Sunday, Jun 26, 2022
Outlook.com
Peerless

Waiting To Explode

With the company's collapse imminent, one in every 20 Indians faces financial reversal

Waiting To Explode
Waiting To Explode
outlookindia.com
-0001-11-30T00:00:00+05:53

QUITE like its stature, size and strength, its seam too has no peer With a deposit liability of Rs 5,383 crore on a depositor base of five crore investors, the country's largest residuary non-banking company (RNBC), Peerless General Finance and Investment, is a time bomb simply waiting to explode. When it does, it will be a disaster many times the size of the CRB collapse. And one in every 20 Indians will be affected.

With the RBI and the Supreme Court finally taking a long, hard look at what could possibly have been the finest, most successful finance story in the country it seems that, barring the scale, the Peerless ripoff was no different from the CRB swindle.

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