Acting Chief Justice N.V. Ramana on Friday suggested to the commercial banks to take utmost care while sanctioning loans to the industrial managements.
The Chief Justice observed that it was not proper for the bankers to give away thousands of crores of public money to the industrial managements by merely scrutinizing property documents. Because of this, the banks were not only being cheated, but also there was no security to the public money, he observed.
Earlier, the Chief Justice auctioned the assets of eight defaulting companies and distributed the proceeds of Rs 10 crores among the banks, depositors and workers.
–Agencies