Mid-sized and large manufacturing industries, infrastructure and other core sector companies in India are facing strong headwinds owing to the current economic situation and global macro factors. Addressing these issues, in a letter to RBI Governor Shaktikanta Das, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has sought relief for business houses/ corporate going through tough financial situations. They can only lend money to AAA rated borrowers, which are far and few," Goenka wrote in the letter. As usual, our legal system allows an appeal after appeals and large cases are still making rounds of NCLT and courts," wrote Goenka. This timely measure will go a long way in reviving sound businesses where promoters are fully committed," Goenka wrote in his letter.

Source: dna February 08, 2019 23:37 UTC