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Nomination-its benefits & implications

Mr. Vijay, died of road accident leaving his young wife and two children.   He was working in a private firm for the past 12 years. The family was crestfallen due to sudden loss of the head of the family.  Sheela, wife of Mr. Vijay, a homemaker took courage to manage the situation.  Sheela called on Mr. Vijay's employer to enquire about the status of PF and gratuity of her husband.  To her surprise,  Mr. Vijay has nominated his mother as the nominee for his PF and gratuity dues, who has already expired long back. The HR Manager expressed his inability to help her immediately, but took the details from her to  inform  about the terminal dues. Back home empty  handed  she  started searching for investment and other details of her late husband.   She found a Pass book of SB account, some Fixed Deposit receipts, NSCs etc.,    She  heaved a sigh of relief, after seeing the details of Mr. Vijay's investment...
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Insolvency and Bankruptcy Code

Borrower Beware The latest total NPA figures of banks in India has reached a whopping Rs. 7.10 Lakh Crores, which is clearly alarming.  Banks which have breached the thresholds set by the Government of India have been placed under PCA (Prompt Corrective Action).  Many defaulting borrowers have enjoyed interest concessions, partial/full write off of debts which have greatly harmed the balance sheets of banks. NPAs and provisioning have steadily eroded their capital at a time when they are gearing up to meet the stiffer Capital Adequacy norms under BASEL III.   What has led to this sorry pass? There has been no dearth of legislations:  a) Civil Procedure Code 1908, b) Sick Industrial Companies (Special Provisions) Act 1985 c) Recovery of Debts due to Banks and Financial Institutions Act. 1993. d) Securitisation, Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI). But these laws have proved ineffective in combating the ...
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