Draconian - A Sarfaesi Act Or The Bank

The Securitisation Act is not draconian as apprehended by many. Mr.Kapil Sibal the present
Union Minister of Communications and Information Technology was the one who first tagged
the SARFAESI Act, 2002 as draconian during his arguments in the Supreme Court when he
represented for M/s.Mardia Chemicals Ltd challenging the validity of the said Legislation in
2004. The way things have evolved since then it can be openly said and proved that it is the
enforcers who are draconian in misusing the statute applying all such illegal methods under a
legal clout with the sole intention to make the borrower remediless.
We are soon going to post all such painful experiences of the SME borrowers preferably in the
You-Tube for the world to witness the instances where the Banks have behaved in such illegal
manner against the provisions of Law as well as the guidelines of the RBI.
We at drtGuru shall canvass all such grievances of the Industrial borrowers and expose the
misuse and abuse of the SARFAESI Act by the Banks.
Seizing the collateral assets under the Act with the assistance of the Recovery Agents who are
nothing but goons acting the role of muscle to the Banks and selling the collateral assets at
below 30% of the market value to phoney auction purchasers who in return are members of
organised syndicates stashed with huge unaccounted money belonging to corrupt politicians
and bureaucrats. The Presiding Officers of the Debt Recovery Tribunals not only turn a blind eye
to these illegalities but sometimes also pass judgments that fraud cannot be tried by the
SARFAESI Act.
Hence it is the enforcers of the SARFAESI Act who are draconian and not the Securitisation
Act as misconceived by many.