Forum My suggestions: Banking system
1. Bring Back Financial Institutions Nominees on Borrowing Companies Board. Independent Directors are neither Responsible nor Accountable.
2. Details of financial dealings of Companies must be part of Annual accounts. Names of Sundry Debtors/Creditors/Loans and Advances, etc must be part of accounts
Abridged Balance sheets were fine when they were printed, now no extra cost to Disclose.
3. In October 1998, RBI under pressure because of Siphoning off Money cases detected by CEIB, had Issued a Circular that no Company can lend money at a rate lower than what it borrows and definitely not at Zero.
4. Auditors if borrowing Companies must be changed every 3 years
RBI should impose this condition as a pre-requisite for approval of loans.
5. Banks/ Financial Institutions should determine extent of Equity brought in by Promoters and manner of funding.
6. Assets acquired by Promoters from Funds from Company should be disclosed in accounts.
7. Special Courts should be set up by MCA for disposal of cases of delinquent promoters.
8. Non Publishing/ furnishing of accounts by Companies be punishable with Stuff Fines.
9. SEBI needs overhaul. It is not proactive in monitoring share transactions. Promoters manipulating share prices be punished with Jail and Multiple penalties.
10. RBI Department of Banking Supervision ought to mandatorily conduct Audit of Bank Branches.
11.Consolidation of PSU banks a must.
Why should every PSU bank have a branch abroad? Hong Kong has 20-25 or more branches of PSU banks, when 2-3 will suffice.
Ajay Agnihotri
Kejriwal as a destructive leader?
History Will remember Arvind Kejriwal as a destructive leader the recent event of manhandling of Anshu Prakash, Chief Secretary, Delhi by the MLAs of AAP in the presence of and with the support of Arvind Kejriwal is a case of conversion of a political party called AAP from the agent of positive change to a party of street goons. It ensures that Sh. Arvind Kejriwal, Chief Minister of Delhi, will go to history as a destructive leader, who tried to destroy every pillar of the governance. Although, the politicians want all credit to their accounts, the Indian Bureaucracy, in spite of its limitations, is the real hero. It has been credited for successfully operating the government since independence, giving full respect to our federal democratic system. I express my solidarity with Sh. Anshu Prakash, Chief Secretary, Delhi.
Prof A K Verma ISS (Retd.)
SAIL officers’ choice an IAS officer for Chairman !
There is not only a financial crisis but the ethical / moral fabric of the organisation, which was already in a precarious state has been completely destroyed beyond repair, thanks to the mindless use of discretion based on casteism, regionalism, vested interest etc exercised .The entire cadre both executives and non-executives are completely shattered.
Narayan
SAIL officers’ choice an IAS officer for Chairman !
I agree, but there is a person who retired recently as DGM, and is very honest, sincere, highly qualified, and joined in Bhilai as MT(T) and worked in Erection, Testing, commissioning, operation, maintenance, design engineering, finance and personal of all steel plants of SAIL, and his batchmates told him that he would be future chairman of SAIL. He spent 72 hours in plant along with then soviets for commissioning of the first slab caster on July 31st 1985 at Bhilai. Being honest, firebrand in nature, he has been side tracked in promotions. such person is needed for SAIL. he can turnaround SAIL within a year, and he will implement pension, wage revision etc in SAIL. he knows in and outs of SAIL.
A retd Executive