The Supreme Court on Tuesday refused to entertain a petition seeking directions to the Centre to enact a law for the conduct of micro-finance institutions.
The top court, however, asked the petitioner to make appropriate representation to the ministry and granted him the liberty to withdraw the petition.
A bench of the Apex Court, headed by Justice Rohinton Fali Nariman, refused to entertain the petition filed by Vikram Sharma, through his lawyer Vishal Tiwari.
Tiwari submitted to the Apex Court that the micro-finance institutions, Banks, and NBFCs use force and muscle power for recovery of loans.
"There is no specific law or strict guidelines to check them. People committing suicide because of the harassment by these financial institutions," he pointed out.
The vehicles which are on finance are taken by force by the lending institutions, Tiwari said.
The Apex Court asked the petitioner to make an appropriate representation before the ministry, with the liberty, to withdraw the petition.
We will approach the concerned ministries along with this order and will ask to take action within a reasonable time, the petitioner said.
( With inputs from ANI )
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