The D in the Crisis

‘A person who fails to fulfill a duty, obligation, or undertaking.’

By the way, that’s the definition on Google. But no matter wherever you would look that’s the definition you would get. The D word has been in the news lately. Albeit, for all the wrong reasons. You could hand it over to Vijay Mallya for giving it some swag and popularizing it more so than ever. 

A breed that has gained notoriety dreaded and feared most by lenders. A recent news article drew attention to one of the largest defaulter in the NSEL crisis hoarding money in Dubai. ARK Imports owes more than INR 700crs to investors and has parked most of the money in immovable assets in India and abroad, particularly Dubai. The investigating agency has arrested promoter of the company, Kailash Agarwal, for the second time. But Rhino skinned as they come, no offence to Rhino’s, Agarwal and his band of cronies have no intention to pay. This is the intention of most of the 24 Defaulters of the NSEL Exchange. The law and regulatory bodies surprisingly are yet to take any coercive stand against these. 

These defaulters go about their business as if above law. Scant regard for the law or those whom they have affected i.e. the investors, Defaulters seem be enjoying their spoils to the hilt. 

Keeps of law have to be thorough, fair and quick in their investigations to build watertight cases against such financial criminals. The courts must dispose cases on a fast track basis so justice is delivered and not prolonged.