Home Scam/Fraud Blip in a Bleak Landscape or Harbinger of Change?

Blip in a Bleak Landscape or Harbinger of Change?

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Seven years after the promise of a clean and corruption-free government, some Indians are again drawing faint hope from two judicial orders this week. Are these orders a harbinger of change? Will fear of judicial action prevent wrongdoing? Or will these orders be rendered meaningless as they grind their way through repeated appeals and legal challenges?

 

The National Company Law Tribunal’s (NCLT’s) sweeping order on 30th August to freeze assets of the Dhoot family of Videocon, struck a blow against large corporate defaulters colluding with corrupt bankers and dodgy resolution professions. It asked Venugopal Dhoot for an affidavit listing the family’s movable and immovable property in India and abroad, directed depositories to freeze their shares and called on all banks and tax authorities to disclose and freeze the bank accounts, lockers, etc, of the family, including joint holdings. If implemented correctly, it could…

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