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NEWSNOTES
Biting the Hand that Feeds

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usm-red.gif (836 bytes)Biting the hand
CII industrialists default on loan repay
usm-red.gif (836 bytes)Women's bill tabled
Fresh problems likely
usm-red.gif (836 bytes)Cogentrix power project
The Cogentrix Power project if allowed to go through would place a Rs. 40,000 crores extra burden on the people of the country.
usm-red.gif (836 bytes)CPI(M) Opposed signing of CTBT
CPI(M) delegation met the prime minister at today and apprised him of the Party’s opposition to the idea of the government of India signing the Comprehensive Test Ban Treaty (CTBT)

Staff Correspondent

It’s strange how top captains of industry who are members of the Confederation of Indian Industry (CII) have themselves defaulted on loan repayment to nationalised banks and themselves later gone on record suggesting the closure of these establishments on the grounds of huge losses.

These CII chieftains owe more than Rs 25 crores to the nationalized banks and other financial institutions, making this almost half the total outstandings.The labour unions of these banks have now issued a paper saying that the names of these industrialists be made public by the government and that steps be taken immediately to ensure that the loans are repayed.

The big players like Tata and Birla are also in the list with the Tisco managing director J.J.Irani himself being a chief defaulter with the Birla India Steamships Limited also having arrears accruing to nationalised bank. The other names are those of Chhabria, Singhania and Dalmia, by any reckoning making this a who’s who of Indian industry.