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It is unfortunate that the Finance Ministry is mulling over cheque-bounce cases and considering an alternative mechanism before launching prosecution. If the reason for this is due to the large pendency of cases, the remedy is to establish more courts to deal with such cases.
Action under Section 138 of the Negotiable Instruments Act has been a real deterrent to persons issuing cheques without any intention to honour them or without adequate balance in their accounts.
This action should not be diluted by bringing in a dispute resolution mechanism.
G.V.Raman
Executive Chairman
Shriram Group Companies.
Walmart lobbying
With regard to BJP and Left demanding a probe into Walmart’s lobbying spend ( Business Line , December 11), it is a fully justified demand. The sustained efforts of the government to allow FDI in multi brand retail gives room for suspicion that the government might have yielded to pressure from the retail giant and the US.
The admission by the company about having spent Rs 125 crores on lobbying including in India is reason enough for the opposition to demand a probe.If indeed India had yielded to lobbying, it is a matter for worry that the country may be pressured to agree to other matters in similar fashion.
T.R.Anandan
Coimbatore
CORRECTION
The author of the article “Credit tap runs dry for small biz” ( Business Line , Dec 12) is Ramakrishna Nisthala, Founder and COO, Vistaar Financial Services Limited, and not Avishek Gupta of IFMR Capital, as published. The error is regretted.
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