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In this episode of his editorial, Mr. Sujit Nair delves into the intriguing topic of Sunny Deol's bungalow being removed from the auction. The initial reason for putting the bungalow up for auction was Sunny Deol's failure to make the necessary payments he owed. This is an issue that has garnered attention due to its connection to a well-known public figure.
However, Mr. Nair goes beyond the celebrity angle to address a broader societal concern – the harassment faced by ordinary citizens at the hands of bank agents when they are unable to meet their financial obligations. This issue is often overlooked but affects countless individuals who may not have the resources or fame of someone like Sunny Deol to draw attention to their plight.
Mr. Nair likely discusses the emotional and financial stress that the common person experiences when dealing with relentless efforts from banks to recover unpaid dues. This might include constant phone calls, letters, or even legal actions that can significantly impact an individual's well-being and financial stability.
Moreover, he might explore the mechanisms in place for resolving such situations, including the role of banks and regulatory authorities in ensuring a fair and reasonable approach to debt recovery. He may also shed light on potential reforms or policies that could protect the rights and dignity of individuals facing financial difficulties.
Overall, Mr. Sujit Nair's editorial appears to not only analyze the Sunny Deol case but also serves as a platform to bring to light the challenges faced by the common person when dealing with financial institutions and debt-related issues, emphasizing the need for a more compassionate and balanced approach to debt recovery in society.
#SunnyDeol #BJP #BankOfBaroda #Duespaid #CommonMan #Celebrity #Auction #Bollywood #Haircut #Loan #EMI #Debt #Extortion #Gadar2 #Gadar #HWNews #SujitNair
https://linktr.ee/sujitnair
In this episode of his editorial, Mr. Sujit Nair delves into the intriguing topic of Sunny Deol's bungalow being removed from the auction. The initial reason for putting the bungalow up for auction was Sunny Deol's failure to make the necessary payments he owed. This is an issue that has garnered attention due to its connection to a well-known public figure.
However, Mr. Nair goes beyond the celebrity angle to address a broader societal concern – the harassment faced by ordinary citizens at the hands of bank agents when they are unable to meet their financial obligations. This issue is often overlooked but affects countless individuals who may not have the resources or fame of someone like Sunny Deol to draw attention to their plight.
Mr. Nair likely discusses the emotional and financial stress that the common person experiences when dealing with relentless efforts from banks to recover unpaid dues. This might include constant phone calls, letters, or even legal actions that can significantly impact an individual's well-being and financial stability.
Moreover, he might explore the mechanisms in place for resolving such situations, including the role of banks and regulatory authorities in ensuring a fair and reasonable approach to debt recovery. He may also shed light on potential reforms or policies that could protect the rights and dignity of individuals facing financial difficulties.
Overall, Mr. Sujit Nair's editorial appears to not only analyze the Sunny Deol case but also serves as a platform to bring to light the challenges faced by the common person when dealing with financial institutions and debt-related issues, emphasizing the need for a more compassionate and balanced approach to debt recovery in society.
#SunnyDeol #BJP #BankOfBaroda #Duespaid #CommonMan #Celebrity #Auction #Bollywood #Haircut #Loan #EMI #Debt #Extortion #Gadar2 #Gadar #HWNews #SujitNair
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NewsTranscript
00:00 Namaskar.
00:01 Welcome to another episode of editorial.
00:06 I want to talk to you about a loan that Sunny Deol had taken from Bank of Baroda and couldn't
00:12 repay it back.
00:13 But that's not my story.
00:15 Through that story, I want to talk to you about our insolvency and bankruptcy code,
00:24 our haircuts that the bank gives to lenders.
00:28 I want to talk about suicide cases that happened because the lender couldn't pay back the borrower
00:35 money.
00:36 And I want to talk to you about Oxfam report once again.
00:39 So a lot of things, but all of these are connected.
00:45 Let's talk about that.
00:47 Let's get right to the show.
00:52 So actor Sunny Deol had taken a loan of 56 crores from Bank of Baroda, which he couldn't
00:58 pay back.
00:59 He has not paid back, according to Bank of Baroda, he has not paid back since December
01:03 26th, which is last year December 26th.
01:08 So the bank had put up the bungalow, his bungalow, which he possibly must have given as mortgage
01:17 or collateral.
01:18 They put up the bungalow for e-auction.
01:22 Mind you, Sunny Deol not paid 56 crores and the bungalow was put up for e-auction by Bank
01:29 of Baroda.
01:30 Sunny Deol is a Bharatiya Janata Party MP baba, so his bungalow being put up for e-auction?
01:38 Cut, cut, cut, cut, cancel, cancel, cancel!
01:42 Bank of Baroda said no no no!
01:44 In fact, Bank of Baroda had a corrigendum issued, that is an error or correction issued
01:50 and comes a day after Bank of Baroda issued the e-auction notice saying that the sale
01:55 notice in respect to Mr. Ajay Singh Deol, that is Mr. Sunny Deol stands withdrawn due
02:01 to technical reason.
02:03 Bank of Baroda said no no no, sorry, sorry, sorry, sorry, mistake, mistake, mistake, I
02:07 am taking back my e-auction notice and all that, I have no notice.
02:16 Now in so many years, maybe I am wrong, maybe I am wrong, but in so many years, I have not
02:23 heard or seen Bank put up e-auction for a man's bungalow, a man's residence and then
02:31 say, oops, mistake, mistake, mistake, cancel, I am taking it back.
02:34 I have not seen that happen before.
02:36 And if a Bank of Baroda like Bank can do it so easily, make mistakes by auctioning some
02:42 people's house, do you think that they are a bank that is even capable of banking in
02:48 India?
02:49 I mean, is that how fliverlessly they send notices to people?
02:53 Now, they have to decide, they have to decide, either there are pressures that made them
02:59 withdraw the case, could be, I am not saying there is, could be, and they said there is
03:04 a technical mistake, which they do not say, what technical mistake?
03:07 Technical mistake could be my computer printed wrong name, technical mistake could be my
03:11 computer person didn't know how to punch names, technical mistake should be, it was supposed
03:17 to be some other mission, other devil and it became this devil, that could be technical
03:21 mistake.
03:22 Technical mistake would be that, you know, somebody else's loan has been given in his
03:26 name and his loan has been given in somebody else's name, technical mistake could be anything.
03:32 And this technical mistake happened and it is not that one fine morning they say, "Acha
03:36 usko notice bejne ka, bejo, aisa nahi hota hai", there is a process that happens.
03:40 Technical mistake happened, the process, the bank went through the entire process of e-auctioning
03:44 and then they say, "Oops, technical mistake".
03:47 Now, you decide whether it is a technical mistake or not technical mistake, anyway,
03:51 that is not my topic of debate.
03:53 Sunny Deol's 56 crores is not the topic of my debate.
03:57 The topic of my debate is, would this treatment be given to a common man?
04:06 The topic of my debate is, why is that only rich people and rich, famous, politically
04:12 connected, when I say politically connected, I mean politically connected to Bharatiya
04:15 Janata Party, the ruling government, why are only these kind of people getting the treatment?
04:21 Why don't I see a news article where I say that, you know, some ex-poor man whose house
04:25 was going to be mortgaged, but then they said, "No, there's been a technical error and it
04:29 was not mortgaged".
04:30 Why don't we hear news like that?
04:32 Why is it only about rich and famous?
04:36 Why is it only about rich and famous?
04:38 Now, the point is, let me give you some few data, few figures, like we usually do.
04:45 You see, bank continues to reel under large haircuts with an average of rupees 69 going
04:54 towards losses for every 100 rupees of their claims admitted towards resolution of stressed
05:01 assets under the IBC process.
05:04 Latest IBBI data for end of June 30th showed, IBC is Insolvency and Bankruptcy Code and
05:13 IBBI is Insolvency Bankruptcy Board of India.
05:18 I am just giving you the full forms.
05:20 Out of every 100 rupees that is admitted for claims, 60 rupees is lost.
05:27 This is your bank.
05:29 This is your bank.
05:30 Now, 60 rupees loss, whose loss?
05:34 Your loss.
05:35 Your loss.
05:36 So, the first point I want to make is, this is how bank collects money, your money, the
05:41 money you deposit in the bank, this is how bank collects money.
05:46 Now, let's get into some more data.
05:49 Before I get into another point of mine.
05:51 Now, according to, like again, the IBBI report, like I told you, the Insolvency Bankruptcy
05:58 Board of India report, April to June 2022, the admitted claims were 10,697 crores.
06:07 The total realizable value, the total realizable value was 1145 crores.
06:16 Realizable value as of percentage of admitted claims is 10.7 percent.
06:21 Out of the admitted claim, only 10.7 percent value was realized.
06:26 This is the status of our bank.
06:28 Now total till June 2022, the total admitted claim, according to IBBI is 7,67,385 crores,
06:41 out of which the realizable value is 2,35,094 crores and the value realized in terms of
06:49 percentage versus the claim is 30.64 crores, which technically means almost 69 percent,
06:57 69 percent of money gone.
07:00 Swaha.
07:01 So, that's the status.
07:03 Okay, now some of the key factors that are contributed to the plummeted recovery under
07:10 IBC is delay in processing of insolvency.
07:14 The prime reason for this delay are non-filing of vacancies at the tribunal, rise in the
07:21 backlog of cases before the tribunal, insufficient knowledge and training of the stakeholders.
07:27 These are the reasons why the collection is bad.
07:32 Generally speaking, a lot of management lethargy.
07:36 Isko hum side mein rakhte hai.
07:39 Let's keep this aside.
07:40 In fact, yeah, before that, let me also give you one point on what the expert says.
07:45 The expert says that the insolvency law experts say that current trends of large haircuts
07:51 calls for urgent regulatory changes to introduce the concept of benchmark for the quantum of
07:57 haircuts in the resolution plan.
08:00 You see, before I get into my next part of the editor, let me explain.
08:08 The banks take it easy.
08:11 The banks take it easy.
08:13 There is a lot of lack of knowledge amongst the stakeholders.
08:16 The processes are not followed and if they are followed, it is delayed.
08:20 There is backlogs.
08:22 So things are taken very easily.
08:25 Therefore recoveries don't happen.
08:27 Therefore recoveries don't happen.
08:29 Now what does the expert say?
08:30 Expert says that, listen, you know what, you know why?
08:33 There has to be some amount of line given for huge haircuts.
08:38 You are giving huge haircuts to people, people who borrow money.
08:41 There has to be some kind of a capping.
08:44 This can't be that kuch bhi, you know, whatever amount of money and we give haircuts.
08:48 Aisa nahi ho sakta hai.
08:50 Okay, now let's keep all of this aside.
08:53 So you are getting haircuts.
08:55 Big companies get haircuts.
08:56 Like I told you, the recovery is almost 69% is money is gone.
09:02 It's only 30 point whatever 98% recovered.
09:05 All of that we know.
09:07 Now who gets this benefit?
09:10 Who doesn't pay money?
09:13 Do you know any friends of yours who have taken money from the bank and who didn't pay
09:17 it and they didn't get people coming to their house, recovery agents coming to their house?
09:22 Their vehicles being taken, their scooters being taken, their houses being taken, their
09:26 cars being taken, their jewelries being taken.
09:29 Do you know of anybody who that has not happened?
09:34 That's the point.
09:35 The haircuts are not given to common people.
09:40 The haircuts are given to the rich, to the super rich.
09:46 He or she is the one who gets the haircut.
09:48 People who have got tons of money, who loots the bank, who defrauds the bank, makes more
09:55 money, shows thinga to the bank and the bank goes around here and there a little, then
10:02 gives him huge haircut and takes a little out of it and goes back home happily and everything
10:09 is happy ever after.
10:12 But that man, that man who has taken money for a scooter because he could save some money
10:18 in public transport to go to his office, that scooter fellow, if he doesn't pay his EMI
10:22 on time, there goes his scooter.
10:27 The bread earner loses his job or her job.
10:32 She couldn't pay EMI, there goes her house.
10:37 Bread earner.
10:38 You see, I had done a program where a single woman, a woman who had lost her husband, one
10:47 night she had called, she was panicking because she was called by these collection agents
10:54 and they said that we will send police to your house.
10:57 We will send police to your house.
10:59 You are going to be arrested right now or pay right now.
11:02 This was right, plonk in the middle of the COVID.
11:06 She went around with her jewellery in the building saying that please buy my jewellery
11:09 and pay me money or police will come to arrest me.
11:13 It was all a fraud.
11:14 I had called up that number in front of you all.
11:16 I had called up that number.
11:17 I did an editorial also on that.
11:19 I had called up that number.
11:20 I categorically proved that they were all frauds.
11:24 I had done that show.
11:26 That show is there in the channel.
11:28 You can watch it.
11:29 I will give you some more stories.
11:31 A lawyer in Girgaum was harassed and threatened by loan recovery agents for more than four
11:36 months after the neighbour put her number on loan documents without her authorization.
11:42 She didn't take loan.
11:43 She was just given, you know, she was a witness and that lawyer was threatened.
11:50 A debt stricken couple died by suicide.
11:53 The story is of 2023, July 3rd.
11:57 A debt stricken couple allegedly died by suicide after being harassed by loan recovery agents
12:03 of microfinance companies at Anla Jodi village in Kanas, police limits.
12:09 This happened on, like I told you, on 3rd of July.
12:12 I will tell you some more stories.
12:14 A 47 year old man allegedly died by suicide in sector 7 after being harassed by three
12:21 loan recovery agents, police said.
12:25 People die.
12:26 A common man commits suicide.
12:28 An 18 year old student allegedly ended her life by hanging herself from the ceiling fan
12:34 in her house in Nandigama in Andhra Pradesh because she was upset over her family's financial
12:42 situation and alleged harassment by loan recovery agents over non-payment of dues by her father.
12:50 These are stories.
12:51 This is what happens to common Indians.
12:53 This is what happens to common Indians.
12:56 This is what happens to Sunny Deol and rich Indians.
13:00 This is the thing that I wanted to show you.
13:02 This is the difference that I wanted to show you.
13:04 This is why I say a common Indian is children of a lesser God.
13:09 A common Indian is children of a lesser God, is a child of a lesser God.
13:13 For the simple reason that a common Indian doesn't pay recovery agents, police, law,
13:18 judge, everybody.
13:19 And rich man doesn't pay, he gets haircut.
13:22 He gets haircut or he settles around in London.
13:26 Kya farag padta hai?
13:28 Kya farag padta hai?
13:30 Okay.
13:31 I have proven two, three things, two things to you.
13:34 One is the fact that how a rich can get away by taking money, not paying, kuch nahi hota
13:38 hai, how the rich gets away and haircut, fair cuts and all.
13:41 I have shown you that.
13:42 I have said how poor commit suicide because they couldn't pay loan.
13:46 Now let me tell you the third factor.
13:47 That is the Oxfam factor.
13:48 Now let us come to Oxfam.
13:51 Richest 1 percent of India owns more than 40 percent of nation's wealth, says Oxfam
13:58 report.
13:59 1 percent of India owns 40 percent of wealth in India.
14:04 Billionaires' fortune increased by almost 10 times over the decade and their total wealth
14:11 is higher than the entire union budget for the fiscal year 2018-2019, which was 24,422
14:20 billion according to the report, according to Oxfam report.
14:24 Being one of the fastest growing economies and the aspiring world power, India is one
14:29 of the most disparate countries, notes Oxfam report.
14:34 Wealth inequality has sharply risen in India, which is already fragmented along the lines
14:42 of caste, gender and religion, Oxfam report.
14:47 The report notes that the richest have been able to accumulate surplus wealth while millions
14:53 of poor continue to struggle for minimum wages, quality of education, access of health care
15:00 services and housing rights.
15:03 The rise of the richest comes most at the cost of women and children, as education and
15:10 health care services suffer from chronic under-investment and budget cuts, Oxfam report.
15:17 Oxfam report terms present times as living through an unprecedented movement of multiple
15:23 crises where tens of millions of people are facing hunger, the drastic climate breakdown,
15:29 hundreds of millions of people struggling with impossible raise in the cost of basic
15:33 goods, or heating their homes.
15:36 While climate breakdown is crippling economies, leading to frequent droughts, cyclones and
15:42 floods causing internal and external displacement, the industrialists and capitalists continue
15:49 to rejoice the benefit of their doing.
15:52 You know, three points, like I always said, one person has 40% of wealth and that's going
16:00 to grow.
16:01 Secondly, I spoke to you about all this 5 trillion economy, you know, all of this, it's
16:08 not going to help the common man.
16:11 It is not helping the common man.
16:14 There is huge disparity between the rich and the poor.
16:18 All this 5 trillion and 10 trillion and 100 trillion and all will make richer and more
16:22 richer and more richer.
16:26 The poor will still try and find it difficult to have their two square meals.
16:34 Climate change, environmental change, all these affects the poor.
16:39 Though much of it is created by the rich, but it affects the poor.
16:42 It doesn't matter to the rich.
16:44 The rich is still happy making a lot of money.
16:50 The rich, like I told you, gets haircut, gets that cut, gets this cut, gets all the facilities.
16:57 A poor, he doesn't even get his Mananega wages.
17:02 He doesn't even get his Mananega wages.
17:05 And that's what I'm questioning about.
17:06 I am not bothered about Sunny Deol or whatever money he took and he gave back or he may give
17:11 back also, he's now a rich man.
17:13 But the point is what I'm trying to take is I'm trying to take that as a case in point
17:16 to just put a case in front of you.
17:20 That how a rich can get away, how the bank can say, "Corrigendum, sorry, oops, mistake
17:26 ho gaya, this, I take back my e-auction notice."
17:33 But a poor commits suicide.
17:37 And I want to talk to you about Oxfam because I want to say that the reason why there is
17:43 disparity, there is reason why the rich gets richer and the poor gets poorer is because
17:47 the poor, if he takes 100 rupees, he will be killed if he doesn't pay that 100 rupees.
17:52 His life will be made miserable if he doesn't pay 100 rupees.
17:56 He has to sell everything that he has if he doesn't pay that 100 rupees back.
18:00 But if the rich takes it, a rich takes 10,000 rupees, nothing happens to him.
18:03 Out of which maybe if he doesn't pay, he'll end up paying, he'll get a haircut and according
18:08 to whatever reports, he would end up paying possibly what, 300 rupees out of the 10,000
18:12 rupees or 3000 rupees out of the 10,000 rupees.
18:16 This is the difference.
18:17 This is the difference, the way we are treating our rich and we are treating our poor.
18:23 And if you do continue to do that, this wedge will only grow.
18:30 Last but not the least, even in this program, I beg of the government, please pay Manreka.
18:36 Please pay Manreka because that is the only, only social security that a rural poor has.
18:44 The only social security that a rural poor has.
18:49 Don't take that away.
18:51 Don't take that away.
18:54 So a rural poor doesn't get his money and the rich is being given haircut.
18:58 How fair is this?
19:01 That's the point I wanted to make through this editorial.
19:04 Before I end, Oxfam was raided on 20th of April, 2023 by the Central Bureau of Investigation.
19:13 How long will we kill the messenger?
19:16 Till I see you next time, Namaskar.
19:20 [MUSIC]
19:30 [MUSIC]
19:35 (dramatic music)