Industry Bodies Won’t Spare Wrongdoers
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Saturday,January 19 2019 [ Issue 3 January/ 2019 ]
Industry Bodies Won’t Spare Wrongdoers
The Indian diamond industry thrived on trust. This close-knit industry always had ways of doing business and one of them was secrecy and doing business amongst its community members. However, these factors have been misused by a few and brought a bad reputation for the industry. To put an end to such practices, GJEPC, BDB and MDMA have decided to be harsh with entities declaring bankruptcy and restarting business without discharging liabilities. As per the recent circular from Trade Disciplinary Committee (TDC) set up by these industry bodies, any company, entity or individual that has declared bankruptcy and start separate business without discharging liability will be restricted from carrying on business from the premises of any of the trade body as being part of the TDC. Other than this, any company, entity or individual that has declared bankruptcy continues to carry on trade in the industry pursuant thereto with any other individual or entity or through dummy from the trade and the same is brought to the notice of the TDC, then TDC shall be entitled to initiate action not only against the company, entity or individual declared bankrupt but also the person or company who supports or with whom the business is carried out or is associated with.

With this, it is a clear message to the wrongdoers as well as the parties who might be knowingly or unknowingly supporting such frauds in their business endeavours. TDC would spare none.

 
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Highlights

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