The popular narrative doing the rounds in the print and electronic media is that Mr Vijay Mallya milked the banks for over Rs 9000 crores to support his hedonistic lifestyle much before the now defunct and grounded Kingfisher Airlines and flew off to the UK when the debt burden became excessive to evergreen his debts.
Little is discussed on the national channels of his largesse doled out across the political spectrum for leading his flamboyant lifestyle. He is flaunting his Rajya Sabha MP status to circumvent his misdoings and seeking exemption from prosecution. The purported Rs 9000 crores he owes to the PSU Banks and others is the money he lost on Kingfisher Airlines. In reality the loan amount availed by him is Rs 4000 crores and the rest is compounded interest on the principal amount. The banks were happy to lend him money with the tacit political and bureaucratic support without raising the red flag on the debts. Mr Mallya even had the temerity of skimming money from his own companies such as United Breweries and United Spirits.
Now as the debate is raging, a lot of skeletons are tumbling out of the government’s cupboards with regard to the huge losses incurred by the two public sector airlines Air India and Indian Airlines amounting to over Rs 43,000 crores which pales in insignificance to the measly amount of Rs 4000 crores losses of Kingfisher Airlines. Other willful corporate defaulters will also be caught in the web of financial malfeasance.
The not too industrious industrialists, most of who make most of their money from the PSU banks, also fund the hedonistic political lifestyle of our elite. The RBI is not blowing its whistle to stop this and the Department of Company Affairs is a silent spectator.
