Would anyone like to guess who is India's largest corporate defaulter? Think hard. It is not Mallya, NiravModi, Not even Essar-Ruia or Sandesara, JatinMehta etc. NO ACTION taken against him by strong GOVT of INDIA!!
This is a nice exercise in basic knowledge -- 1) a defaulter is NOT someone with a huge debt. You can have a MASSIVE and worrying borrowing but that is NOT a default. This one has filed bankruptcy!
Many people are touchingly clueless about the extent of corporate default. yes, a default of Rs 8000 crore (nirav), Rs10,000 crore (Mallya) is big, but we are talking about 15 times the amount (at least) and no muscular govt action! in fact SILENCE
And yes, now that you do the exercise of eliminating those that dont apply, many have got it right. Congratulations to those who did. It is gratifying that so many are aware... given the thundering silence over A NIL Payment going into 6 figures
But one question remains ... why aren't we outraged? Why dont we ask questions? Remember three close friends partying together? Forget the famous farmer. #Sahara too is not paying . NOBODY cares? AND THIS IS NOT POLITICAL. OPPOSITION is EVEN MORE SILENT
For those who want an update on extent of corporate loot of banks and puny recovery, read this series moneylife.in/tags/bankloot.…
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