'E-auction properties hypothecated to banks'

Posted By: Super
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    'E-auction properties hypothecated to banks'
    The Madras High Court has suggested that banks resort to e-auctioning of properties hypothecated to them. While dismissing a petition filed by a borrower, who opposed e-auctioning of properties, justices M Jaichandren and R Mahadevan of the Madurai bench of the court said, "E-auctioning is a small step taken towards adopting modern technologies in implementing procedures provided by law."

    They stressed on the need to adapt to changes in the digital era. The judges said, "We are in the age of Facebook, YouTube and Twitter...Even though India might not have come of age to compete with advanced countries in use of digital technology, we are not far behind. There is a clear indication that we are moving towards the digital age," the bench said.

    The country had not been utilising scientific knowledge and technology, to the optimum extent to improve the quality of life of the common man. The bench said the need of the hour was to adopt new technologies in functioning of various authorities and entities in the country. It favoured e-auction as it helped banks as well as their borrowers to greatly reduce unethical practices followed by "cartels and syndicates which have the capacity to undermine the value of the properties, brought for sale, by exerting undue influence".

    PTI

    Read more about: properties eauction banks
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more