Restructuring and Anti- Takeover Restructuring Measures to Protect MSME Sector: One Step Forward?

Shatakshi Tripathi, Symbiosis Law School, Pune

As India’s GDP contracts by 23.9% in the first fiscal of this financial year, it does not come as a surprise that businesses continue to suffer the collateral damage of the COVID pandemic. With crumbling market conditions, active measures have been adopted by the Governments, across the globe, to pacify the increasing distress in the economy. The Indian Government also adopted various measures to mitigate the impact of the COVID crisis, especially on the Micro, Small and Medium Enterprise (“MSME”). Amongst other fiscal measures, the struggling MSME sector gained its first sigh of relief through the Confederation of Indian Industry’s (“CII”) idea to set-up a COVID Rehabilitation and Relief Fund to provide direct monetary assistance to the MSMEs. Along with this, the CII also recommended various measures, inter alia, an extension of bank loans, a special fund, steps regarding the filing of GST and improving the welfare of workers etc. that were necessary to tide in MSME’s through the pandemic. In this article, the author analyzes the measures adopted to protect the MSME sector, with a special focus on the debt restructuring measures and safeguards against opportunistic takeovers.

I. Debt restructuring

The Reserve Bank of India (“RBI”), in a significant measure, extended the timeline granted for the restructuring of advances to MSME through a notification dated 6 August 2020. In 2019, the RBI introduced ‘One-time Restructuring of Loans’ (hereinafter “Restructuring Scheme”) specifically for the MSMEs, to tide over the economic instability. The Restructuring Scheme was applicable only for the last financial year i.e. 2019-2020. However, to give a breather to the struggling MSMEs, the RBI has extended the prescribed time period for restructuring until the end of the current financial year. It was first extended by a notification dated 11 February 2020 and consequently, on 6 August 2020 considering that MSMEs are worse-hit by the outbreak of a pandemic.

By the way of the said notification, existing loans advanced to MSMEs can be restructured by the banks and Non-Banking Financial Company, without any downgrade in the asset classification. However, it is imperative to note that the benefits of this scheme can only be availed by standard accounts of MSME’s with the lenders.

Pertinently, the extension provided is a unique restructuring measure adopted granting retrospective relief to the MSME’s facing monetary crisis. This advantage is reflected through the notification as it clearly states that all the assets that have slipped into the category of Non Performing category between 2 March 2020 and the date of implementation of the restructuring plan, can be upgraded as ‘standard asset’.

Furthermore, it is safe to presume that this was done in furtherance of the relief granted to borrowers, wherein a six-month moratorium period was given to put a restraint on the lenders for labeling assets as non-performing assets till 31 August 2020. To continue this benefit in a reasonable manner, the Hon’ble Supreme Court also passed an interim order on 3 September 2020 to extend the moratorium period till further orders are passed.

The RBI’s extension for the one-time restructuring of the MSME is predominantly in consonance to the Resolution Framework for COVID 19–related Stress, (“Resolution Framework”) announced by the RBI on the same date. The Resolution Framework is, however, a generic recourse provided to the borrowers, with the intent to facilitate the revival of real sector activities and to mitigate the impact on the ultimate borrowers, guided through the Prudential Framework for Resolution of Stressed Assets Directions, 2019. However, this restructuring mechanism is only available to borrowers having stressed assets on account of COVID which has to be categorically established. The resolution plan, thus, formed under the Resolution framework is implemented without any change in ownership.

Notably, the key difference between the two available recourses is that the Prudential Resolution Framework does not cover the MSME borrowers whose aggregate exposure to lending institutions collectively is a maximum of INR 25 crores or less as on 1 March 2020. As a corollary to this, the recourse under Prudential Resolution Framework is not available to MSMEs with exposure of less than INR 25 crores and will only be able to avail the benefit of a one-time restructuring scheme.

Recently, on 31 August 2020, the Securities and Exchange Board of India (“SEBI”) issued a notification instructing all the Credit Rating Agencies to not consider the restructuring due to COVID as a ‘default’. This will undisputedly help the MSMEs in maintaining their pre-COVID era credit ratings and borrow funds from the financial institutions in an effective manner. If this measure was not adopted, it would have negatively impacted the financial assistance being offered to distress MSMEs on a later date. However, the detailed guidelines pertaining to this are yet to be released by the SEBI.

II. Drawbacks of the debt-restructuring measures adopted

Firstly, one of the major concerns that arise is that it has been specifically provided for the restructuring framework for MSME’s is a one-time restructuring policy, and thereby can be strictly availed only once. This has been explicitly stated in the extension circular rolled out in February 2020 which remains applicable even under the extension provided as a relief for COVID. However, on the flip side, it is safe to presume that a lot of companies in the MSME sector would have availed the benefit of the Restructuring Scheme.

Moreover, the relief under Prudential Resolution Framework does not cover MSMEs below the exposure range of 25 crores, therefore, they cannot avail of the benefit under it. Therefore, whether the MSMEs that have undergone debt restructuring in the last financial year will be able to reap the benefits of restructuring during COVID still forms a grey area. Thus, this raises questions about the Restructuring Scheme that are yet to be addressed by the RBI. 

Secondly, these measures only provide relief to the accounts that fell within “structured accounts” before COVID adversely impacted the economic activities. This ignores the small businesses which were suffering in pre-COVID era because of the already fluctuating economy. These impacted MSMEsneed excessive hand-holding to tide through the current economic turmoil. However, the current governmental measure fails to take this perspective into account. Thus, as their plight has been ignored by the RBI, the only supposed aid that can be of assistance to them is the CII fund leaving them is a distressful state.

Measures against restructuring through opportunistic takeover

Another major step adopted by the Indian government, in the light of the welfare of the MSMEs, was the amendment in Foreign Direct Investment (FDI) norms. The Government, through the Press note dated 17 April 2020, tweaked the FDI norms for foreign investors sharing land boundaries with India. As per the notification, the investments by the beneficial owner who is a citizen of a neighbouring country can only be made through the governmental route i.e. with prior government approval. Specifically, this stringent norm aims at preventing opportunistic takeovers and/or acquisitions of the Indian companies during the pandemic, especially the small and medium enterprises. This move was essentially adopted after the MSME industry raised their concerns before the government that they fear a potential hostile takeover by Chinese investors. Thus, simply put, it is labeled as a protectionist measure adopted for shield industries including MSMEs from hostile takeovers.

However unfortunately, the amended FDI norms have been widely criticized for being in violation of India’s commitment towards free trade under Agreement on Trade-Related Investment Measures and General Agreement on Trade in Services. It is important to note that such measures to shield hostile Chinese takeover has adopted been by Spain, Italy, Australia and others, for protecting their economy; however, it is argued that this measure can also backfire because of its loose approach.

Drawback of the approach

Firstly, the shield against the predatory foreign investment is to protect MSMEs and understandably so. However, the start-ups, especially, in the technology sectors are expected to suffer negative ramifications because start-ups like Paytm, Oyo and Ola etc. are a testimony to the fact that many Indian tech-giants bloomed infusion of Chinese investment.

Second, as the term ‘beneficial owner’ is not defined in the press note, the ambiguity around the concept of beneficial owners will hinder investment from other companies not located within the land neighboring nations. This includes keen investors companies located in other nations with a small involvement of investment from China or other neighboring nations. 

Lastly, there have been no domestic measures to protect MSMEs from the hostile takeover by the Indian giants. It is undisputed that India has a stringent Takeover Code in place; however, during such unprecedented times, no specific measures have been adopted to protect the bleeding MSMEs from native giants.

Conclusion

MSME sector forms an integral part of the Indian economy, especially since schemes like ‘Make in India’ and ‘Atma Nirbhar Bharat’ started gaining momentum, their importance has been realized in the country. This is also because MSMEs assist in providing large employment opportunities and also help in the industrialization of rural &backward areas, thereby, reducing regional imbalances. Even though the Government has time and again adopted measures to protect the MSME sector, with the dreading economy, but due to the pandemic, the onus to protect them from sinking has further increased.

As discussed above, certain measures have been successfully adopted to facilitate the growth of MSMEs but the drawbacks and loopholes create a negative parallel that is yet to be resolved. Especially, the businesses that were already suffering and needed dire assistance have been ignored in the policies adopted so far, thus, it is safe to conclude that to protect the sector a lot of effort is still needed on part of the government.

To achieve the same measures such as improving liquidity support to address cash flow issues, with the aim of ensuring business continuity and working towards adopting measures to expand trade opportunities for MSMEs can be a great step forward. Further, it is also beneficial to introduce measures that aim at developing the resilience of MSMEs and building their capacity to overcome future shocks to demand and supply chains. As the supply chain has been majorly impacted due to COVID such measures, if adopted, it can be a sigh of relief for the Indian MSMEs.

392 Replies to “Restructuring and Anti- Takeover Restructuring Measures to Protect MSME Sector: One Step Forward?”

  1. I think this is among the most significant information for me.
    And i am glad reading your article. But want to remark on some general things, The site
    style is great, the articles is really nice : D.
    Good job, cheers

  2. Hello There. I found your blog using msn. This is a really well written article.
    I will be sure to bookmark it and come back to read more of your useful information. Thanks for the post.
    I will definitely return.

    My web-site … diets bullshit

  3. You actually make it seem so easy with your presentation but I find this topic to be actually something that I think I
    would never understand. It seems too complex and very broad for
    me. I am looking forward for your next post, I’ll try to get the
    hang of it!

    Look into my page; pain relief tablets

  4. I like the valuable information you supply for your articles.
    I will bookmark your blog and take a look at once more here frequently.
    I’m somewhat certain I will be informed many new stuff proper here!
    Best of luck for the next!

    Here is my web site diet lacking

  5. You could certainly see your expertise within the work you write.
    The sector hopes for more passionate writers like you who are not afraid to mention how they
    believe. All the time go after your heart.

    Feel free to visit my webpage: hgh pills

  6. I am curious to find out what blog platform you’re working with?
    I’m having some small security problems with my latest website and I’d like to find something
    more risk-free. Do you have any recommendations?

  7. Thanks for the points you have contributed here. Something important I would like to say is that personal computer memory demands generally increase along with other developments in the technological know-how. For instance, as soon as new generations of cpus are brought to the market, there is usually a corresponding increase in the type demands of all laptop memory plus hard drive space. This is because the software operated by these processors will inevitably rise in power to make new engineering.

  8. Nadie llevo mucho periodo usando Internet, probablemente sea porque no sabía lo adecuado.

    Pero tengo que reconocer que páginas web como mi me hace notar muy bien. Mi nombre es %nombre_simple_masculino.dat% Y soy un pequeño pueblo de %provincias_espana.dat%, comparto numerosos gustos y aficiones con el resto de la gente de este
    blog. Lo único que puedo decir está en hora generosa por la opinión y el diseño que le habéis dado a
    esta página. Llevo altamente tiempo buscando averiguamiento parecida y no he
    dado con ella.

    Así que seré un usuario habitual de la web.

    Muchas gracias por todo y deseo poder colaborar más adelante.

  9. Embargo llevo mucho período usando Internet, quizá sea porque no sabía
    lo competente.

    Pero tengo que reconocer que páginas web como mi me hace sospechar muy bien.
    Mi nombre es %nombre_simple_masculino.dat% Y soy un pequeño pueblo
    de %provincias_espana.dat%, comparto montones de gustos y distracciones con el resto
    de la multitud de este blog. Lo único que puedo decir existe en hora generosa por
    la opinión y el diseño que le habéis dado
    a mi página. Llevo altamente tiempo buscando escrutinio parecida y no he dado con ella.

    A fin de que seré un usuario usual de la web.

    Muchas gracias por todo y espero poder colaborar en las siguientes lineas.

  10. Nadie llevo mucho tiempo usando Internet,
    probablemente sea porque no sabía lo adecuado.

    Pero tengo que reconocer que páginas web como mi me hace sentir muy bien. Mi nombre es %nombre_simple_masculino.dat% Y soy un pequeño pueblo de %provincias_espana.dat%, comparto montones de
    gustos y entretenimientos con el resto de la gentío de este blog.
    Lo único que puedo decir es en hora benigna por la
    calidad y el diseño que le habéis dado a mi página.
    Llevo bastante tiempo buscando escrutinio parecida y no he dado con ella.

    A fin de que seré un usuario usual de la web.

    Muchas gracias lucro todo y deseo poder colaborar
    en mi aporte.

  11. Embargo llevo mucho tiempo usando Internet, probablemente sea porque no sabía lo
    adecuado.

    Pero tengo que reconocer que páginas web como esta me hace sospechar muy
    bien. Esta nombre es %nombre_simple_masculino.dat% Y soy
    un pequeño pueblo de %provincias_espana.dat%, comparto montones de gustos y aficiones con el resto de la
    gentío de este blog. Lo único que puedo decir es en hora buena por la opinión y el diseño que
    le habéis dado a esta página. Llevo altamente tiempo buscando información parecida y no he dado con ella.

    A fin de que seré un usuario usual de la web.

    Muchas gracias lucro todo y deseo poder colaborar en las siguientes
    lineas.

  12. No llevo mucho periodo usando Internet, probablemente sea porque no sabía lo competente.

    Pero tengo que reconocer que páginas web como mi me
    hace sospechar muy bien. Esta nombre es
    %nombre_simple_masculino.dat% Y soy un pequeño pueblo de %provincias_espana.dat%, comparto muchos gustos y distracciones con el resto de la gentío de este blog.
    Lo único que puedo decir es en hora buena por la pensamiento y el diseño que le habéis dado a esta
    página. Llevo altamente tiempo buscando información parecida y no he dado con ella.

    A fin de que seré un usuario usual de la web.

    Muchas gracias lucro todo y espero poder colaborar en mi aporte.

  13. Embargo llevo mucho tiempo usando Internet, probablemente sea porque no sabía lo adecuado.

    Pero tengo que reconocer que páginas web como esta
    me hace notar muy bien. Mi nombre es %nombre_simple_masculino.dat% Y soy un pequeño pueblo de %provincias_espana.dat%,
    comparto muchos gustos y aficiones con el resto de la multitud de este blog.
    Lo único que puedo decir es en hora generosa por la calidad y
    el diseño que le habéis dado a mi página. Llevo bastante tiempo buscando averiguamiento parecida y no he dado con ella.

    Así que seré un usuario frecuente de la web.

    Muchas gracias por todo y deseo poder colaborar en mi
    aporte.

  14. Embargo llevo mucho periodo usando Internet, probablemente sea porque no sabía lo suficiente.

    Pero tengo que reconocer que páginas web como esta me hace
    sospechar muy bien. Mi nombre es %nombre_simple_masculino.dat% Y soy un pequeño pueblo
    de %provincias_espana.dat%, comparto montones de gustos y
    entretenimientos con el resto de la gente de este
    blog. Lo único que puedo decir está en hora
    benigna por la calidad y el diseño que le habéis dado
    a mi página. Llevo bastante tiempo buscando información parecida y no he
    dado con ella.

    A fin de que seré un usuario habitual de la web.

    Muchas gracias por todo y deseo poder colaborar en las
    siguientes lineas.

  15. Embargo llevo mucho tiempo usando Internet, quizá sea porque no sabía lo
    competente.

    Pero tengo que reconocer que páginas web como mi me hace sospechar muy bien. Esta nombre es %nombre_simple_masculino.dat% Y soy un pequeño pueblo de
    %provincias_espana.dat%, comparto muchos gustos y
    aficiones con el resto de la gente de este blog.
    Lo único que puedo decir está en hora benigna por la pensamiento y el diseño que le habéis dado a esta
    página. Llevo altamente tiempo buscando averiguamiento parecida y
    no he dado con ella.

    Así que seré un usuario usual de la web.

    Muchas gracias por todo y deseo poder colaborar en mi aporte.

  16. Embargo llevo mucho período usando Internet, quizá sea porque no sabía lo adecuado.

    Pero tengo que reconocer que páginas web como esta me hace
    sentir muy bien. Esta nombre es %nombre_simple_masculino.dat% Y soy un pequeño
    pueblo de %provincias_espana.dat%, comparto montones de gustos y entretenimientos con el resto de la multitud de este
    blog. Lo único que puedo decir está en hora benigna por la calidad y el diseño que le habéis dado a mi página.

    Llevo altamente tiempo buscando averiguamiento parecida y
    no he dado con ella.

    Así que seré un usuario usual de la web.

    Muchas gracias lucro todo y espero poder colaborar más
    adelante.

  17. No llevo mucho periodo usando Internet, probablemente sea porque no sabía lo competente.

    Pero tengo que reconocer que páginas web como esta me hace notar muy bien.
    Mi nombre es %nombre_simple_masculino.dat% Y soy un pequeño pueblo de %provincias_espana.dat%,
    comparto numerosos gustos y aficiones con el resto de
    la gentío de este blog. Lo único que puedo decir es en hora buena por la opinión y el diseño
    que le habéis dado a esta página. Llevo mucho
    tiempo buscando información parecida y no
    he dado con ella.

    Así que seré un usuario frecuente de la web.

    Muchas gracias por todo y espero poder colaborar en mi aporte.

  18. No llevo mucho periodo usando Internet, probablemente sea porque no
    sabía lo adecuado.

    Pero tengo que reconocer que páginas web como mi me hace
    sentir muy bien. Mi nombre es %nombre_simple_masculino.dat% Y soy un pequeño
    pueblo de %provincias_espana.dat%, comparto muchos gustos y distracciones con el resto
    de la multitud de este blog. Lo único que puedo decir existe en hora benigna por la calidad y el diseño que
    le habéis dado a esta página. Llevo altamente tiempo buscando
    escrutinio parecida y no he dado con ella.

    A fin de que seré un usuario frecuente de la web.

    Muchas gracias por todo y deseo poder colaborar más adelante.

  19. Hey there! Someone in my Myspace group shared this
    site with us so I came to check it out. I’m definitely enjoying the information. I’m bookmarking and will be tweeting this to my followers!

    Terrific blog and amazing design and style.

    Here is my web page :: care tips

  20. Howdy are using WordPress for your blog platform?
    I’m new to the blog world but I’m trying to get started and set up my own. Do you require any html coding expertise to
    make your own blog? Any help would be greatly appreciated!

    Here is my page … mega888apk download

  21. Heya i’m for the first time here. I found this board and I find It truly useful & it helped me out much.

    I hope to give something back and help others like you
    aided me.

    Here is my page; download 918kiss, chopwiki.nl,

  22. I know this web page provides quality depending articles and additional data, is there any other website
    which presents these data in quality?

    Stop by my site … xe888 apk

  23. I’m really impressed together with your writing abilities as well as
    with the format on your blog. Is that this a paid topic or did you
    modify it yourself? Either way keep up the nice high quality writing, it
    is uncommon to see a nice blog like this one nowadays..

    Also visit my homepage … xe88 game online

  24. Good day! I know this is kinda off topic but I was wondering if you knew where I could find a captcha plugin for
    my comment form? I’m using the same blog platform as yours and I’m having difficulty finding
    one? Thanks a lot!

    Here is my homepage; 918kaya online

  25. I love your blog.. very nice colors & theme.
    Did you make this website yourself or did you hire someone to do it
    for you? Plz reply as I’m looking to create my own blog and would
    like to know where u got this from. thank you

  26. Oh my goodness! Impressive article dude! Thank you so much, However I am experiencing troubles with your RSS.
    I don’t understand why I can’t subscribe to it. Is there anybody having similar RSS
    problems? Anyone who knows the solution can you kindly respond?
    Thanx!!

  27. When some one searches for his required thing, thus he/she wishes to be available that
    in detail, therefore that thing is maintained over here.

  28. If some one wishes expert view concerning blogging and site-building then i propose him/her to pay a quick visit this weblog, Keep up the good job.

  29. I have fun with, result in I found exactly what I was
    having a look for. You’ve ended my 4 day lengthy
    hunt! God Bless you man. Have a great day.
    Bye

  30. Thanks for your personal marvelous posting!
    I truly enjoyed reading it, you will be a great author.
    I will always bookmark your blog and will often come back very soon. I want to encourage one to continue your great work, have a nice weekend!

  31. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”

    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  32. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://rootjoo14812.jimdofree.com/
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  33. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://medium.com/@williamsonedf55/grey-hair-ch-03-df2cf8cbe1b3
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  34. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://notepin.co/shared/trzndop
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  35. You actually make it appear so easy with your presentation but
    I in finding this matter to be really something that I think I would never understand.
    It sort of feels too complex and very vast for me. I’m taking
    a look forward in your next publish, I will attempt to get the dangle of it!

  36. Ucuz Takipçi Alarak Fenomen Olabilirsin

    Instagram da artık basit bir halde fenomen olabilirsiniz.
    Takipçilerinizi hızlı ve etken bir şekilde arttırmak istiyor musunuz?
    hemen bu siteye giriş yaparak tüm takipçi hizmetlerinden hızlı bir şekilde faydalanabilirsiniz.
    Sizlere en kaliteli takipçi sistemlerini sunarak, kısa
    vakit arasında istediğiniz kadar takipçi gönderimi yapıyor.
    Sitede yer alan ucuz takipçi satın al hizmetinden faydalanarak arzu ettiğiniz kadar takipçiye ulaşabilirsiniz.
    Bu site sizden aslabir şekilde hesap şifresi istemiyor.
    sadece kullanıcı isminiz ehil oluyor. uzun zamandır bu mevzuda hizmet veren bir site olarak, sizlere en kaliteli ve
    güvenilir takipçi hizmetlerini sunuyor. Siteye tek
    tıkla giriş yaparak arzu ettiğiniz kadar takipçiyi
    hesabınıza gönderebilirsiniz. Tamamen rahat yöntemlerle dilediğiniz kadar takipçiye ulaşabiliyorsunuz.

  37. Hey! Someone in my Myspace group shared this site with us
    so I came to take a look. I’m definitely enjoying the
    information. I’m bookmarking and will be tweeting this to my followers!
    Great blog and great style and design.

    Also visit my web page: delta 8 thc carts

  38. Takipçi satın almak hesabınıza zarar verir mi?
    instagram takipçi satın al işlemi yapmak isteyen bir çok kişi bunu merak ediyor,
    Takipçi almak kesinlikle
    profilinize zarar vermemekte, Fakat tabiki bu işlemi güvenilir websitelerinden yapmanız gerekiyor.

    Tam bu konuda takip2018.com tarafından Hem popüler olma,
    hem reklam alma hem de hedef kitleye en kısa
    yoldan ulaşma amacı ile tercih edilen İnstagram takipçi al hizmetlerinde, size organik ve garantili takipçiler gönderimi sunuyor.

    .

  39. Great items from you, man. I’ve take into account your stuff prior to and you are
    just too magnificent. I really like what you
    have got here, certainly like what you are saying
    and the way in which you assert it. You are making it entertaining and
    you still take care of to stay it smart. I cant wait
    to learn much more from you. This is really a tremendous web site.

  40. Instagram aktif takipçi satın alarak siz de fenomen olabilirsiniz, fakat fenomen olmak isterken aynı zaman da bu işlemleri
    yapacağınız yerin kalitesi çok önemlidir bunu unutmayınız.
    Türk takipçi yazarak yabancı takipçi atılırsa
    hesabınıza bu sizin hesabınızın gerek görüntü gerek keşfete
    düşme gibi olasılıklarınızı tamamen bitirecektir.

    Bu yüzden aktif takipçi almanız çok önemli, aynı zamanda tabiki güvenilirlik ön planda olmalıdır.

    Biz uzman ekibimiz ile sizlere en iyi hizmeti vermek için sürekli çalışmaktayız.
    En iyi takipçi beğeni izlenme gibi sizleri üst seviyeye çıkarmak için elimizden geleni yaptık ve yapmaya devam edeceğiz.
    Ucuz Instagram takipçi için bizimle de iletişime
    geçebilirsiniz. Instagram bot takipçi içinde geçebilirsiniz fakat bunlara garanti
    vermemekteyiz, bot takipçilerin kesinlikle garantisi yoktur bir kaç gün içerisinde hepsi Instagram tarafından silinebilir.

    En aktif siteden hemen sende instagram aktif takipçi satın al

  41. You actually make it appear so easy together with your presentation however I in finding this matter
    to be actually one thing that I feel I might never understand.
    It seems too complex and very broad for me. I am looking forward for your next post, I’ll attempt to get the grasp of it!

  42. Just want to say your article is as astonishing.
    The clearness in your submit is just cool and i could suppose you’re an expert on this subject.

    Well together with your permission allow me to take hold of your RSS feed to keep updated with forthcoming post.
    Thank you one million and please continue the gratifying work.

  43. Instagram takipçi hizmetlerinden yararlanabilmek amacıyla ilk olarak istenilen hizmetin tercihinin yapılması gerekmektedir.

    Sonra ise shopier ekranında sadece kullanıcı adınız ve 3d ödeme yöntemi ile ödeme yapmanız gerekmektedir.

    Burada doğru bulguların girildiğinden emin olunması, hizmet yönünden problem yaşamamak amacıyla önemlidir.

    Her yaştaki isteyen herkes Takipçi satın al işlemi takip2018 den yapabilirler.

  44. Fantastic goods from you, man. I’ve understand your stuff previous to and you are
    just extremely wonderful. I actually like what you’ve acquired
    here, certainly like what you’re saying and the way in which you say it.
    You make it enjoyable and you still care for to keep it wise.

    I cant wait to read far more from you. This is really a great website.

  45. This is the right web site for everyone who wishes to
    find out about this topic. You know so much its
    almost hard to argue with you (not that I really will need to…HaHa).
    You certainly put a fresh spin on a topic which has been written about for a
    long time. Wonderful stuff, just excellent!

  46. I am extremely impressed with your writing skills as
    well as with the layout on your weblog. Is this a paid theme or did you
    modify it yourself? Either way keep up the excellent quality writing, it’s rare
    to see a great blog like this one nowadays.

  47. Bizler antalya firması olarak çalışmalarımıza yön veren izolasyon uygulamaları ile siz müşterilerimize en iyi izolasyon uygulamaları yapabilmek adına en kaliteli çatı
    izolasyon ustaları, ile sizlere hizmet vermekteyiz. Çatıcı,
    olarak günümüzde yapmış olduğumuz yalıtım uygulamaları sayesinde müşteri memnuniyetini kazanmış
    ve kalitesinden asla ödün vermemiş Babadağ çatı, asla düzenini bozmadan izolasyon uygulamasına devam
    etmektedir.

    antalya izolasyon

  48. Each Monday during the NBA season, All Tar Heels will review the prior week for each Tar Heel in the NBA and preview the week ahead. This week, we are looking at games from April 12-18 and looking ahead to games from April 19-25.

  49. Hc care leke kremi

    HC Pigment-Control’ün cilt lekelerine karşı hızlı ve güçlü etkisi, Kuzey Kanada
    Bozkırları’na özgü bir tarla bitkisi olan Rumeks’ten (Tyrostat™), tabiatın yeniden canlandırma mucizesi olan Yeniden Diriliş Bitkisi’ne kadar birçok
    doğal ve saf aktif bileşene dayalıdır. Tüm bu aktif bileşenlerin, lekeler ve cilt yaşlanması üzerindeki etkileri in-vivo testler ve klinik laboratuvar çalışmalarıyla kanıtlanmıştır.
    Tüm cilt tiplerinde, leke problemlerini giderme ve önlemede, cilt tonu eşitsizliğinde, cilt aydınlatmasında, nem ihtiyacı olan ciltlerde güvenle kullanılabilir.

    En iyi leke kremi

  50. Hi, i think that i saw you visited my website so i came to “return the favor”.I am attempting to find things to improve my web site!I suppose
    its ok to use some of your ideas!!

  51. Thank you, I’ve recently been searching for info about this topic for ages and yours is the best I have
    found out so far. But, what concerning the conclusion? Are you certain concerning the source?

  52. Tr Medya sitesi aracılığı ile istediğiniz sayılarda instagram
    takipçisi satın alabilirsiniz. Bu satın alma işlemini yaparken hazırlanmış olan takipçi paketlerinden istediğinizi
    seçebilirsiniz. Her zaman en uygun fiyatların sunulduğu takipçi paketlerinden her
    biri her bütçeye uygun olarak hazırlanıyor.

    Bütçenize ve ihtiyacınıza en uygun olan paketleri seçebilirsiniz.

    https://rebrand.ly/takipci-satin-al

  53. Each Monday during the NBA season, All Tar Heels will review the prior week for each Tar Heel in the NBA and preview the week ahead. This week, we are looking at games from April 12-18 and looking ahead to games from April 19-25.

  54. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://telegra.ph/The-Arrangement-Ch-04-09-13
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  55. My spouse and I stumbled over here coming from a different web page and thought I
    might as well check things out. I like what I see so now i
    am following you. Look forward to looking over your web
    page for a second time.

  56. Hi there I am so delighted I found your site, I really found
    you by mistake, while I was browsing on Digg for something else,
    Regardless I am here now and would just like to say kudos for a fantastic post
    and a all round entertaining blog (I also love the theme/design),
    I don’t have time to read through it all at the minute but I have saved it and also included
    your RSS feeds, so when I have time I will be back to
    read much more, Please do keep up the superb work.

  57. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://rentry.co/84od6
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  58. The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.

    “There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
    https://txt.fyi/-/20342/3454c370/
    So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.

  59. Hi there i am kavin, its my first occasion to commenting anywhere, when i read this piece of writing i thought i could also make comment due
    to this brilliant article.

  60. Hi there! This is kind of off topic but I need some
    advice from an established blog. Is it very difficult to set up your own blog?
    I’m not very techincal but I can figure things out pretty quick.
    I’m thinking about setting up my own but I’m not sure where to begin. Do you have any points or suggestions?
    Thanks

  61. I’ve been surfing online more than 3 hours these days, but I by no means discovered any interesting article like yours.
    It is pretty value enough for me. Personally, if all site owners
    and bloggers made good content as you did, the
    net will probably be much more useful than ever before.

  62. Cilt lekeleri, cilt tonu farklılıkları leke kremi gibi cildinizde
    oluşan herhangi bir leke için
    Hccare leke kremini deneyebilirsiniz iddalı bir marka olan bu firmanın tüm ürünleri güvenilir olduğu gibi leke kremi de güvenlidir.

    Leke kremi ; https://rebrand.ly/lekekremi

  63. It’s perfect time to make some plans for the longer term and it’s
    time to be happy. I have learn this post and if
    I may I wish to suggest you some attention-grabbing issues or tips.
    Maybe you can write subsequent articles referring to
    this article. I want to learn more issues approximately it!

  64. На более поздних стадиях апатия накатывает все чаще. Тремор усиливается, человек то и дело застывает и не может пошевелиться, а когда стоит или идет, часто падает. Говорить, глотать, спать становится труднее. Мучают панические атаки, галлюцинации или и то и другое. Ум притупляется. У большинства из тех, кто болеет дольше 20 лет, развивается деменция. Правильный ответ «}». Так ответили }% пользователей сайта ИНВИТРО. Ну, на этом все друзья. Вы прочитали мою статью «Как лечить импотенцию у мужчин домашних условиях?». Буду рад если Вы оставите свое мнение в комментариях. Так же буду признателен Вам за рекомендацию в социальных сетях в Ваших аккаунтах! Всех Вам людских благ, здоровья и прогрессивного тренинга! https://myskillsconnect.com/user/l8jifxc874 Если доктора назначили препараты силденафила, смело можно брать Силденафил-СЗ. Он качественный, эффективный, как самые дорогие подобные препараты, но доступный. Исследования in vitro с использованием тромбоцитов человека свидетельствуют, что силденафил усиливает антиагрегационный эффект нитропруссида натрия (донора оксида азота). Сведения о безопасности применения силденафила у пациентов с нарушениями свертываемости крови или активной пептической язвой отсутствуют, поэтому силденафил следует применять с осторожностью.

  65. Instagram da Takipçi Satın Alarak Ek Gelir Sağlayabilirsin!

    İnstagram hesapları hem de önemli birer gelir kapısıdır.
    Özellikle reklam gelirleri biroldukça hesap sahibi
    için ek gelir oluşturmaktadır.
    şayet hesaplarınızda reklam alabilmek yahut Instagram üzerinden birşeyler satarak para kazanmaksa hedefiniz Türk gerçek
    takipçi paketlerini tercih etmelisiniz. Şayet bot yada bota benzer instagram takipçi satın alırsanız
    bunu gören hiç bir müşteri kitlesi size güvenmeyecektir.

    Hatta şunuda söylemekte fayda varki sizi takip etmek dahi istemeyebilirler.
    Bu sebepten sizleri kalitenin adresi olan takip201 e davet ediyoruz.

    En iyi Instagram takipçi satın alınabilir site.

    https://cutt.ly/instagramtakipcisatinal

  66. What’s up colleagues, how is the whole thing, and what you would like to say on the topic of this paragraph, in my view its genuinely amazing in favor of me.

  67. constantly i used to read smaller articles or reviews which also clear
    their motive, and that is also happening with this article which
    I am reading at this place.

  68. HC Vitamin-C Serum, özel olarak geliştirilmiş yüksek
    stabilite özelliğine sahip Lipozomal Vitamin-C kompleksi
    ve en ileri düzeyde konsantre edilmiş saf Hyaluronik Asit ile formülize
    edilen yoğun bakım serumudur.

    Liposomal C Vitamini Serumu , Saf Hyalüronik Asit,
    Yeniden Diriliş Bitkisi (Glyceryl Glucoside), Pentavitin (Saccharide Isomerate) ve Anadenanthera Colubrina Bark
    Extract içeren formülü ile ciltte oluşabilecek lekeleri minimuma indirmeye ve kırışıklıkları önlemeye yardımcı olur.
    Çevresel faktörlere karşı etkili korumayı destekler.
    Yoğun nemlendirici ve tazeleyici özelliği sayesinde cildin sıkılığını arttırır ve aydınlanmasını destekler.
    Ciltteki ton eşitsizliklerine karşı mücadele eder.

    Kozmetik piyasasında bulunan C vitamini serumu bir çoğunda Askorbik Asit’in stabil
    olmayan %15’lük formu kullanılmaktadır. Bu ürünler stabil olmadıklarından zamanla okside
    olur, rengi koyulaşır ve doğal olarak da zamanla
    etkinliğini kaybeder.

    HC Vitamin-C Serum içerisinde stabil formda ve lipozomal
    kapsül şeklinde %3′ lük Etil Askorbik Asit kullanılmıştır.
    Lipozomal taşıyıcı sistemler, hedef noktaya aktif maddeyi taşımak için geliştirilen üst düzey teknolojidir.
    Ürün içindeki aktif madde (C VİTAMİNİ) cilt altına indikten sonra çözülür ve daha kısa sürede maksimum etki
    gösterir.

    Bu sayede hem uzun raf ömrü boyunca stabilitesini kaybetmeden etkisini
    sürdürür, hem de etkisi diğer formlara göre çok daha
    başarılıdır.

    c vitamini serumu

  69. Hey There. I found your blog the use of msn. That is a really smartly written article.
    I’ll be sure to bookmark it and come back to read more of your helpful info.
    Thanks for the post. I will certainly return.

  70. Remarkable issues here. I’m very satisfied to peer
    your article. Thanks so much and I am taking a
    look ahead to touch you. Will you kindly drop me a mail?

  71. I have been exploring for a little bit for any high-quality articles or weblog posts
    in this sort of space . Exploring in Yahoo I eventually stumbled
    upon this site. Studying this info So i am glad to exhibit that I’ve an incredibly excellent uncanny feeling I came upon exactly what I needed.
    I most indubitably will make certain to do not disregard this website and provides it a glance on a continuing basis. http://antiibioticsland.com/Zithromax.htm

  72. Instagram’ da var olmak ve tanınmak için belli bir kitleye sahip olmaktan geçer.

    Bu kitleye sahip olmanın yolu öncelikle doğal şekilde ilerlemek olur.
    Kaliteli fotoğraf paylaşımı yanı sıra hesabın güncel tutulması ve hashtag kullanımı doğal şekilde büyümeyi sağlar ayrıca Instagram takipçi satın hizmeti ile de hesap, geniş kitlelerce tanınmaya başlar.

    Takipçi satın alma işlemi kısa olduğu kadar güvenilir bir yöntem olup hesabı, hedef kitleye ulaştırır.
    Hesapta paylaşılan gönderiler bu sayede Instagram keşfet’e de düşer.
    Bu alanda görülen her hesap, daha fazla takipçi
    elde etme imkânı bulur.
    https://mmo.tc/OVAK

  73. I’m not sure why but this weblog is loading extremely slow for
    me. Is anyone else having this issue or is it a issue on my end?
    I’ll check back later on and see if the problem still exists.

  74. Your style is so unique in comparison to other folks I have read
    stuff from. I appreciate you for posting when you have the
    opportunity, Guess I will just book mark this site.

  75. Instagram takipçi satın almaya karar verdiniz fakat bir çok aklınızdaki sorulardan en zor olanı da takipçi alacağınız sitenin ucuz ve güvenilir olmasıdır.

    O halde size ssl sertifikalı güvenilir ödeme yapısı ile takip2018 i öneriyoruz siteye giderek hemen takipçi satın al

    Takipçi SATIN al

  76. OneHash Soccer – 87.5btc As a rule, slot machine online free this company has put together an impressive collection of jackpot slots. The goal is always to find a approach to give a, automated games. They are simple, and much more. Find Banana Drop by Crazy Tooth Studio, since the customer base is expanding. Some of these casinos use software from multiple providers, personal customer support and exclusive giveaways are just a few of the perks you can expect. Kansberekeningen maken heb je als het goed is al op de lagere school geleerd, print your tickets directly on lottery bet slips. Occupation The Georgia Auctioneers Association: We understand that no company is perfect so do us, it will optimize the chances on your side to get the highest possible tax return. Best android casino every time you fund your account, location. The hands are ranked similar to poker, location. In points wagering handicap bets, server administration is data. Players can also choose between traditional pokie designs as well as modern 3D slot games, data. Since the online casino continuously updates its banking methods, data. http://www.lordredumammouth.net/community/profile/betseyveiga436/ After all, no one knows if Bitcoin is money, a financial instrument or something else. MasterCard processing are often very expensive, especially for offshore operators that require to bypass banking rules and regulations. With cryptocurrencies, however, the fees are very minimal.The speed and security of crypto also make pay-outs far more timely. rather than waiting weeks or months to be paid via paper check by mail, cash outs at online crypto casinos are often times paid out within hours.  FortuneJack is a purely crypto casino, so you can only make deposits in Bitcoin, Litecoin, Dash, Dogecoin, and other popular cryptos. One of the most popular games on the site is the Dice Jackpot-it is exclusive to this website-where players get to pick a lucky number.

  77. Undeniably believe that which you said. Your favorite justification appeared to be on the web the easiest thing to be aware of.
    I say to you, I certainly get annoyed while people think about worries that they plainly do not know about.
    You managed to hit the nail upon the top and
    also defined out the whole thing without
    having side-effects , people can take a signal. Will likely be back to get more.
    Thanks

  78. Nice post. I learn something totally new and challenging on sites I stumbleupon on a daily basis.

    It’s always helpful to read content from other authors and use
    a little something from their websites.

  79. Its like you read my mind! You seem to know a lot about this, like
    you wrote the book in it or something. I think that you could do with
    some pics to drive the message home a bit, but instead of that, this is fantastic blog.

    A fantastic read. I’ll definitely be back.

  80. Hey! This is my 1st comment here so I just wanted to give a quick shout out and say I truly enjoy reading your articles.
    Can you recommend any other blogs/websites/forums that deal with the same topics?
    Thank you!

  81. instagram Takipçi Hilesi

    Bir numaralı sosyal medya yardımcınız olarak sizlere
    gerekli tüm işlemleri son derece kaliteli bir şekilde sağlıyoruz.
    Popüler olmak ve belirli bir kitleye hitap etmek ister misiniz, desteğimizle
    bu prosedürleri takip ederek güne ayak uydurarak popülaritenizi kolayca artırabilirsiniz.
    Herkes Instagram hilelerinin güvenilmez olduğuna dair bir algıya
    sahip ancak 2021 yazında bu çalışmalar artık yüksek güvenilirlik ve kalite ile yapılıyor.

    En güvenilri şekilde hiç ücret ödemeden günlük limitli
    şekilde takiçilerinizi arttırabilirsiniz

    https://rebrand.ly/takipcibegenihilesi

  82. Retinol SERUM

    HC Retinol Serum: Bir A vitamini formu olan Retinol, ince çizgilerin ve yaşlanma belirtilerinin görünümünü
    azalttığı klinik olarak kanıtlanmış güçlü
    bir aktiftir.

    Retinol aynı zamanda leke oluşumuna ve ciltteki ton eşitsizliklerine karşı
    mücadele eder. Canlı, taze ve daha genç bir cilt
    görünümü kazandırmaya yardımcı olur.

    HC Retinol Serum’un, en ileri düzeyde konsantre edilmiş
    saf Hyaluronik Asit, Pentavitin (Saccharide Isomerate), Anadenanthera Colubrina Bark
    Extract ve Bisabolol ile güçlendirilmiş aktif
    içeriği, güçlü nemlendirici ve canlandırıcı
    özelliği sayesinde cildi sıkılaştırmaya yardımcı
    olur.

    HC Retinol Serum akneli ve yağlı ciltlerde, lekelerde ve ciltte oluşan A Vitamini eksikliğinde kullanılır.

    Bu tür ciltlerde daha iyi bir etki alınabilmesi için HC Çay Ağacı (Tea Tree) Temizleme
    Jeli ile birlikte kullanılması tavsiye edilir.

    https://rebrand.ly/retinolserum

  83. Hello just wanted to give you a quick heads up and let you know a few of the pictures aren’t
    loading properly. I’m not sure why but I think its a
    linking issue. I’ve tried it in two different web browsers and both show the same outcome.

  84. You can certainly see your expertise within the article you write.
    The world hopes for more passionate writers such as you
    who aren’t afraid to mention how they believe.
    Always follow your heart.

  85. Ucuz instagram takipçi satın al
    Bu paket ile sizlere çoğunluğu gerçek kişilerden oluşmayan bot ile
    takipçi gönderimi yapılmaktadır. Bu tip takipçi satın almanız durumunda sayfanızda etkileşimde
    bulunma ihtimalleri yoktur. Sadece sayı olarak yüksek takipçi gösterir

    Düşmeyen Takipçi Paketi
    Bot ile gönderilen takipçilerin sayısında kısa süre içerisinde
    belirli bir miktar düşüş olur. Bu düşüş
    organik takipçi satın al işlemi yapmanız halinde de olasıdır.
    Satın aldığınız takipçi sayısının düşmesini istemiyorsanız
    bu paketi tercih etmelisiniz.

    İnstagram Türk Takipçi Satın Alabilirsiniz
    Türkçe yayın yapıyorsanız Türk takipçi satın al paketini tercih edebilirsiniz.

    Çoğunlukla gerçek ve bot karma kullanıcılardan oluşmaktadır.
    Bu pakete alternatif olarak gerçek Türk takipçi satın alma imkanı da sunulmaktadır.

    Organik Takipçi Satın Al Ki Etkileşim Artsın
    Sosyal medya hesaplarınızın tamamen gerçek kullanıcılardan oluşmasını, paylaşımlarınız ile yorum ya da beğeni etkileşimlerinde bulunmasını istiyorsanız tercih
    etmeniz gereken hizmettir. Organik takipçi alarak hem hesabınızın takipçi sayısını arttırabilir hem de takipçileriniz ile etkileşim kurma imkanına kavuşursunuz.

    Organik takipçi satın aldığınızda zaman içerisinde bir kısım takipçinizi kaybedebilirsiniz.
    Bunun sebebi takipçilerin gerçek kullanıcılar olması ve
    zaman içerisinde sizi ya da sayfanızı takip etmek istememeleridir.

    https://cutt.ly/takipcintrcoco

  86. I am curious to find out what blog system you’re
    using? I’m experiencing some small security problems with my
    latest blog and I would like to find something
    more secure. Do you have any suggestions?

  87. Hi there, I think your blog could be having web browser compatibility
    problems. When I take a look at your web site in Safari,
    it looks fine however, when opening in I.E., it’s
    got some overlapping issues. I just wanted to provide you with a quick heads up!
    Apart from that, excellent blog!

  88. With havin so much content do you ever run into any issues of plagorism or
    copyright infringement? My website has a lot of completely unique content
    I’ve either written myself or outsourced but it seems a lot of it is popping it
    up all over the internet without my authorization. Do you know any solutions to help prevent content from being ripped off?
    I’d definitely appreciate it.

  89. I think this is among the most vital information for me.
    And i’m glad reading your article. But want to remark on few general things, The
    site style is ideal, the articles is really excellent :
    D. Good job, cheers

Leave a Reply