Appropos the reports in BusinessLine (September 26), the Supreme Court verdict on candidates with a criminal background contesting in elections is as unique, decisive and epoch-making as it is a long overdue one. The apex court has directed political parties to display the pending criminal cases of their candidates who contest on their ticket on their official websites. The court has also urged Parliament to enact a strong legislation that makes it obligatory for political parties to remove leaders charged with “heinous and grievous” crimes, such as rape, murder and kidnapping, to name only a few, and refuse ticket to offenders in both parliamentary and assembly polls so as to cleanse political parties of leaders facing trial for serious crimes.

The nation hopes that the verdict is the first step in the process of breaking the crime-politics nexus which has its strong roots, traversing deep down the entire society. There are, however, two concerns surrounding the implementation of the verdict. First, in what manner the political parties try to circumvent these directions remains to be seen. And, second, we have many instances of voters with full knowledge of the colossal notoriety or proven criminal antecedents of candidates repeatedly electing them. This could undoubtedly be the outcome of the wily power and dazzle of money, which the candidate might be splashing in the election campaign.

At the same time, there are instances where the voters regret their choice and election of representative after seeing their third- rate character and behaviour in the public, post election. There should also be a new constitutional provision which gives the right to the voters to recall such elected representatives, who are accidental wrong choices and make a mockery of democracy.

N Vijayagopalan

Thiruvananthapuram

The Mallya saga

This is with reference to the article ‘The rise, fall and escape of Vijay Mallya’ (September 26). India is a poor country where ordinary people run from pillar to post for getting small loans to buy houses/vehicles and start businesses. However, using his political connections and fortunes Mallya was fortunate enough to get loans to the tune of ₹9,000 crore from various banks. He should not breach the trust the bankers imposed in him and must pay their dues. Public sector banks need funds for lending to small entrepreneurs, poor farmers, and ordinary people looking to buy houses, etc. A country with large-scale unemployment, poverty, and farmer suicides due to drought cannot afford public money to be siphoned off by wilful defaulters. Mallya says that he wants to live in peace with his family. But can the bankers involved in giving credit to Kingfisher Airlines and the employees of the airline who have not got their salaries sleep in peace? If Mallya does not want to become the poster boy of NPAs he should immediately offer his properties for sale and clear the banks dues.

Veena Shenoy

Thane

IL&FS crisis

The present crisis at IL&FS, one of the best NBFCs in the country at one time, should not be allowed to deteriorate to a Lehman Brothers-like episode. Being a systematically important NBFC, regulators such as the RBI and SEBI must take proactive steps before operational risk issues begin to have a cascading effect on the financial system. With huge borrowings, through a mix of short term and long term sourcing, the company’s focus over the years appears to have diverted to non-core areas and expanded in an unbridled manner through its numerous subsidiaries under single umbrella, throwing caution out of window but inviting risk through the doors.

The company is now paying the price for such a careless approach. Rating agencies might have looked the other way even when the company was putting its funds to risk. Otherwise, such a debacle could not have happened almost overnight without any sort of warning. Audit committee of the board, the external as well as internal audit mechanism, and even the regulators did not play their roles well enough, considering that IL&FS went on leveraging spree for nearly three decades.

RS Raghavan

Bengaluru

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