(a) whether it is a fact that the RBI has received the working group report from the Chairman, S.S. Kohli on wilful defaulters;
(b) if so, the salient features thereof;
(c) the action taken by the Government thereon; and
(d) the time by which a suitable Legislation based on the recommendation of S.S. Kohli working Group is proposed to be introduced in Parliament ?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI BALASAHEB VIKHE PATIL)
(a): Yes, Sir.
(b): The major recommendations of the Working Group relate to the definition of wilful default and siphoning, diversion of funds, procedure to ensure `end use of funds`, penal measures against wilful defaulters, liabilities of the auditors and necessary statutory amendments.
(c)&(d): The recommendations are being examined by the Reserve Bank of India.