Debt to CB by Mercantile Credit Rs. 4.7 billion

Wednesday, 19 February 2014 00:00 - - {{hitsCtrl.values.hits}}

I refer you to the report of 10 February 2014 on Page 11 under the caption ‘Nihal Sri writes to CB Chief Nivard on finance companies’. Under paragraph numbered 8 of the Letter referred to at sub-paragraph 4, the amount of resulting debt to the Central Bank by Mercantile Credit Ltd., as given in the COPE Report was Rs. 4.7 billion (Rs. 4,700 million) as at 31 December 2004 and not Rs. 4.7 million, which apparently has been a typographical error. You should have this correction published, since it is very important for the public know the enormity of the default by Mercantile Credit Ltd., to the Central Bank. Shockingly no action has been taken by the Central Bank and the Directors had got off scot-free, unlike in the Golden Key case. Yours faithfully, C. Ramachandra

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