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Adv. M Profile picture
@RURALINDIA
Oct 20, 2017 • 12 tweets • 2 min read • Read on X
1/ Just finished meeting with a Dhule based SME entrepreneur who's "finished" due to #DeMo aka notebandi. Also insensitive bankers.
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

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More from @RURALINDIA

Adv. M Profile picture
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'.
Read 20 tweets
Adv. M Profile picture
Sep 28, 2017
#GSTGaming tales I continue to hear :
Visited a CA (doesn't want to be named) in Kalbadevi y'day:
1. CAs r advising clients to deal in cash
2/
2. They say it's impossible for many businesses to continue with GST.
3. High value cash deals have started featuring Gold biscuits as
3/
 as part of the deal. Payments are being made partly through Gold. A few biscuits & a few lacs in 2000 denominations.
Read 6 tweets

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