Governor says he rejected Karnataka's microfinance ordinance as it does injustice to lenders https://www.taxtmi.com/news?id=33295 The ordinance would discharge outstanding loans and bar civil court proceedings, depriving lawful lenders of any remedy and thereby undermining the right to legal remedy and principles of natural justice. Its punitive measures were seen as disproportionate, existing statutes and enforcement mechanisms were identified as capable of addressing unlawful recovery practices, and the matter was advised for fuller legislative deliberation rather than immediate ordinance enactment. en-us Fri, 07 Feb 2025 19:16:02 +0530 Fri, 07 Feb 2025 19:16:02 +0530 TaxTMI RSS Generator Governor says he rejected Karnataka's microfinance ordinance as it does injustice to lenders https://www.taxtmi.com/news?id=33295 The ordinance would discharge outstanding loans and bar civil court proceedings, depriving lawful lenders of any remedy and thereby undermining the right to legal remedy and principles of natural justice. Its punitive measures were seen as disproportionate, existing statutes and enforcement mechanisms were identified as capable of addressing unlawful recovery practices, and the matter was advised for fuller legislative deliberation rather than immediate ordinance enactment. News - Fri, 07 Feb 2025 19:16:02 +0530 https://www.taxtmi.com/news?id=33295