The National Company Law Tribunal (NCLT) on Monday rejected a plea by Torrent Investments -- one of the bidders for the Anil Ambani-promoted Reliance Capital -- that sought to halt the Committee of Creditors' voting to hold a second round of auction.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar.
The Mastercard Payments Summit will see thought leaders talk about futuristic solutions that can drive innovation in the industry and pave the path for a stronger digital economy.
The directive comes days after loan recovery agents of Mahindra Finance allegedly crushed a 27-year-old pregnant woman in Hazaribagh district in Jharkhand to death under a tractor. The agent was was forcibly taking the vehicle away for non-payment of dues, a senior police official had told PTI.
The central bank’s move came after reports that third-party loan recovery agents working on behalf of M&M Finance allegedly ran over a 27-year-old woman with a tractor in Hazaribagh district of Jharkhand, causing her death. The central bank added that it’s action is based on certain material supervisory concerns observed in M&M Finance with regard to the management of its outsourcing activities.
"In light of the recent tragic incident, we have stopped third-party repossessions and will further examine whether and how third-party agents will be used in the future," Ramesh Iyer, Vice Chairman and Managing Director, Mahindra Finance, said in the statement.
He also said that there is also a push towards the digital route, adding that new-age banking using technology has increased.
"Over a billion US dollars over the next five to 10 years," V Shankar, co-founder and CEO of Gateway Partners said on Monday when asked about his investment plans for India at the sideline of the Forbes Global CEO Conference in Singapore.
