ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Cement-Profitable Free for All

were 'exempted borrowings and receipts not accounting as deposits' (Rs 1,015 crore) and 'deposits including loans guaranteed by the directors, unsecured deductions, etc' (Rs 194 crore); Trie proportion of fixed deposits from the public was the lowest in respect of financial companies; in their case, out of aggregate deposits of Rs 611 crore, only Rs 61 crore (or 9.9 per cent) were in the form of fixed deposits from the public. In the case of non-financial companies, fixed deposits amounted to Rs 423 crore or 41 per cent out of aggregate deposits of Rs 1,039 crore. It is widely known that these financial practices are devices to circumvent taxation and other legal requirements. Nevertheless, the authorities turn a blind eye to them.

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