Of the 40 largest NPA accounts sent to various National Company Law Tribunals (NCLTs) since last July, which together constitute around 40 percent of over Rs 11 trillion worth of bad loans, only seven had been resolved so far, where the banks took an average haircut of over 60 percent since some accounts such as Alok Industries were bid out for only 17 percent of the money owed to lenders.
It is against this backdrop that the government is mulling strengthening the valuation process by empowering and educating chartered accountants and company secretaries under a separate law.
The government it seems is missing the wood for the trees. It is common self-deprecating humor in Chartered Accountant (CA) circles tha…
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