white wash
n.— «And therefore, you have to do a very detailed exercise and then do what is called white wash procedure. Under the white wash procedure, the directors of the company and have to make a statuary declaration that immediately after the financial assistance is provided and 12 months thereafter, the company will be able to pay all its obligations as well as will be able to pay as and when they fall due. This is a very serious statuary declaration because if for any reason it doesn’t work out then there is a criminal liability for all the directors.» —“Arun Gandhi: Tatas’ M&A king and Corus deal writer” Moneycontrol India Sept. 15, 2007. (source: Double-Tongued Dictionary)
Further reading
Martha from Tallahassee, Florida, remembers hearing older relatives announce they were going for their constitutional, a term that traces back to Latin constitutio, meaning “character,” “disposition,” “nature,” or “the essence of a thing.” Its...
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