Mr. Vijay Mallya, the Indian Industrialist, who has borrowed from 17 Indian Banks, and is said to have become a Willful-defaulter to the extent of Rs. 90 billion ($1.3 billion approx.), has been issued summons by the Supreme Court of India. He has tweeted that he has not fled away from India. He does not want a Media Trial. His reported remark about the Editor of "Times Now" Channel is worth noting: "...The editor of Times Now needs to be in prison clothes and eat prison food for libel, deceit, slander and absolutely sensational lies. ..." — Vijay Mallya (@TheVijayMallya) March 10, 2016.
LINKS TO PREVIOUS POSTS ON THE SAME SUBJECT
Post No. 443 of March 2015. Highlighted, banks' lethargy in recovering overdues from Mr. Vijay Mallya.
According to the News Reports, bulk of the wealth owned by Mr. Vijay Mallya, has been stashed abroad. Only paltry amounts and properties, are available in India, for attachment towards satisfaction of his debts.
If Mr. Mallya is so sincere, so honest, so indignant, so much of a lover of Indian Judicial System and Indian Law Courts,
1. he can repatriate to India, all his funds stashed abroad. He can also make available for attachment all his foreign assets to Supreme Court of India.
2. he can attend every hearing of Debt Recovery Tribunals, High Courts and Supreme Court, without making frequent representations of his "non-availability" on medical grounds, or business grounds.
3. he should not enter into any secret arrangements with foreign Corporates and industrialists to fraudulantly transfer his assets, so as to escape attachment by Indian Courts.
4. Airlines Business is a highly risky business, this everybody knows. As a seasoned business-person, Mr. Vijay Mallya knows this, and he also knows that his liquor empire is highly profitable, and less risky. Thus, with a high risk Airline, and low risk liquor business (apart from other low risk businesses such as Fertilisers, Real Estate, Resorts, etc.), Mr. Mallya has sufficient hedging, and cushion, to overcome unforeseen losses. But, by entering into gambling sort of businesses such as purchasing Cricket Teams, Formula Racing, he seems to have squandered the public funds with the help of 17 Banks, which failed in their Credit Delivery and Supervision duties.
5. Anyway, here is a great opportunity for Mr. Mallya to resurrect the whole situation, which is not beyond redemption. The only thing is, he should be willing to co-operate with the judiciary, and the Banks. By doing so, he will be proving to the world a) the honesty of Indian Business persons b) the Respectability and Trust which Indian Judiciary enjoys c) the Business-Judgement-abilities (Credit Appraisal, Project Appraisal etc.) of the Indian Banks.
6. If he acts with 100% honesty, though he loses all his assets, he will have his honor in tact. In Indian History, his name gets written with Gold Letters, as an Exemplary Business Person. He can live with peace of mind in India, rather than living like a fugitive and a thief in England and dying there unsung. In reality, if he chooses to settle in England, after evading all his loans in India, though the Foreign Governments, Foreign Banks may respect him externally and superficially, he will, still, be regarded as a thief, notwithstanding Media Trials.
7. Leaving aside the politics of Congress, BJP and other parties in Indian Parliament and outside, Indian intellectuals are watching with bated breath, what Mr. Mallya is going to do.
8. This will also set a trend and role-model, to other Defaulting Indian Industrialists.
9. If Mr. Mallya avoids Indian Banks and Indian Judiciary, and goes further to fish into England and its London Den of Global Financial-Offenders, one wishes that Govt. of India, State Governments, Indian Courts, Indian Banks, INdian Share Markets and Bond Markets, whether they learn long term lessons from their errors of judgement, omissions and commissions, or not, for sometime to come, must exercise great caution in taking up fresh Corporate Loan proposals.
Indian Banks will have to reveal the details of other large Indian Corporate Defaulters and deal with them sternly. Else, Other Defaulters may take Mr. Mallya as their Leader. They may even form an Association of Indian Industrialists being hounded by Indian Government, and may seek a REFUGEE Status in Europe, North America, Australia and New Zealand. Foreign Governments may support such nefarious Associations, for the fun of teasing the Indian Government, and also extract some concessions under each head of G-8/G-20, WTO, IMF, World Bank, BIS etc.
Every Corporate Applicant is going to be viewed with suspicion and X-Rayed about his-her personal integrity, by Indian Banks, till their old wounds heal. Of course, Time though is not the best healer, it is a definitely, a sort of a healer.
ybrao-a-donkey's humble comments. वैबीराव एक गधे के विनम्र राय . వైబీరావ్ గాడిద వినమ్ర వాణి. You have every right to differ with me. I respect your right. आपको मेरे मत से भिन्न राय रखने के संपूर्ण हक है। मै उस अधिकार को परिपूर्ण रूप से गौरव देता हुँ. మీకు, మీ భిన్నమైన అభిప్రాయాన్ని కలిగిఉండే సంపూర్ణ హక్కు ఉంది. దానిని ఎంతో నేను గౌరవిస్తాను. However, pl. examine this donkey's views also. परन्तु एस गधे के दृष्टिकोण को भी अनुशीलन कीजिये. కానీ ఈ గాడిద దృష్టికోణాన్ని కూడ ఓర చూపుతో కంటజూడుమీ, క్రీగంట జూడమీ.
Media Trials are well known for their overzealousness. Anchors, and Moderators of Discussions, often behave as though are HIgh Court and Supreme Court Judges, or even above them.
The Anchors and Moderators of Discussions may be doing it, under pressure from their Corporate bosses, who themselves are not above suspicion. The Anchors and Moderators, are after all, just paid servants and slaves. The Circus Masters are the owners of the Media Channels. Anchor-Moderator Lions and Elephants will get their marching orders and pink slips, if they do not dance on the stools provided by the Ring Masters.
TAILPIECE धूमकेतु తోక చుక్క
In Telugu language, there are two proverbs.
1. "kukka tOka vankara." Approx. English: "A dog's tail (always remains) is twisted". Anecdote: A person wanted to straighten his dog's tail, tied it with bamboo slices and ropes, just as fractured legs and hands are bound with bandages. After some months, hoping that the dog's tail might have straightened, he opened it cutting the ropes and removing the bamboo. The dog's tail went back to its spiral shape. Indian (Why Indian? even Global) Industrialists, are like irreparable dog tails.
2. "akka ASE kAni bAva batakaDu". Approx. English: akka = elder sister. bAva = elder sister's husband. A bAva became sick. He was being taken to numerous doctors and hospitals by "akka", and her younger brother. After several visits of several Cities and Towns, and several hospitals, the younger brother might have been exhausted and become wiery. When villagers inquired from him, about his bAva's health , the youth said : "akka ASE kAni bAva batakaDu". Gist: Sister hopes, but Brother-in-law will not survive.
We, Indians, are like "akkAs". We hope, hope and hope. But our industrialists, business tycoons, Banks, Courts, Lawyers, of course Media which is also run by Industrialists, all let us down. This happened in the past, is happening now, and is going to happen in future.
Subject to substantial Revision, additions and deletions. To continue and revise this, with more proof.. सशेष. సశేషం.