The
Chief Minister Punjab,
Sub;-
increase in Government revenue;
Dear
Sir,
1.
Section 14 of Securitisation and reconstruction of financial assets and
enforcement of security interest Act 2002 (SERFEASI) states as under;-
“14.
Chief Metropolitan Magistrate or District Magistrate to assist secured creditor
in taking possession of secured asset;
(1)
Where the possession of any secured assets is required to be taken by the
secured creditor or if any of the secured asset is required to be sold or
transferred by the secured creditor under the provisions of this Act, the
secured creditor may, for the purpose of taking possession or control of any
such secured asset, request, in writing, the Chief Metropolitan Magistrate or
the District Magistrate within whose jurisdiction any such secured asset or
other documents relating thereto may be situated or found, to take possession
thereof, and the Chief Metropolitan Magistrate or, as the case may be, the
District Magistrate shall, on such request being made to him--
(a)
take possession of such asset and documents relating thereto; and
(b)
forward such assets and documents to the secured creditor.
(2)
For the purpose of securing compliance with the provisions of sub-section (1),
the Chief Metropolitan Magistrate or the District Magistrate may take or cause
to be taken such steps and use, or cause to be used, such force, as may, in his
opinion, be necessary.
2.
Every day some or the other bank is seeking help of state of Punjab for recovery
of its dues. The market value of share of several banks is several hundred
times its face value of Rs10/- and their profits are also several thousand
crores. State of Punjab which is helping the banks to increase their profits is
in perpetual loss/deficit though their officers be it DC or Tehsildar or police
is working for these commercial organizations free of cost. It is morally not
correct.
State
of Punjab should charge 5-10% of the amount of recovery from Banks before its
officers help Banks to increase bank’s profits and bank’s share values.
KD
Aggarwal
26th June 2010
