A takeover best avoided | Business Line

A takeover best avoided | Business Line

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The observation “While the Government has opted to initiate action on deposit insurance, it bears emphasising that financial legislative reform should not be undertaken by stealth. Merging bank deposit insurance with a Resolution Corporation dealing with banks and financial companies is a lethal cocktail which can totally destabilise not only the financial system, but Government finances as well.” need to be taken seriously by all stakeholders and those who respect rule of law in letter and spirit. Circumventing extant law and even apex court rulings which have the same standing as ‘law’ is becoming a practice. As the author has rightly said in conclusion, they are not aware, what they are doing. To put it in simpler words, in democracy, governments should take care to minimise need for reversal of decisions by their successors on grounds of absence of legal backing.
M G  WARRIER


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