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SC asks MoF: Why aren’t PSUs cashing in corporate bank guarantees?

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New Delhi: The Supreme Court on Monday (July 20) asked to know from the finance ministry, why Public Sector Undertakings are not invoking the bank guarantees provided by big corporate houses. The bench was informed by a petitioner that this inaction by PSUs was resulting in losses amounting to Rs 1,900 crore to the public exchequer.

The bench, comprising Justices Rohinton Nariman and Navin Sinha, was hearing a petition filed by Saurabh Jain. The bench has directed the ministry to consider as representation the question raised in court.

On perusing the writ petition, the bench was of the view that that the Ministry of Finance itself has, by a Circular, directed personal guarantees issued by promoters/managerial personnel to be invoked. However, the same has not been done.

The bench has allowed the petitioner to withdraw the petition directed the court and to make a representation before the Ministry of Finance within a period of two weeks. The bench further directed the Ministry of Finance to reply to the said representation within a period of four weeks after receiving such representation.

Read the order here;

Saurabh-Jain-vs-UOI

-India Legal Bureau

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