‘Wilful defaulters likely to lose control over firm’

With non-performing assets of the banking system inching closer to the Rs 2,00,000 crore mark,the government on Tuesday warned wilful defaulters and corporates which had mismanaged their companies and diverted funds to get ready to lose control of their companies.

“People who fall into the category of wilful defaulters,I think better start getting used to the idea that you are likely to lose control and management of your company if you are going to manage it badly. Because it is much more than your equity which is at stake,it is the public money which is at stake,” financial services secretary Rajiv Takru said.

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