And for a Friday of another landmark Supreme Court judgement helping the middle class…. some thoughts….
Young Families aspiring to buy Apartments in Cities have been long taken for a ride. Incomplete projects, overcharging, no OC etc. etc. Poor families are stuck with EMIs and mounting debts and running from pillar to post.
In the landmark judgement, the Supreme Court has restrained not only the Promoters but also the Independent Directors of a large listed company from transferring their personal Assets till the Company Deposits 2000 crores, for ultimate compensation to the hapless customers. Way to go….. three Cheers.
Another Corporate debate is triggered on Independent Directors Responsibility. Can they be held responsible for operations of a company when they are privy to only the info given by Management. Well I don’t agree. Every responsible Independent Director must be aware and take care of all stakeholders, not just the Owners and Promoters.
With the Regulators and RERA in vogue in most States, a silent reformation is taking place in the Construction Industry. Hopefully this Supreme Court Judgement will further hasten improvements.
Each one of us should support the cleansing of corrupt practices. Let us all build a new culture in the Residential housing Industry. Let’s help Transparent Policies lead to a Corruption Free India, the legal way, the Ethical way…. the SEEGOS way.