Bangalore:
Finance
Minister Jaswant Singh says the government is planning
to modify the ordinance on non-performing assets to incorporate
safeguards for borrowers.
Singh says the ordinance
is already part of the legislative process, but while conversion
of the ordinance into a bill is being done, there is a great deal
that could be done to improve it.
Confederation of Indian
Industry president Ashok Soota says the terms of the ordinance
need to be reviewed as it has "veered too much in favour of
lenders."
FICCI
president R S Lodha says the clauses asking defaulters to deposit
75 per cent of their dues before being allowed to appeal and the
absence of demarcation between wilful and non-wilful defaulters
need to be rectified.
Finance ministry
officials say they are contemplating clauses to separate wilful
defaulters by allowing stringent recovery procedures against them.
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