The Finance Ministry on Tuesday sent out a warning to wilful defaulters that they be better prepared to lose control of their companies and prodded banks to ask defaulting companies to change management.
“People who fall into the category of wilful defaulters, I think better start getting used to the idea that you are likely to lose control and management of your company if you are going to manage it badly. “Because it is much more than your equity which is at stake, it is the public money which is at stake,” Financial Services Secretary Rajiv Takru told the FIBAC banking summit here this evening.Takru said: “Banks must ask the company to change the management as the company is much more important than the fellow running it.”