Deora urges Congress to support NPA ordinance

Member of Parliament Murli Deora has written to the Congress president Sonia Gandhi stating that the Congress should support the conversion ...

Member of Parliament Murli Deora has written to the Congress president Sonia Gandhi stating that the Congress should support the conversion of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002, into an Act of the Parliament.

In a recent letter to the Congress president, Deora has stated that since the NPAs stand at a whooping figure of Rs 84,000 crore (according to Deora unofficial estimate show that the figure is around Rs 1,10,000 crore) banks and FIs should be given more powers to recover their NPAs.

In the letter Deora has suggested that banks should give a notice of 60 days to the defaulters to recover their NPAs and if the notice is not complied with banks should be allowed to take possession of securities for the loans or take over management of such secured assets. He has also suggested that banks be allowed to take help of magistrate if their is resistance to give possession. Recently, the NPA ordinance has been challenged by some of the defaulters against whom the banks and FIs have made attempt to recover under the ordinance. Mardia Chemicals was the first company to challenge the move by ICICI and other FIs to recover their NPAs.

Debris found in Dal Lake could be from missile Pak fired during Op Sindoor

India2 hr ago

Debris believed to be from a missile fired by Pakistan during Operation Sindoor in May has been found in Srinagar's Dal Lake. The debris has been handed over to the Air Force for further investigation. Sources say the target may have been a military installation in Srinagar, which is close to the lake. The make of the missile is yet to be determined.

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