mandate of reuniting assets of dead individuals with their successors," the panel said, while recommend that
financial literacy must be imparted to school students. "The committee believes that financial literary must be
introduced as a matter of pedagogy right from the school curriculum. Financial security of a society is as vital as
national security for a society to be robust. School and university curricula must be attuned to bring in a culture of
financial awareness and literacy. Earning, saving, investing, earning returns, and giving back to society are part of a virtuous cycle. The era of treating money with an unstated element of stigma must end," said the panel which included OP Bhat, former Bombay HC judge JP Devadhar, KV Kamat,<\/p>',BodyOverview:"https://m.timesofindia.com/india/deluge-of-info-given-by-companies-hit-investor-judgment-panel/articleshow/100432199.cms",AllowComments:!0,PreventNotRegisteredUsersToLeaveComments:!1,NumberOfComments:0,CreatedOn:"2023-05-23T11:51:00",Tags:["fintech"],Comments:[],AddNewComment:{CommentText:null,DisplayCaptcha:!1,Id:0,CustomProperties:{}},Id:4,CustomProperties:{}},{MetaKeywords:null,MetaDescription:"../Themes/EduVibe/Content/assets/images/blog/gallery/cars.jpg",MetaTitle:null,SeName:"startup-gomechanic-cooked-books-co-founder-admits-to-grave-errors-70-staff-sacked",Title:"Startup GoMechanic cooked books, co-founder admits to grave errors, 70% staff sacked",Body:'
Automobile after-sales service startup GoMechanic co-founder Amit Bhasin on Wednesday admitted to errors in financial reporting, following which a forensic audit has been ordered and a business restructuring undertaken which will see 70 per cent of the 1,000-odd workforce being laid off. Nearly two years after it raised a mammoth USD 42 million in funding, it emerged that GoMechanic cooked its financial books by inflating revenues.<\/p>\r\n
In a post on LinkedIn, Bhasin said founders got "carried away" in their quest for exploring opportunities to grow.
"Our passion to survive the intrinsic challenges of this sector, and manage capital, took the better of us and we made errors in judgment as we followed growth at all costs, including in regard to financial reporting, which we deeply regret," he wrote without giving details of the misreporting.
A forensic audit has been ordered to gauge the magnitude of the financial misreporting.
Besides the retrenchments, the startup has reportedly asked the remaining employees to work without pay for the next three months.
"We take full responsibility for this current situation and unanimously have decided to restructure the business while we look for capital solutions," Bhasin wrote.<\/p>',BodyOverview:"https://www.businessinsider.in/business/startups/news/startup-gomechanic-cooked-books-co-founder-admits-to-grave-errors-70-staff-sacked/articleshow/97087053.cms",AllowComments:!0,PreventNotRegisteredUsersToLeaveComments:!1,NumberOfComments:0,CreatedOn:"2023-01-18T20:42:00",Tags:["fintech"],Comments:[],AddNewComment:{CommentText:null,DisplayCaptcha:!1,Id:0,CustomProperties:{}},Id:5,CustomProperties:{}},{MetaKeywords:null,MetaDescription:"https://im.indiatimes.in/content/2022/Jul/At-Rs-24-Lakh-Crore-Willful-Loan-Defaults-In-India-Higher-Than-The-GDP-Of-87-Countries-Says-Report_62d9236462298.jpg?w=1100&h=535&cc=1",MetaTitle:null,SeName:"at-rs-24-lakh-crore-willful-loan-defaults-in-india-are-higher-than-87-countries-gdp-says-report",Title:"At Rs 2.4 Lakh Crore, Willful Loan Defaults In India Are Higher Than 87 Countries' GDP, Says Report",Body:'
The amount owed by wilful defaulters to Indian banks has risen more than ten-fold over the past decade, from Rs 23,000 crore on March 31, 2012, to Rs 2.4 lakh crore on May 31, 2022.<\/p>\r\n
For the uninitiated, the RBI defines willful defaulters as people who had the capacity to repay their loans but chose not to. Companies that use funds for purposes other than what the loans were originally granted for are willful defaulters as well.<\/p>\r\n
Data from credit bureau TransUnion Cibil shows that the defaults <\/a>had surged to nearly Rs 2.6 lakh crore in March 2021, but have come down a bit since then. The data pertains only to those accounts in which suits have been filed against willful defaulters with outstanding amounts of Rs 25 lakh or more. As of May 31st 2022, there were more than 12,000 such defaults in India, as per TOI.<\/em><\/p>\r\n <\/p>\r\n This massive amount of Rs 2.4 lakh crore is 2.7 times the allocation of Rs 86,200 crore to the health ministry and nearly twice as much as the Rs 1.4 lakh crore allocated to the rural development ministry that funds the rural jobs scheme under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).<\/p>\r\n The report mentioned that this Rs 2.4 lakh crore translates into $29.7 billion, which is higher than the GDP of 87 countries<\/span>.<\/p>\r\n <\/p>\r\n According to the report, Vijay Mallya and Nirav Modi did not make it to the list of the top wilful defaulters in India<\/span>. These include many tax haven countries which typically have small GDPs.<\/p>\r\n As per the RBI data mentioning the consolidated amounts owed by people or companies who had at least one account in which they defaulted for Rs 100 crore or more, the ABG Group<\/a> promoted by Rishi Agarwal and others tops the list. The company\'s seven loan accounts in different banks add up to Rs 6,382 crore of willful defaults.<\/p>\r\n Amtek Auto and its subsidiaries, promoted by Arvind Dham, are second with willful defaults of Rs 5,885 crore. Brothers Nitin and Chetan Sandesara, who have been on the run for a few years now, are third on the list with the consolidated default of their company, Sterling Global Oil Resources and its subsidiaries amounting to Rs 3,757 crore.<\/p>\r\n <\/p>\r\nVijay Mallya & Nirav Modi Not The Top Defaulters<\/strong><\/h2>\r\n