Top ten defaulters, including Daewoo Motors and Malvika Steel Ltd, owe scheduled commercial banks Rs 3908.96 crore (Rs 39.09 billion), Finance Minister P Chidambaram said in New Delhi.
"As on March 19, 2004, a total amount of Rs 2,47,210 crore (Rs 2,472.10 billion) of scheduled commercial banks is outstanding against big and medium industry. Top ten defaulting companies owe about Rs 3900 crore (Rs 39 billion) to various banks," he said in a written reply to a question in Rajya Sabha.
Daewoo Motors India Ltd owes Rs 373.63 crore (Rs 3.74 billion) while Malvika Steel Ltd owes Rs 1037.59 crore (Rs 10.38 billion). Other big defaulters include Mardia Chemicals Ltd {Rs 561.05 crore (Rs 5.61 billion), Lloyds Steel Industries Ltd {Rs 307.42 crore (Rs 3.07 billion), Mardia Steels Ltd {Rs 284.58 crore(Rs 2.85 billion), Indian Charge Chrome Ltd {Rs 284.20 crore (Rs 2.84 billion), Shrishma Fine Chemical and Pharmaceuticals Ltd {Rs 275.43 crore (Rs 2.75 billion), Altos India Ltd {Rs 263.93 crore (Rs 2.64 billion), JCT Electronics Ltd (Rs 261.95 crore {Rs 2.62 billion) and Lloyd Steel Industries Ltd {Rs 259.18 crore (Rs 2.59 billion).
"Banks made concerted efforts to recover over dues. In this regard, Government of India and Reserve Bank of India have also stipulated certain steps for recovery of loans, including arrears which inter-alia include evolving and implementing a recovery policy by banks, filing of suits in civil courts/DRTs, compromise settlement and monitoring and follow up of NPAs at various levels," he said.
A Credit Information Bureau has been set up to disseminate information on borrowers among the banks. Corporate debt restructuring scheme has been put in place to provide a transparent mechanism for restructuring of corporate debts of viable entities facing problems due to international and external factors.
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