Articles by "NPAs"
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New Delhi, Oct 4: The Supreme Court Thursday granted one more opportunity to mining major ArcelorMittal and Russia's VTB Capital-backed NuMetal to bid for Essar Steel if they clear their NPA dues in two weeks.

A bench comprising Justices R F Nariman and Indu Malhotra held that both the firms were ineligible under amended Insolvency and Bankruptcy Code to bid for the firm but granted them a fresh opportunity after taking note of the plea of Committee of Creditors that it does not want liquidation of Essar Steel.

The apex court exercised its extraordinary power under Article 142 of the Constitution in allowing ArcelorMittal and NuMetal to make fresh bid for Essar Steel.

The top court asked the Committee of Creditors to take a decision within eight weeks on rival bids of NuMetal and ArcelorMittal for Essar Steel.
 (PTI)

New Delhi, Jul 11: Outgoing Chief Economic Adviser Arvind Subramanian will brief a parliamentary panel on the issue of mounting non-performing assets today.

While the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) have also been summoned by the panel to discuss the matter, a date for the same is yet to be decided, sources said.

The parliament's committee on estimates, headed by veteran BJP leader Murli Manohar Joshi, was yesterday briefed by senior finance ministry officials, including Hasmukh Adhia and deputy governors of the RBI.

Members of the panel posed a number of questions over the rising non-performing assets (NPAs) and crisis in the banking sector, sources said.

During the meeting, which lasted for more than four hours, the members demanded various documents including minutes of the board meetings of the public sector banks, in which high-ticket value loans were approved.

Sources said ED Director Karnal Singh and CBI Director Alok Verma will also brief the panel on the issue.

The investigating agencies have been called as they are probing various cases of NPAs and complaints against senior bank officials related to sanctioning of loans.

The banking sector is grappling with rising non-performing assets, which touched Rs 8.99 lakh crore or 10.11 per cent of total advances at December-end 2017.

Of the gross NPAs, the public sector banks accounted for Rs 7.77 lakh crore.

The rising number of frauds has become a serious cause of concern. 
 (PTI)


Bengaluru, Apr 20: Seeking to the woo the trading community in country's IT capital, BJP national president Amit Shah has asserted that the Narendra Modi-led dispensation has changed the scale of development works and promised the citizens here that if voted to power his party will turn Karnataka as a 'corruption free' model state.
“Before 2014, the situation was grim in the country. We changed the scale of work. Our government worked to ensure that there is no household without a toilet, no person without a bank account or a village without electricity. Before 2014, a number of corruption cases came coming out and the total figure for corruption was Rs 12 lakh crore," Mr Shah said addressing a convention of traders and industry leaders here on Thursday evening.
Mr Shah said it is due to the tireless works of the BJP government in the centre that in the last four years 29 lakh people had got bank accounts, 7.5 lakh toilets had been built and 9 lakh families and poor women had got gas cylinders.
Often under attack for not providing jobs since 2014 as was promised by Prime Minister Mr Modi, the BJP president said no government would be able to provide employment to all the youth in the country. 
“But our leader and Prime Minister found a new avenue of self employment, and without any guarantee or guarantor it gave youth loans ranging between Rs 10,000 and Rs 10 lakh and people have benefited," he said. 
He charged the Chief Minister Siddaramaiah with "destroying" Bengaluru by neglecting its infrastructure and went on to state that the Chief Minister on the contrary always uses a costly wrist watch.
"This gathering has affluent people. Any one of have such costly watches?," he asked and then said the Chief Minister has it.
"We have raised the question on who gave the watch to the Chief Minister and are yet to get an answer," said Mr Shah.
Organised by BJP's separate wings, during his two-day stay, Mr Shah addressed a number of such meets including traders,
community leaders from OBCs and sought to pitch for the return of BJP-ld government.
He also questioned Congress contribution over the last 60 years and took a potshot at Mr Rahul Gandhi for his "ignorance" on the difference between loan waivers and non-performing assets.
He also said the Congress chief had even failed to pronounce the name of Sir M Visvesvaraya, the celebrated engineer, scholar, statesman, and the 19th Diwan of Mysore. 
"Rahul Gandhi does not understand the difference between loan waive and NPAs. He is misleading the country with his ignorance. Let him first learn to pronounce Visvesvaraya's name," Mr Shah said.
On a pressing issue of GST implementation and hardship resulted due to it, the BJP chief the decision to implement GST was taken after all the state Chief Ministers but maintained the GST Council has been effectively resolving the issues related to the uniform taxation norms. UNI