Here Comes — The MallyaGate

The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

 

Aditya Bhola ,MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur

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The king of Good Times crash landed to very Bad Times this year. It will be wrong to say that this happened all of sudden this year only as it was in the making long time back but was not out in the open. Not only Mallya but banks , politicians etc where responsible for the fall of Kingfisher Airlines which might not have affected Vijay Mallya as much as it has affected the employees of Kingfisher Airlines (not to mention the honest taxpayers) who have lost everything. Mallya failed to repay loans worth Rs 7,200 crore, did not pay salaries, did not deposit provident fund, and did not pay income tax. It is still a mystery why banks led by IDBI Bank and State Bank of India continued to pour money into the airline when the airline was on life support. The Central Bureau of Investigation (CBI) is probing why IDBI Bank lent Rs 950 crore to the airline when it had almost shut shop. All this points to a collusion in the system which works for Rich in there bad times but harass the common man even in there good times. UB group insiders said within five years of its launch, it was clear Kingfisher Airline would not make money. “Almost all suppliers were unpaid, including fleet operators. One fine day the airline did not have money to pay salaries,” said a former employee. What infuriated employees was as the airline sank Mallya was seen cheering his Bangalore team at IPL cricket matches or was seen at race course fashion shows. Mallya become the member of Rajya Sabha and was part of the committee setup for the Airline Industry. All this points to our worst nightmare of crony capitalism in India which we need to fight at every level to save the common man or mango man in a Banana Repiblic.

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