In Bank Audit we study that NPA is biggest problem of banking system. To get rid of NPAs we have SARFESIA, Sale of NPAs, Corporate Debt Restructuring.
Now RBI has come up with BAZOOKA of all
"Strategic Debt Restructuring Norms", it is going to blow away defaulters.
As per RBI banks can convert there loan into equity shares upto 51% take control from promoters appoint temporary management, sell shares to new management and recover there money.
Within few weeks it has started happening and now Lenders of Lanco-Teesta power of 3500 crores plant will be converting loan into 51% equity shares " It made ET headlines few days back "
Budding CAs should be aware of these big changes in banking and finance sector.
m.economictimes.com/industry/banking/finance/lanco-lenders-to-acquire-teesta-hydro-power-through-debt-equity-conversion/articleshow/48417058.cms
- CA Kasliwal Ambar
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