DCHL is wilful defaulter, says Central Bank

Sep 11 2013, 15:55 IST
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SummaryDeccan Chronicle Holdings (DCHL) has been declared a wilful defaulter by Central Bank of India, which has referred the matter to the RBI

also initiate criminal proceedings, if necessary, against the guarantors and companies or seek a change in management.

A borrower who fails to repay a loan, despite having the capacity to do so or diverts and siphons off money can be declared a wilful defaulter. Bankers say a borrower is declared a wilful defaulter only after many rounds of consultations and after he has been given adequate time to explain his position. The bank submits the details of wilful defaulters to the RBI every three months.

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