SARFAESI: Chamber anguished over government’s shoddy response

KCCI President Mushtaq Ahmad Wani.

KL News Network

SRINAGAR

The Kashmir Chamber of Commerce & Industry in an emergency meeting expressed deep anguish at the shoddy and clandestine manner in which the state Government contested the case regarding the SARFAESI Act 2002 in the apex court.

The judgment of the Apex Court severely impacts the constitutional position of the State and would have far reaching consequences for the autonomous character of the State, Chamber said in a statement.

The KCC&I stated that it was the duty of the successive governments of the state to enact an corresponding act in the state assembly for protection of the security and financial assets of all the Banks operating in the State. The failure to do so has resulted in a situation which now threatens the very constitution, autonomy and the special status of the state. The banks have been forced to take the only remedy of SARFAESI Act to protect their assets and securities from willful defaulters. The Kashmir Chamber has always stood against willful default.  The governments have willingly or unwillingly created such grounds which has jeopardized the fragile peace of the State. The casual conduct of the State in contesting the case casts doubts in the minds of the common people and rightly so.

It has been given to understand that the State has failed in its duty to bring the correct constitutional position before the Supreme Court. The state has remained casual in defending the case as is indicated by the reported absence of any senior advocate or even the advocate general of J&K State in the Apex Court. The no objection given by the State counsel to the application of the SARFAESI Act 2002 in the State of Jammu and Kashmir requires for the State to explain it’s position before the general public.

The Kashmir Chamber strongly urges the State Government to appreciate the seriousness of the issue and explore all legal remedies available to it for protecting the special status of our State.

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