Letters to the Editor

This refers to your cover story on Larsen & Toubro (The New L&T, July 3). An excellent piece. The saga of L&T is a fine example of how Indians can build world class businesses at home provided they get the right opportunities. Indeed, L&T has clocked a stellar performance across diverse sectors as its Chairman A.M. Naik has pointed out. The immense contribution of L&T to India's economic development merits special mention. Its alacrity in retaining profitable business ventures and entering newer verticals such as defence, nuclear and aerospace in an effort to garner substantial revenues is highly commendable. The HR initiatives of L&T, too, deserve special mention. The company has focused on infusing fresh talent, retaining seasoned professionals, reducing attrition, and building a strong second rung with a concrete succession plan. L&T has done Indians proud and the company has succeeded against all odds. Its futuristic business plans will take it from strength to strength. It's on its way to becomeing an Indian MNC and a force to reckon with globally. - B. Rajasekaran, Bangalore

Debt Recovery: Credit Goes to RBI

This refers to your story on debt (Shedding Debt, June 19). The debt recovery tribunal (DRT), in fact, has not helped banks in recovering loans. It has not been able to dispose of cases expeditiously. Sometime back, SBI Chairperson Arundhati Bhattacharya had said that they had been fighting against Vijay Mallya in DRT since 2013. She further said that when the High Court issued an order to take possession of his villa in Goa within three months, the collector to whom the order was issued held eight hearings and went on leave. A significant development in the Indian corporate landscape is that the promoters have taken seriously the issue of repayment of borrowing and unlike in the past are selling assets/equity stake to do so. No doubt the credit goes to the RBI for cracking the whip, but the government's role - not interfering with the process of recovery to favour the promoters - should also not be ignored. - S.Viswanathan, Bangalore

Policies for Judicious Use of Water

This refers to your story on water crisis (The Rs 88,000-crore Opportunity, June 19). A very informative and insightful article. Everybody should read to understand the water condition of the country. The state governments must implement stringent water policies/regulations, which ensure the judicious use of water by all consumers (industrial/agricultural sector). We must preserve water for tomorrow. - Shivakumar Kinni, through e-mail

Corrigendum

This refers to our story on SKS Microfinance (Costly Setback, May 8). It was mentioned that SKS Microfinance was not given a small banks licence because it failed to get a "fit and proper" clearance from the concerned agencies. The story stated that one reason for not getting the clearance was that there was a CBI probe against Chennai-based Leasing Co and that Dilli Raj, who is president of SKS Finance, was earlier said to be a director of First Leasing.

Dilli Raj has clarified that while SKS Microfinance (now rechristened Bharat Financial Inclusion Ltd) failed to get a licence in September 2015, and there is a case filed against First Leasing, but he was not a director, key management person or shareholder of that company at any time. Indeed, Raj asserts that his period of employment with First Leasing was much earlier than the time of the alleged default by the said company under examination by the investigating agencies. Therefore, the reason to deny SKS Microfinance the small banks licence was not because of any case or complaint filed against him personally. We stand corrected.