KOTTAYAM: Calling the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act) a draconian law, Kerala Janapaksham chairman PC George on Friday urged the government to repeal it. The party will launch a statewide agitation against the Act on October 3.
According to George, the act has paved the way for financial institutions to outmuscle poor families. “No longer will the financially backward families find a means to fund the education of their children nor engage in agriculture,” he said.
“There is no leniency. If a person fails to make repayments for three consecutive months, it will automatically reflect in their CIBIL score. If the default goes beyond six months, the bank has been empowered to send a notice asking repayment within 60 days failing which they will confiscate the property of the said person,” he said.
The banks, he said, do not wait till the last date. “Within 40 to 45 days of sending the notice, the bank sends in its thugs disguised as officers and throws the entire family out on the streets. They have no compunction. Even if the officers find it inhuman, they can do nothing. If they don’t act upon the bank’s directive, they will have to face disciplinary action,” George said. The party has decided to take the agitation to the grass root level, he said. “People need to stand together to get this law removed.”On the bar bribery case, he said, his stand that K M Mani is guilty of accepting bribes from both sides stands vindicated.
“I have been saying since day one that Mani has taken money,” he said. “With the court throwing out all three investigation reports, I have been proved right. The government should conduct an investigation immediately and take legal action against K M Mani and his son Jose K Mani.”P C george urged K M Mani to come clean. “I am a witness to many of his dealings. So, I urge him to open up before the public,” he said.