Ludhiana/National News- FASII developing website www.badpaymasters.info

Ludhiana, October 8, 2013: Federation of Associations of Small Industries India (FASII) National president Badish Jindal has said the increasing list of payment defaulters is becoming a big hurdle in running the Industry, due to this the very genuine manufacturers and traders are suffering a lot.

In a statement here today, he added this increasing trend of late and dead payments have resulted into closure of many units. Recently many companies of Punjab fled away after grabbing the billions from the innocent manufacturers of the state.

The many large scale companies, exporters and traders have started grabbing the payments of innocent manufacturers and traders and these manufacturers are forced to get the loan from banks at very high rate of interest just for running their units, he revealed.

“The Banks have CIBIL to detect the bad pay masters and defaulters whereas for industries there is no such information site from where we could get the data of defaulters and bad pay masters”, he said.

Adding, he said so, FASII is very shortly launching the website www.badpaymasters.info which will be developed by the leading company hardnet infotech.

FASII will try to gather the maximum information of defaulters in India and their information will be available online so that these people cannot befool the new manufacturers, he said.

FASII will also try to gather the information of cheque dishonor cases pending in various courts. And the name of defaulters of cheque dishonors will also be made available online.

With some legal viewpoint FASII will try to put up the photographs of the defaulters on this website so this could be lesson for intentional defaulters, he further said.

Further, he said there are two type of defaulters once is genuine defaulters due to sickness but now these days most of defaulters are intentional, these defaulters are enjoying a good living on the money of innocent manufacturers whereas these manufacturers are in a very pity situation. In many cases such bad paymasters blackmail the manufacturers for continuing supply of material even after their bad payments.

As per act any company cannot delay the payment of any MSME unit beyond 60 days. But the delayed payment act of MSME is also not much helping the MSME manufacturers to get their amounts reimbursed and also the court procedures for recovery of amounts took years to get justice, he revealed.

The FASII will provide this service at free of cost and will also provide the advocacy services to the sufferers, he announced.

The only purpose of this website will be to unearth the intentional defaulters and bad pay masters of India, he said. www.cityairnews.com