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Adv. M

@RURALINDIA

Oct 20, 2017 • 12 tweets • 2 min read Twitter logo

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1/ Just finished meeting with a Dhule based SME entrepreneur who's "finished" due to #DeMo aka notebandi. Also insensitive bankers.

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2/ The gentleman is a third generation onion trader. Uses to be a Really big trader. He allowed his son to set up SME for onion dehydration

3/ Being in onion business, he knew his onions. So a state of the art , modern manufacturing plant was set up, part funded by bank.

4/ As usual, the unit was under financed. Short WC funding is a constant feature of bank loans to SMEs. The liquidity of onion trading

5/ facilitated the working of the industry. Things were going well. Then on Nov 8 , the Tughlak did DeMo. The liquidity dried up.

6/ No money to continue production. Bank unwilling to help promptly. Despite having credentials, couldn't get funds. Reason ????

7/ Again : #DeMo. The banker busy in handling cash and the large queues. No time for development banking. By March 17, the Banker got crazy

@27

8/ The account was turning NPA. He wanted money , anyhow. Poor guy had to sell part of the 500 Tonnes dehydrated onion @27 to 35/- per kg

9/ Only misfortune : his coat of production of it was Rs. 85/- per kg. NPA classification was averted in March. But he had no money for WC

10/ Ultimately, the account turned NPA in September. 13(2) Notice issued. An honest entrepreneur brought to disaster. For no fault.

11/ Now begins his struggle to save industry, his house, his honor, his dignity. Depressing story. Only because one idiot who was made to

12/12 believe in a hare brained idea by a few idiots. The 10 Cr investment lies unutilized. 70 workers remain jobless. The nation, hopeless😖

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More from @RURALINDIA

Adv. M

@RURALINDIA

Jun 9, 2018

1/n

Let's talk about NPAs :

On 8th April 2004, Soli J.Sorabjee, the then Ld Attorney General, arguing for Union of India, convinced a Constitution Bench of SC to uphold the Sarfaesi Act, 2002 by citing a pressing need to curb NPAs, which had risen to Rs. 1 lac crore

2/n
It was submitted before the SC that the enactment of RDDB Act, 1993 & establishment of DRTs has been unable to stop the rise in NPAs. Mr. Salve chipped in with a talk on International practices.

The SC agreed. A harsh, draconian law was upheld.
indiankanoon.org/doc/1059476/

3/n
It was upheld with a stated objective of "reducing" the NPAs. A lot of existing protections under laws & principles of natural justice were allowed to be trampled by banks and financial institutions to address the pressing need of 'reducing the 1 lac crores of NPAs'.

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