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Indian companies owe trillions of rupees
Wednesday, 08 December 2004, 20:30 IST
NEW DELHI :Some 12,000 Indian companies owe a whopping 
7 trillion ($160 billion) to banks and financial institutions by way of defaulted loans, Minister Of State S.S. Palanimanickam told parliament .
A state-wise break-up of the defaulting companies he presented to the Rajya Sabha in response to a question showed that while 9,388 companies owed 10 million and above, 2,647 owed over 2.5 million.
Maharashtra tops the list of defaulters with a total of 2,638 owing 10 million and above and 558 owing upwards of 2.5 million.
The other top defaulters in the two categories respectively are Tamil Nadu (1,446 and 395), Andhra Pradesh (821 and 274), Gujarat (646 and 243) and West Bengal (646 and 123).
Palanimanickam declined to give details of the number of investors who had lost their "hard-earned money" in such companies and the amount they lost, saying that statutes governing financial institutions and obligations under the Fidelity and Secrecy Act barred divulging such information.
Source: IANS
7 trillion ($160 billion) to banks and financial institutions by way of defaulted loans, Minister Of State S.S. Palanimanickam told parliament .
A state-wise break-up of the defaulting companies he presented to the Rajya Sabha in response to a question showed that while 9,388 companies owed 10 million and above, 2,647 owed over 2.5 million.
Maharashtra tops the list of defaulters with a total of 2,638 owing 10 million and above and 558 owing upwards of 2.5 million.
The other top defaulters in the two categories respectively are Tamil Nadu (1,446 and 395), Andhra Pradesh (821 and 274), Gujarat (646 and 243) and West Bengal (646 and 123).
Palanimanickam declined to give details of the number of investors who had lost their "hard-earned money" in such companies and the amount they lost, saying that statutes governing financial institutions and obligations under the Fidelity and Secrecy Act barred divulging such information.
Source: IANS