The defining feature of the Narendra Modi-led NDA government has been the absence of even a whiff of corruption on the ministerial decree. The ridiculous and definitely unsubstantiated prices made with the aid of Rahul Gandhi concerning the Rafale deal became rejected by way of the Supreme Court and through the humans of India. However, a lesser-observed function of the Modi authorities has been its arm’s length managing commercial enterprise houses. Not best don’t have any favors been doled out to choose business people however every strive has been made to apply the law to all groups, but, large and influential. Recent trends underline that the transformation taking location within the Indian commercial enterprise environment after five years of the Modi regime.
Jet Airways, which once ruled the skies, and whose excessive flying promoter Naresh Goyal used his fabled political clout to dictate civil aviation coverage and to no longer pay off his large debt duties, has been dragged to the National Company Law Tribunal (NCLT) for financial disaster court cases via a consortium of 26 bankers led by State Bank of India (SBI). By the strategies laid out below the Insolvency and Bankruptcy Code (IBC), 2016, the court ordered a meantime resolution expert to take manipulate of Jet Airways.
The Modi government has now not been daunted to take on even the big four auditing firms. The Ministry of Corporate Affairs (MCA) has sought a 5-12 months ban on Deloitte Haskins & Sells and BSR & Associates (a KPMG community firm). Former auditors of IL&FS Financial Services (IL&FS), after the Serious Fraud Investigation Office (SFIO), discovered that they’d connived with IFIN’s former administrators in concealing facts about the management’s wrongdoings matter having full know-how of the sorry kingdom.
The groups of the authorities are now not fearful of taking on the influential English media and the Lutyens ruling elite. Securities and Exchange Board of India (Sebi) has recently barred Prannoy Roy and Radhika Roy, promoters of New Delhi Television Limited (NDTV), from protecting or occupying any position as Director or Key Managerial Personnel inside the corporation for two years and 12 months, respectively, or holding any managerial employees in another listed employer. They are accused of concealing material data from shareholders to defraud traders while moving into loan agreements with ICICI Bank and Vishvapradhan Commercial (VCPL).
Now, way to the Modi authorities’ no-nonsense approach, even public quarter banks have evolved a spine. Banks are not shy to name large weapons as willful defaulter. UCO Bank has these days declared Yashovardhan Birla as a willful defaulter after Birla Surya failed to pay off loans of Rs 67.65 crore taken for production of multi-crystalline sun photovoltaic cells and which had turned non-acting asset in 2013. The public observes even carried a photograph of Yash Birla because of the defaulter. The irony is inherent in a bank that in the beginning belonged to the Birlas, affirming one of the family a willful defaulter did now not pass unnoticed.
Down south, the Indian Overseas Bank (IOB) has taken on actor grew to become politician DMDK leader Captain Vijayakanth. Three homes belonging to Vijayakanth and his wife, Premalatha, are set to be auctioned on July 26 with the aid of IOB. The pass is to get better a debt really worth Rs 5.Five crores from the couple. IOB could be auctioning the complete block of land and building Shri Anl Alagar College of Engineering at Mamandur Village in Kancheepuram district, residential belongings, and a vacant plot at Saligramam. Their general cost is commonly extra than the Rs 5.5 crore they must recover.
