Money & Banking
Not all loan defaulters are thieves: Gadkari
New Delhi : As Indian agencies step up efforts to bring industrialist Vijay Mallya back to the country and recover much of the Rs.9,000 crore his companies allegedly owe banks, a key member of Prime Minister Narendra Modi cabinet cautions that every defaulter mustn't be labelled a defaulter.
 
"Judicial proceedings are going on about the default of Vijaya Mallaya. Steps will be taken on whatever will be right," said Road Transport, Highway and Shipping Minister Nitin Gadkari in an interview to ETV News Network, the transcript of which was provided by the channel.
 
"Earlier, his companies were giving interest to banks regularly. At that time, people were rating him good. Consultants were considered good, their managers were considered good. When one company faced difficulty, then all are termed as thief," he said.
 
"Government is taking action as per law."
 
Giving a macro picture, Gadkari said, when there was an overall global slowdown, especially in the Chinese economy, a host of industries have not been performing well in India. But the government's intervensions have helped areas such as infrastructure, steel and cement industries. 
 
"We are also accepting that everything is not in good position. But we are trying to improve the situation. Banks' positions are also not in good terms. But we cannot term every defaulter as thief. We have to see if default is bonafide mistake or malafide mistake," he said.
 
"Overall, we have to take a positive, development-oriented approach. We should help the bonafide defaulters. Actions should be taken against malafide defaulters."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Gupta's Liberty House to bid for Tata Steel UK on Tuesday
London : Metals major Liberty House, founded by India-born industrialist Sanjiv Kumar Gupta, confirmed on Monday that it will formally bid for the UK assets of Tata Steel, which are on the block after Tatas suffered nearly $3 billion in losses thus far.
 
“We can confirm that Liberty will submit a letter of intent to Tata Steel on Tuesday and has put in place a strong internal transaction team and panel of leading external advisers to take the bid forward,” a Liberty House spokesman was quoted as saying in the Financial Times.
 
Liberty Group has revenues approaching $5 billion, covering steel, raw materials and non-ferrous metals, while employing more than 2,000 people globally. It also produces about five million tonnes per annum of steel and steel products.
 
In March, Tata Steel UK announced an accord to sell its Clydebridge and Dalzell steel units in Scotland. The deal involved the sale of the two plants to the government of Scotland, which was to, in turn, sell them to Liberty House.
 
Earlier last month when British Business Secretary Sajid Javid flew down to Mumbai to meet with Tata Steel brass, Gupta was among the key people whom he met here to hold consultations on the future of the group's steel business in the UK, notably to prevent thousands of job losses.
 
The European arm of Tata Steel said in mid-April that it was in talks with as many as 190 suitors for its UK units and that KPMG would be its principal advisor in this regard, with Standard Chartered Bank as an additional one.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Supreme Court to consider NEET exemption applications on Tuesday
New Delhi : The Supreme Court will hear on Tuesday a batch of applications seeking that NEET for admissions to undergraduate medical courses may not be thrust on the states and they may be allowed to conduct their own entrance examinations.
 
An apex court bench headed by the Chief Justice P.S. Thakur on Monday said the hearing by the special bench headed by Justice Anil R. Dave will take place on Tuesday at 2 p.m. after a battery of senior lawyers, including Gopal Subramaniam appearing for Jammu and Kashmir, and K. K. Venugopal appearing for Association of Private Medical Colleges of Karnataka mentioned the matter.
 
Various states, including the association of private medical colleges are aggrieved by the top court’s Friday order reiterating that admission to undergraduate medical courses will be only through National Eligibility Entrance Test (NEET) to be conducted by the Central Board of School Education (CBSE).
 
The first phase of NEET was conducted on Sunday. The second phase will be held on July 24.
 
In the meantime, a constitution bench of the top court on Monday upheld the Madhya Pradesh law providing for common entrance test for admission to medical courses both in government and private medical colleges.
 
The bench, after a majority judgement, said the admissions to the seats not filled under the management quota will be done by the state governments.
 
The constitution bench also set up a three member committee that will oversee the counselling and admission under the aegis of Medical Council of India till a law is enacted by parliament empowering medical regulatory body to conduct counselling and admissions. 
 
Former Chief Justice of India, Justice R. M. Lodha, former Comptroller and Auditor General Vinod Rai and eminent doctor Shiv Sarin are the panel members.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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