National MSME Borrowers Association
(Kerala Chapter)
Invitation for the Press Conference at Press Club Ernakulam at 11.30 am on 2nd of Nov. 24
We, MSMEs are the backbone of our economy.It is we who create wealth and generate employment.The Parliament made laws to protect MSMEs.Made it compulsory for banks to finance MSMEs.
By notification dated 29-5-2015 resolution of stress is made mandatory before recovery action can be taken.But banks and financial institutions flouted it with impunity. RBI, regulator remained to be a mute spectator.We went to the courts. We were often denied justice.Why? Because DRTs and NCLTs fear that it will lead to its closure because 90% of entrepreneurs who face stress are MSMEs.
In short, the vested interests prevail over justice and law .These things need to be brought to public domain, then only there can a solution.
We are conducting a press conference on 2nd of November at 11.30am at the Press club Ernakulam. Eminent lawyer Mathews J Nedumpara who has relentlessly been fighting for the rights of the MSMEs and could win recently a landmark judgment from the Supreme Court in favour of the stressed MSMEs will explain the difficulties they face in the enforcement of their statutory rights.
CA Manisha Mehta, National President will preside over the meeting.
We earnestly request the esteemed members of the print and electronic media to attend the press conference in large numbers and help we, MSMEs the vital and dynamic sector of the Indian economy to secure the protection against coercive recoveries which the Parliament has ordained but exists only on paper.
Dr. Krishnan
President
NMBA
( Kerala Chapter)
Cochin
29.10.2024.
98205 35428
9447023591
P.S. Lunch will be served after the meeting.
