Thu, Mar 23, 2017 | updated 03:48 AM IST

Entrepreneur Poonawalla likely to move court over SBI's loan write off

Updated: Nov 23, 2016 17:49 IST

New Delhi [India], Nov.23 (ANI): The past couple of weeks have been eventful for the country.

While citizens are struggling to make peace with the decision to demonetise Rs.500 and Rs.1000 currency notes, and are queuing up in long lines to withdraw their own money legitimately from their bank accounts, politicians in the opposition are alleging that the government is helping influential people to settle their bad debts and unaccounted for cash.

The State Bank of India (SBI), the largest public sector lender, earlier this week decided to wave-off the loans of willful defaulters. This amounts to a staggering Rs 7,016 crores, for as many as 63 defaulters! And amongst these, the 'King of Good Times', Vijay Mallya, managed to 'steal' the show yet again, literally. With an outstanding of almost Rs 1,201 crores, Mallya's Kingfisher Airlines headed the list of generosity extended by the State Bank of India.

With the opposition uniting in what it has termed as a mockery of the the common man's plight, who is struggling to cope up with this abrupt change, while the rich and famous get away with their defaults?, entrepreneur and Congress supporter, Tehseen Poonawalla, has reportedly decided to move court against this decision of the SBI.

While Poonawalla was unavailable for comment, but sources close to him confirmed the action.

"Mr.Poonawalla has repeatedly said that demonetisation is the biggest scam of the Modi government. By wiping out the 1000 and 500 rupee notes and forcing people to deposit it in banks and not allowing them to withdraw their own money in an unrestricted manner, the government is ensuring that the RBI balance its books by writing off the almost six lakh crores NPAs (Non-Performing Assets) of all banks. Almost all of these NPAs are of influential people who are supporters of the Modi government. And after the SBI's call to write off loans of key willful defaulters, including that of Vijay Mallya, it is more than evident that the Modi government holds a soft corner for the defaulter, while the poor continues to suffer," said Farz Khan, his spokesperson.

Another source, speaking on condition of anonymity, confirmed that Poonawalla plans to file plea against the write off to Vijay Mallya and make both the SBI Chairman Arundhati Bhattacharya and the Ministry of Finance parties to his petition.

Poonawalla has said so publicly and intends to question the SBI chairperson through the courts that "If write off of loans and loan recovery are different things, then why doesn't the SBI write off all bad loans and separately continue recovery?" (ANI)

Chennai (Tamil Nadu), Mar. 23 (ANI): Welcoming the Election Commission of India's (ECI) move to freeze the Anna Dravida Munnetra Kazhagam (AIADMK) election symbol, the Dravida Munnetra Kazhagam (DMK) on Thursday said V.K. Sasikala's faction had tried to illegally usurp the office of party general secretary.

Full Story >>

New Delhi [India], Mar. 23 (ANI): The Supreme Court will today continue the hearing on the plea filed by NGO Common Cause seeking complete ban on the illegal mining across Odisha.

Full Story >>

New Delhi [India], Mar. 23 (ANI): The Supreme Court will today continue the hearing in connection with the plea of Indian Hotels Company Limited (IHCL) against the Delhi High court order allowing the New Delhi Municipal Council (NDMC) to auction the Taj Mansingh Hotel, located in the Lutyen's zone.

Full Story >>

New Delhi [India], Mar. 23 (ANI): The Supreme Court will today hear the conspiracy charges against Bharatiya Janata Party (BJP) leaders Lal Krishna Advani, Murli Manohar Joshi and Uma Bharti in connection with the 1992 Babri Masjid demolition case.

Full Story >>

New Delhi [India], Mar. 23 (ANI): The Delhi High Court will today continue hearing Swaraj India's plea seeking allotment of common symbol to the party to contest the upcoming municipal elections in the national capital.

Full Story >>

Chennai (Tamil Nadu)[India], Mar. 23 (ANI): Expressing disappointment over the Election Commission of India (ECI) decision to freeze the Anna Dravida Munnetra Kazhagam (AIADMK) election symbol, former Tamil Nadu chief minister O. Panneerselvam said he would raise his voice legally to get back the symbol.

Full Story >>

Chennai (Tamil Nadu), Mar. 23 (ANI): Soon after the Election Commission of India (ECI) decided to freeze the Anna Dravida Munnetra Kazhagam (AIADMK) election symbol, party deputy general secretary TTV Dinakaran asserted the decision would not affect them in the upcoming R.K. Nagar by-polls.

Full Story >>

Chennai (Tamil Nadu) [India], Mar. 22 (ANI): The Election Commission of India (ECI) has decided to freeze the All India Anna Dravida Munnetra Kazhagam (AIADMK) election symbol of 'two leaves', after representatives of former Tamil Nadu chief minister O. Panneerselvam and former party general secretary V.K. Sasikala factions made their claims for it.

Full Story >>

New Delhi [India], Mar 22 (ANI): In a hair raising incident, a woman and her daughter were rescued today after they were allegedly held captive in a room by the father-in- law for more than a year.

Full Story >>

New Delhi [India], Mar. 22 (ANI): With one woman killed and several 'catastrophically' injured in a terror attack outside the Houses of Parliament in London, United Kingdom, the Ministry of External Affairs (MEA) on Wednesday strongly condemned the attack stating that terrorism has no place in a democracy.

Full Story >>

New Delhi [India], March, 22 (ANI): The Congress on Wednesday lashed out at the party's veteran leader S.M. Krishna after he joined the Bharatiya Janata Party (BJP), saying that the grand-old party respected him but the former changed his allegiance for 'personal greed'.

Full Story >>

Lucknow (Uttar Pradesh) [India], Mar 22 (ANI): After Uttar Pradesh Chief Minister Yogi Adityanath swore to protect women in the state and launched 'Anti-Romeo' squads to check on eve-teasing in public areas, Additional Director general of police (ADG) Daljeet Choudhary on Wednesday stated similar views to protect women from getting eve teased or molested.

Full Story >>

New Delhi [India], March, 22 (ANI): In wake of the ongoing Central Board of Secondary Education (CBSE) exams, the Municipal Corporation of Delhi (MCD) polls has been postponed to April 23.

Full Story >>

Panaji [India], Mar.22 (ANI): Goa Chief Minister Manohar Parrikar on Wednesday asserted that the state Police have taken an immediate action over the issue of the murder of an Irish woman.

Full Story >>

Lucknow (Uttar Pradesh) [India], March, 22 (ANI): Warning the licensed slaughterhouses to comply as per rules, Uttar Pradesh Cabinet Minster on Wednesday said that strict action will be taken against the illegal one's and added that the main agenda of the Government is to restore law and order in the state.

Full Story >>

Mumbai (Maharashtra) (India), Mar. 22 (ANI): After Mumbai Medical Education Minister Girish Mahajan asserted that state doctors have agreed to resume work by 8 pm today, the Secretary of Indian Medical Association (Mumbai) Dr. Parthiv Sanghvi categorically denied the statement saying that doctors have not called off their strike whatsoever.

Full Story >>

New Delhi [India], Mar.22 (ANI): The Centre reimbursed the claims made by the State Governments on the rehabilitation of surrendered Left Wing Extremists (LWE) cadres under the Security Related Expenditure Scheme, subject to a ceiling of Rs.2.5 lakh for higher ranked and Rs.1.5 lakh for middle/ lower ranked LWE cadres.

Full Story >>

Lucknow ( Uttar Pradesh) [India], Mar 22 (ANI): The portfolios of Uttar Pradesh ministers has been announced today by Chief Minister Yogi Adityanath, keeping Home and Institutional Finance with himself.

Full Story >>

New Delhi [India], Mar. 22 (ANI): With the Bharatiya Janata Party (BJP) emerging victorious in Uttar Pradesh, it will be interesting to witness whether Prime Minister Narendra Modi will be able to complete the unfinished agenda of the saffron party and boldly tackle core issues like Article 370, the Uniform Civil Code and building the Ram Temple in Ayodhya before the next general elections.

Full Story >>

New Delhi [India], Mar. 22 (ANI): The Government of India on Wednesday approved a medium and long-term reconstruction package following the Uttarakhand disaster in 2013.

Full Story >>