizens of this country for a ride.
Somewhere this loot should stop.
Though the service industry is doing well, contributing to 59% of our GDP, manufacturing and project management, infrastructure companies like these have been a drain on the country and will continue to remain so, if we have operators like these in the market.
Localise the impact, don't wait to globalise it !!
The Anil Ambani-led Reliance Group is in the business of power, insurance, wealth management, telecommunication infrastructure and entertainment. In March 2015, the company had a debt of Rs 1.25 lakh crore on its balance sheet.
Anil Agarwal's company is the second-most indebted company. According to Credit Suisse, the company, which is into metals and mining, had a debt of Rs 1.03 lakh crore.
Managed by the Ruia Brothers (Shashi Ruia and Ravi Ruia) the company, with operations in 25 countries, owes Rs 1.01 lakh crore.
Gautam Adani, the chairman of the Adani Group of companies is known for his proximity with Prime Minister Narendra Modi. His business house owes Rs 96,031 crore to the banking system. The amount is a little less than the Budget for building the bullet train network between Mumbai and Ahmadabad proposed by the government.
Manoj Gaur-run Jaypee Group has a debt of Rs 75,163 crore on its balance sheet. Jaypee Group had a golden time during the Mayawati rule in Uttar Pradesh between 2007 and 2012.
Sajjan Jindal is the chairman of JSW group and he was recently in headlines for reportedly organising the meeting between Pakistan Prime minister Nawaaz Sharif and Narendra Modi.
Named after its promoter GM Rao, the group is known for building Delhi's T3 International Airport terminal.
Headed By L Madhusudan Rao, the company runs solar and thermal power plants. It has a debt of Rs 47,102 crore.
Venugopal Dhoot's company, the group once famous for making televisions, owes Rs 45,405 crore to banks. This amount can be used to 93 missions to Mars by India.
Founded by GVK Reddy, the group has interests in energy, infrastructure and hospitality sectors. The company has a debt of Rs 33,933 crore. The amount is just a little less than government's allocation under the MNREGA scheme (National Rural Employment Guarantee Act) of Rs 34,000 crore in 2015.
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Most of these companies we know are having a very rough run in the economy, often being mentioned for the wrong reasons. Bringing back these companies to good health should be the first priority of the government. If that does not happen, due to the poor attitude and wrong intention of the promoters, the companies should be wound up. Tax money is waiting to be deployed in many beneficial operations in the economy and in sectors like education, public health, infrastructure like roads, bridges etc, that can bring better social returns and help the economy grow in the long run.