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Mangaluru: Sub contractor ends life for non- payment from company

  •   Fri, May 29 2015 09:06:47 AM

Daijiworld Media Network- Mangaluru (RJP)

Mangaluru, May 29: A sub contractor has ended his life for non payment of money owed to him by the company he worked for.

Vijayanarayan Vishwakarma (30) from Uttar Pradesh is the person deceased.

Vishwakarma hanged himself at his room in Tannir Bhavi on Tuesday night. But the fact came to light only on Wednesday.

As per details, Vishwakarma worked as sub contractor for Bharathi Shipyard for the past four and half years. The company owed him more than Rs 10 lacs for the work rendered. Vishwakarma had reminded the company several times about the payment. But the company did not respond in a positive way or did it make any payment.

In his death note Vishwakarma has written that he had to borrow a lot of money from others to carry out his work. He could not even go back to his native place without paying the same. His request to make payment was not properly handled by the company chief Valentine Sequeira. Hence he took the extreme step of ending his life.

In a mobile message sent to the manager of the company, Vishwakarma has requested that the money owed to him should be paid to his father so that he can make the payment to the people whom Vishwakarma owed.

Panambur police have registered a case against Valentine Sequeira. The funeral of the deceased was held with the help of the police as the family was very poor even to afford a decent funeral.
  

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  • JESSY DURGADAS, MUCHUR

    Tue, Jun 02 2015

    Dear Commentators all,
    "kannare Kandaroo parambarisi nodabeku" Giving healthy critics on any issue helps society grow. But making any personal allegations without knowing the facts/figures and without any proof is very unhealthy which needs to be viewed seriously too. We can't just assume and presume things. Every freedom has a duty attached to it as per the provision in our Constitution. We have our Law and Order and let us honour it please.

    DisAgree Agree [2] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Sun, May 31 2015

    My contention is on what collateral security is such high volume of loan doled out to tentative projects?

    Secondly, do you know the modus operandi of the 'white collar thugs' in doing all this!! They jack up the share price to astronomical heights in collusion with unscrupulous operators and brokerage houses and then mortgage the shares at the highest rate and to the maximum possible and pocket the money also in the course, many retail investor, due to media hype purposefully created, buy at the highest rate and get trapped, which process is called distribution after that, the share price is kept stable for sometime through artificial means like 'circular trading'!! Once their mission is accomplished safely the unending downfall starts and shares crumble to even Re. 1 from say 1000 bucks making the banks make distress sales at highly discounted rates thus incurring heavy losses to the lending institutions, forget the retail investors about whom nobody is bothered!!

    Once the job of siphoning off money is done then banks have no other recourse than to write off the loans as NPAs!! All this 'jugglery' is well known to all involved, but ignored due to 'obvious interests'!! Using this ways 10000s of crores are siphoned off at the cost of the tax payers money and no stringent action taken against any single promoter or group!!

    Pl. note the above is a 'generic' post and not specific to any particular entity!!

    DisAgree [1] Agree [3] Reply Report Abuse

  • Antony , Mangalore

    Sat, May 30 2015

    Prakash,
    All that glitters is not Gold, all that is White is not pure. he being a Commodore has got no relevance to the case. The mismanagement that is exposed only shows what the rot may be in the Navy that he may have left behind.

    DisAgree [5] Agree [4] Reply Report Abuse

  • Prakash, Navi Mumbai

    Sun, May 31 2015

    If a ltd company becomes insolvent, then directors (promoters ) of the company is responsible.Employees of the company is not responsible. Because employees will not have any control over finance.

    DisAgree [4] Agree [5] Reply Report Abuse

  • Antony, Mangalore

    Sun, May 31 2015

    A CEO though he works for the company, does not come under the category of general employee. He is Management material. Thereby his decision to continue extracting work out the the poor man for so many years, who is now deceased will go against him morally. But why are you so up against his critics, whats he to you or what vested interest of yours is involved. Relative perhaps...
    Se what situation our ex prime minister Manmohanji is in, he would not have made a penny out of the fiasco thats unfolding but he is guilty as hell for keeping quiet on the issue.
    As law goes a mans wages need to be paid before the sweat on his brow dries up. So there goes nothing personal in this.

    DisAgree [1] Agree [5] Reply Report Abuse

  • Prakash, Navi Mumbai

    Sun, May 31 2015

    What I am saying is the fact mentioned in the law as per companies act.Recently companies act amended to make liable some management officers like CFO for any fraud if they commit during business transactions .But if company unable to pay their dues due to genuine business loss, then no one can held responsible including directors of the company. In case of Bharati, Bankers have lost more than 5ooo crores .Then why govt.unable to arrest his directors. Because there is no provision in the Act.

    DisAgree Agree [2] Report Abuse

  • ibrahim, Mangalore

    Sat, May 30 2015

    Before taking extreme step, he should have met media like Daiji World made this issue public. Media will always support such cases.
    Committing suicide for 10 lakhs is like loss of self confidence
    Business is risk, better stick on to a job if one cannot stand such risk

    DisAgree [2] Agree [10] Reply Report Abuse

  • Santhosh Rego, Udupi

    Fri, May 29 2015

    Thorough investigation must be done with Valentine Sequeira. Most of these companies are cheating Govt. owned banks and poor subcontractors. Any how he will get bail and free enjoying life.

    DisAgree [3] Agree [12] Reply Report Abuse

  • Rudolf, Mumbai

    Fri, May 29 2015

    White collar thugs manage to convince banks to dole out 1000s of crores for their expansions/new diversification etc by not even keep secure collateral even to the extent of 50% of the loan. and subsequently default on loans, just yesterday a prominent bank has stated it has lost all hopes of recovering loans to the tune of 7000 crores from the now defunct VM owned KFA, and he has been d a willful defaulter that's all!! No regulatory body has even shown the intention of even questioning those who doled out such huge loans without taken even a small percent of same as secure collateral???

    If one were to calculate the recent defaults of various entities, it would be a mind boggling figure, all of which is being written off as NPAs, all this is the poor citizens tax payers money!!

    If it was some common man, he would have been pulled out of his house and thrown on the roads by the deadly recovery goons for defaulting on loans!

    No doubt the present crony capitalism is favoring only the rich to become super rich by doling out loans like water without exercising extreme caution and doing the strictest of due diligence!! Jai Hind!!

    DisAgree [2] Agree [7] Reply Report Abuse

  • Prakash, Navi Mumbai

    Sat, May 30 2015

    If you form a ltd company and get the loan from Bank,and if it becomes NPA, bankers cannot acquire your personal property if loss is genuine business loss.Because liability is limited to net worth of the company.

    DisAgree [1] Agree [3] Reply Report Abuse

  • Rudolf, Mumbai

    Fri, May 29 2015

    RIP!!

    First and foremost, this is a totally broke entity surviving miraculously!! In the heydays when the stock price had gone up to 865, there were big talks of a golden future for it, but it was not to be!! Those invested at such high levels and did not book loss midway during the downfall, it is loss of almost the entire capital invested as it is quoted near 16 bucks today!!

    Cannot understand why they have to get work done from a poor subcontractors/workers when they know that they will not be able to pay them ever!! Now such an attitude of not paying for 'years' to 'revive' the co. seems to be at the cost of 'sweat and blood' of the innocent workers, what sort of revival plan is this????

    It is lesson for all workers/petty contractors to not get involved in any business with such deep in trouble entities or totally stop working the moment the dues are not cleared for over 6 months!!

    Top people would definitely be getting their lucrative wages and other perquisites in time for sure or who would continue hanging around there!!

    DisAgree [2] Agree [6] Reply Report Abuse

  • Ronston Saldhana, mangaluru

    Fri, May 29 2015

    Mr. V SEQ.
    you might come clean and you be right.

    Just hold and trust in god. If you are not wrong then dont bow down or get humiliated.

    Everything will be fine.

    Where is VHP RSS BAJRANG DHAL

    DisAgree [3] Agree [3] Reply Report Abuse

  • Arun Fernandes, Bangalore

    Mon, Jun 01 2015

    Your comments seem so fanatic and disgraceful.
    Here is someone who has taken away his life because he was allegedly not paid his dues, which led him to take this extreme step.
    Vijaynarayan did not run away from the situation he was put into. He had the conscience and the right will to repay the people who lent him money, but unfortunately he was unable to do so, because the company he contracted with did not pay him. May he R.I.P.
    Whoever has abetted this suicide must be punished severely. So what does it matter if the defaulter is this case is a X-tian, Hindu, Muslim, Jain etc.
    Saldanha grow up for justice rather than collating with the wrong doer and raising slogans in the name of religion.
    Hope better sense prevails on you and many other fanatic Mangaloreans who keep fighting and cheaply commenting on the basis of religion.

    DisAgree [1] Agree Reply Report Abuse

  • Shekar Moily Padebettu, Udupi/India

    Fri, May 29 2015

    Really shocking and unfortunate incident.Now whom to blame?Everybody wants to wash their hands by putting blames on others shoulder.Blame game will start now.Poor sub-contractor sincerely and neatly executed his duties in spite of all his odds hoping that company will pay him the money.But out of frustration in order to save his face from the public he took this extreme step.I must say he was the real hero with self respect.Nowadays we cannot trust anyone.Poor and middle class people are always the sufferer.They only should undergone all these difficulties.Struggle for existence for them.I pray God to grant an eternal peace to the departed soul of sub-contractor.Heartfelt condolence

    DisAgree Agree [6] Reply Report Abuse

  • vivek, herebile / abudhabi

    Fri, May 29 2015

    Indian law is like Third Gender (6-Chakka).....is all responsible for this....

    DisAgree Agree Reply Report Abuse

  • The Saibere , Mangalore

    Fri, May 29 2015

    Very sad indeed.banks should come forward to help.

    DisAgree Agree [8] Reply Report Abuse

  • en ess, manglore

    Fri, May 29 2015

    V Sequeira just needs to answer why the Delay in clearing his bills despite the deceased's repeated pleas whose financial condition was so pathetic....
    The deceased mr Viswakarma appeared to be a good soul as he has requested that the money owed to him should be given back to all he borrowed from...
    May his soul RIP..

    DisAgree Agree [17] Reply Report Abuse

  • Rohan, Mangalore

    Fri, May 29 2015

    Unfortunate incident. May his soul rest in peace. Bharati Shipyard is a public limited company whose financial control wrests with financial bodies and banks (and not with one individual) since few years. It's unfair to post baseless comments without knowing the facts.

    DisAgree [17] Agree [16] Reply Report Abuse

  • Prakash, Navi Mumbai

    Fri, May 29 2015

    100% agree with you. Without knowing the actual fact, it is wrong to write bad comments for any person. Moreover V Sequeira had served as Commodore in Indian Navy.

    DisAgree [9] Agree [21] Reply Report Abuse

  • nagesh nayak, bangalore

    Fri, May 29 2015

    HI PSUEDOS,

    DON'T WORRRY VALENTINE SIQUERA WILL BE AWARDED BY YOUR NIDDERAMAYYA GOVT. UNDER " CHEATING BHAGYA"

    DisAgree [46] Agree [35] Reply Report Abuse

  • stan, dubai

    Fri, May 29 2015

    What award will get Renukacharya for having 22 cars in his house??????

    DisAgree [5] Agree [43] Reply Report Abuse

  • Marle, Mangalore

    Fri, May 29 2015

    Simble CAR-Ruption bhagya!

    DisAgree Agree [20] Reply Report Abuse

  • Marle, Mangalore

    Fri, May 29 2015

    If i am not wrong it was 5 plus one tractor ?

    DisAgree Agree [12] Reply Report Abuse

  • Kusuma Kumari Chitti, Kodyadka

    Fri, May 29 2015

    Valentine Sequeira What you did is cruel. A young promising life is lost

    DisAgree [15] Agree [30] Reply Report Abuse

  • Sanjay, Hebri

    Fri, May 29 2015

    If it was a farmer who died, every political party would have shouted, he is a businessmen & no one cares for a businessman's death......

    DisAgree [5] Agree [23] Reply Report Abuse

  • Shobha, kaup

    Fri, May 29 2015

    May his soul RIP. Present market situation is so bad that it has become difficult to poor people even to survive. In such a situation he borrowed and completed the job instead the company should have appreciated and released his amount at the earliest. Mr. Sequeira need to compensate for the loss to his family along with the amount to be released. Instead of ending his life he would have atleast gone to police or the media. Atleast his life would have been saved. I request people to value their life whatever may be the circumstance just try to face it.

    DisAgree [4] Agree [20] Reply Report Abuse

  • Prakash, Navi Mumbai

    Fri, May 29 2015

    The word ltd itself shows that , the liability of the company is limited to the net assets of the company. People dealing with the ltd company should be very careful because they will get nothing even if they go for legal remedies in case ltd company d as insolvent.

    DisAgree [5] Agree [17] Reply Report Abuse

  • chethan, mangalore

    Fri, May 29 2015

    Che....please people should be good enough. should not make this worst case.

    DisAgree [2] Agree [11] Reply Report Abuse

  • Prakash,

    Fri, May 29 2015

    Cmde.V Sequeira is not responsible for this incident. The Financial control of the company is entrusted with Edelweiss after State Bank of India lead bankers sold the loan to M/s Edelweiss.

    DisAgree [16] Agree [22] Reply Report Abuse

  • kamath, mangalore bangalore

    Fri, May 29 2015

    may b valentine was expecting some commission

    DisAgree [20] Agree [24] Reply Report Abuse

  • Prakash, Navi Mumbai

    Fri, May 29 2015

    V Sequeira have been trying at his best level to save the company here in Manalore.All the other yards in various places have been temporary closed by the management due to financial difficulty.The Mangalore yard is working only because of hard efforts of V Sequeira.

    DisAgree [31] Agree [37] Reply Report Abuse

  • Rayan, mangalore

    Sat, May 30 2015

    Dear mr. Prakash,
    I dont understand what is the soft corner you carry against sequiera, i put some facts infornt of you ,
    Mr. sequiera is total disaster, when he knows that company financial situation is bad , he should have stopped all work, rather encouraging sub contractor to work.
    Mr. sequiera is good to be in position of security / yard cleanliness incharge .

    Biggest mistake of top director to blind trust him.

    Poor north indian contractor are trapped badly by this sequiera , and there are few other who blindly follow his commands without using there brain or lack or guts.

    There were lots of brilliant GM/AGM/ Managers & engineers who worked for company , but personal war with sequiera.

    Sequiera had bad time in mumbai barathi yard were he was man handled by sub contractor, it was here kind of mangaloreans saved him .

    DisAgree [1] Agree [5] Reply Report Abuse

  • Prakash, Navi Mumbai

    Sat, May 30 2015

    Being head of the yard, it is his duty to try his level best to keep the production running in the yard so that company can be revived.No body can force the contractor to continue the work even after their monthly bill is overdue.Stopping the production is not the right way of management.Instead, trying to save the company is the right way of management.

    DisAgree [3] Agree [9] Report Abuse


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