TDI Infrastructure To Pay over Rs35 Lakh for Deficiency of Service
Delhi State Consumer Disputes Redressal Commission (DSCDRC) has asked TDI Infrastructure Pvt Ltd to pay over Rs35 lakh to Amar Singh Pahal for non-completion of a project in which he had booked a plot, even after three years from date of promised delivery of possession.
 
The DSCDRC, presided by judicial member SA Siddiqui, asked TDI Infrastructure to pay the amount noting that “it amounts to deficiency of service… it can also be taken as indulgence in unfair trade practice.”
 
“... It would be in the larger interest of justice that the amount deposited by complainant is refunded... He should also be adequately compensated for the harassment, mental pain and agony,” the Commission said.
 

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Modi says terrorism is 'exported' to India, not home-grown

There is a need to take the challenge of terrorism seriously. It's sad that many countries could not earlier understand the ugly face of terrorism which is enemy of humanity, Modi said during his US visit

 

Prime Minister Narendra Modi has said that all terrorism in India is 'exported' and are not 'home-grown', asserting it has no borders.

 

Even as he rejected any distinction between good and bad terrorism, the Indian PM called for a collective fight to effectively tackle the global challenge.

 

The Prime Minister dwelt at length on the challenges posed by terrorism while addressing the Council for Foreign Relations on the fourth day of his five-day visit to the US.

 

Asked by a questioner about the rise of Islamic State (IS) militants in West Asia and whether there was any danger that such unrest might spread to India, the Prime Minister Modi ruled that out and said that all terrorism activities in our country 'are exported and are not home-grown'.

 

The Prime Minister also told the audience about his response that 'Muslims of India will fail al-Qaeda' to a question by CNN about the al-Qaeda threat in India.

 

"People of all communities in India are driven by a core philosophy. That is symbolised by Buddha, Mahatma Gandhi. Non-violence is at the core of our philosophy...," he said.

 

"Terrorism has no borders. There is no good terrorist or bad terrorist. Terrorism is terrorism," the Prime Minister said.

 

"There is a need to take the challenge of terrorism seriously. It's sad that many countries could not earlier understand the ugly face of terrorism which is enemy of humanity," he said.

 

The Prime Minister said it cannot be measured on the scale of political plus and minus.

 

"The world will have to speak in one voice against terrorism," he stressed.

 

Making a reference to the ISIS assassination of hostages, Modi said," When I saw it on television that a man has been beheaded it's such a challenge in the 21st century for the mankind, a challenge that can shake up anyone... Terrorism is mankind's enemy."

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Wilful defaulter definition will cover directors too says Rajan

Talking about the norms for non-cooperative defaulters, the RBI governor said the guidelines have been formulated to tackle those borrowers who resist repaying at every corner and hold up the entire repayment process

 

Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday said the central bank is in the process of redefining the definition of wilful defaulters to bring directors of defaulting companies under its ambit.

 

"The (Calcutta High) Court had some questions about whether all directors could be declared wilful defaulters and we have looked at that. We are in the process of modifying the definition so that the directors, if seen, as culpable in actively participating or being grossly negligent of wilful default," Rajan said at the customary post-policy interactions with the media.

 

According to the current definition, a wilful defaulter is somebody who has essentially not used the funds for the purpose it has been borrowed or when he has not repaid when he can do so; when he has siphoned off the funds or when he disposed of the assets pledged for availing of loan without the bank's knowledge.

 

Recently, United Bank of India declared Kingfisher Airlines as well as some three of its directors as wilful defaulters. The decision of the single bench, that accepted the bank's position, was later stayed by a division of the Calcutta High Court last weekend.

 

Talking about the norms for non-cooperative defaulters, Rajan said the guidelines have been formulated to tackle those borrowers who resist repaying at every corner and hold up the entire repayment process.

 

He said in such cases, the recourse to legal remedy, allowable by the laws from a prudential perspective, imposes a cost to the system because banks cannot get their money using the existing laws such as the Sarfesi Act.

 

"Therefore, in those situations where there is a deliberate attempt to delay the process of recovery after due process is being followed, can we find a way of declaring these borrowers as non-cooperatives?," Rajan asked.

 

On the rising non-performing asset (NPA) levels in the system, the RBI governor said the central bank is following the issue very closely and banks have been asked to take timely action to deal with the matter.

 

In the banking system, NPAs rose to 4.1% as of the June quarter, while the total stressed assets including the recast loans rose close to 11%.

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COMMENTS

Anil Agashe

2 years ago

Excellent move. Hope it happens quickly and in this case may be retrospectively! We need show no mercy to willful defaulters. Distressed that HC has stayed calling Mallya one. Let the lender decide that. Courts need have no say in the matter.

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