• About us
  • Columnists
  • Careers
  • Brand Partnerships
  • rightlog is now TFIPOST
TFI Official Merchandise
हिन्दी
Monday, May 23, 2022
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Dear ET, It’s Bam Bhole, not “Bom Bhole”

    Dear ET, It’s Bam Bhole, not “Bom Bhole”

    Kedarnath is not some picnic spot, it’s a pilgrimage site and it should stay that way

    Kedarnath is not some picnic spot, it’s a pilgrimage site and it should stay that way

    Bad day for Nirmala haters, brilliant day for Rahul Memers

    Bad day for Nirmala haters, brilliant day for Rahul Memers

    Say no to TrueCaller, TRAI is coming up with its own KYC enabled service

    Say no to TrueCaller, TRAI is coming up with its own KYC enabled service

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India dwarfs every country on the planet in terms of FDI

    India dwarfs every country on the planet in terms of FDI

    green energy

    With gasification of coal, India takes a step ahead towards clean energy

    Adani

    Gautam Adani comes across as a compulsive, obsessive shopaholic

    Vistara and Air India

    Time for a bold prediction – TATA will merge Vistara and Air India

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Global Air Powers Rankings

    India beats China in Global Air Power Ranking 2022

    Sham no Varunah: India begins its total dominance in the seas

    Sham no Varunah: India begins its total dominance in the seas

    A comprehensive list of weapons India manufactured and procured in the last 24 months

    A comprehensive list of weapons India manufactured and procured in the last 24 months

    Ajit Doval warning

    Ajit Doval makes it clear that Balakot and surgical strikes are only the beginning

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    FY Exports

    From curing the world to feeding it: PM Modi’s India is leading the world by example

    There could be many poles in the new world order but India is definitely the centre of it

    There could be many poles in the new world order but India is definitely the centre of it

    Necklace of Diamonds

    How India’s ‘Necklace of Diamonds’ outsmarted China’s ‘String of Pearls’ in the Indian Ocean

    OIC Pakistan

    Indian Foreign Ministry rips into Pak and its Arabian masters for bad-mouthing delimitation in J&K

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    seven-day week

    24 hours, 1440 minutes, 86400 seconds: How Aryabhatta derived it and the West appropriated it

    Qutub Minar observatory

    Was Qutub Minar Raja Vikramaditya’s celestial observatory?

    The most important reason why CM Yogi won’t rename Lucknow

    The most important reason why CM Yogi won’t rename Lucknow

    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Why do you find it impossible to survive without ACs in Indian summers now?

    Why do you find it impossible to survive without ACs in Indian summers now?

    Monkeypox: The new potential pandemic that humanity faces

    Monkeypox: The new potential pandemic that humanity faces

    Anand movie poster

    Some masterpieces must not be touched, and Anand is one of them

    ‘Dhaakad’ Kangana is now a fan of ‘Dabangg’ Salman

    ‘Dhaakad’ Kangana is now a fan of ‘Dabangg’ Salman

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Dear ET, It’s Bam Bhole, not “Bom Bhole”

    Dear ET, It’s Bam Bhole, not “Bom Bhole”

    Kedarnath is not some picnic spot, it’s a pilgrimage site and it should stay that way

    Kedarnath is not some picnic spot, it’s a pilgrimage site and it should stay that way

    Bad day for Nirmala haters, brilliant day for Rahul Memers

    Bad day for Nirmala haters, brilliant day for Rahul Memers

    Say no to TrueCaller, TRAI is coming up with its own KYC enabled service

    Say no to TrueCaller, TRAI is coming up with its own KYC enabled service

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India dwarfs every country on the planet in terms of FDI

    India dwarfs every country on the planet in terms of FDI

    green energy

    With gasification of coal, India takes a step ahead towards clean energy

    Adani

    Gautam Adani comes across as a compulsive, obsessive shopaholic

    Vistara and Air India

    Time for a bold prediction – TATA will merge Vistara and Air India

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Global Air Powers Rankings

    India beats China in Global Air Power Ranking 2022

    Sham no Varunah: India begins its total dominance in the seas

    Sham no Varunah: India begins its total dominance in the seas

    A comprehensive list of weapons India manufactured and procured in the last 24 months

    A comprehensive list of weapons India manufactured and procured in the last 24 months

    Ajit Doval warning

    Ajit Doval makes it clear that Balakot and surgical strikes are only the beginning

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    FY Exports

    From curing the world to feeding it: PM Modi’s India is leading the world by example

    There could be many poles in the new world order but India is definitely the centre of it

    There could be many poles in the new world order but India is definitely the centre of it

    Necklace of Diamonds

    How India’s ‘Necklace of Diamonds’ outsmarted China’s ‘String of Pearls’ in the Indian Ocean

    OIC Pakistan

    Indian Foreign Ministry rips into Pak and its Arabian masters for bad-mouthing delimitation in J&K

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    seven-day week

    24 hours, 1440 minutes, 86400 seconds: How Aryabhatta derived it and the West appropriated it

    Qutub Minar observatory

    Was Qutub Minar Raja Vikramaditya’s celestial observatory?

    The most important reason why CM Yogi won’t rename Lucknow

    The most important reason why CM Yogi won’t rename Lucknow

    Intermittent Fasting

    The West is repackaging and selling Vrata/Upwaas as “Intermittent Fasting”

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Why do you find it impossible to survive without ACs in Indian summers now?

    Why do you find it impossible to survive without ACs in Indian summers now?

    Monkeypox: The new potential pandemic that humanity faces

    Monkeypox: The new potential pandemic that humanity faces

    Anand movie poster

    Some masterpieces must not be touched, and Anand is one of them

    ‘Dhaakad’ Kangana is now a fan of ‘Dabangg’ Salman

    ‘Dhaakad’ Kangana is now a fan of ‘Dabangg’ Salman

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
TFIPOST
No Result
View All Result

Vijay Mallya is your baby Congress, why disown him now?

Manoranjan Chaudhary
by Manoranjan Chaudhary
12 March 2016
in Opinions
0
Vijay Mallya Twitter
61
VIEWS
Share on FacebookShare on Twitter

Not very long ago, there was a king. They called him the King of good times. He owned an IPL team, a F – 1 team, two football teams, an airline, a liquor brand, the most desirable calendar and a number of companies. The charming King had all the money, power and glamour. He was the celebrity of all celebrities, messiah of struggling models and godman of some cricketers. His extravagant life style was widely appealed, envied and admired. He was considered as a larger than life astute entrepreneur, India’s very own Richard Brenson. All of us know the name of that king. He was none other than Vijay Mallya.

However, very few of us know how he remained the king of good times for so long. Let me tell you. After taking over the UB group from his father, Vijay Mallya consolidated, acquired and diversified many companies to mainly focus on the core family business of beverage alcohol. To his credit, he made the group a conglomerate of 60 companies having turnover of more than 10 billion. But that did not make him the king. He was rather facilitated by some more than generous banks and the inefficient corrupt government in centre. His good times significantly overlapped his companies bad times.

It all started in 2005 when Vijay Mallya chose to enter into the unknown forte’ of airlines business. In eight years of its operation, Kingfisher Airliner never once registered a profit. By 2013, the alliance had more than 16,000 crore losses. It is intriguing that even after record loss Kingfisher Airlines became the second largest airline in India. The banks continued to give loans, UPA govt continued to extend the all-out support and the good-time was artificially sustained.

Despite of being a dreadful borrower and having non-performing assets, banks lent Mallya on the brand value, movable property and on current asset.

Some of the examples are as below:

  1. In 2010, State Bank of India gave Vijay Mallya a loan of 1600 crore to revive Kingfisher alliance in lieu of the ownership of all trademarks and goodwill. The trademark and goodwill will get SBI a meagre 6 crore now.
  1. Another nationalised bank IDBI extended the loans worth 900 crores despite the negative credit rating. The loan was sanctioned despite the bank’s internal report warning against it. The asset pledged against the loan was again trademark and goodwill.
  1. Bank of India lent Mallya’s Kingfisher airlines 650 crores the current assets which include items like air conditioners, tractors and even folding chairs.

Likewise, a total of 17 banks lent Vijay Mallya loan in excess of 7,000 crores after second debt restructuring for the airlines. This consortium of banks was mostly nationalised banks led by State bank of India. Then UPA govt provided a free way to Vijay Mallya for accessing the taxpayer’s money at the time when the warning bell was rung by many. More expectedly the Kingfisher airlines grounded two years later. According to some unconfirmed reports, Mallya had syphoned a substantial chunk of borrowing in tax havens abroad. How felonious could it be? But not more inappropriate than Congress accusing NDA to let Mallya escape.

It was the UPA govt who let Vijay Mallya bluff the banks. It was the UPA govt who made the mockery of a banking system and gave loans to Mallya against zero and minimal guarantee. It was the UPA govt who never tightened the noose around the defaulter even after the airlines grounded, employees laid off and assets sold.

The incumbent govt was reeling under bad debts since it took to charge. Public sector banks are sitting on over Rs 7 lakh crore stressed assets, including NPAs and restructured loans. Between 2004 and 5, more than Rs 2.11 lakh crore were written off as bad debts. Vijay Mallya with a defaulter of around 9,000 crores is one of such many cases. Even before the banks consider to move against Vijay Mallya to Supreme Court and request the court to restrict his travel, he flew to the London. In such circumstances it is very less a govt can do.

Congress will not get the first-mover advantage here by raking up Mallya’s issue. They are already on the swampy ground and the more it will be stretched the more they will sink.

Tags: KingfisherVijay Mallya
ShareTweetSend
Previous Post

PART- 2 Unveiling Modi Government Achievements:Not everything is wrong with this Country

Next Post

वामपंथ ही आधुनिक युग का ब्राह्मणवाद है

Manoranjan Chaudhary

Manoranjan Chaudhary

A nationalist, A Petroleum Engineer by profession, good orator, political enthusiast, working part time for the upliftment of slum children.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear ET, It’s Bam Bhole, not “Bom Bhole”

Dear ET, It’s Bam Bhole, not “Bom Bhole”

23 May 2022
Kedarnath is not some picnic spot, it’s a pilgrimage site and it should stay that way

Kedarnath is not some picnic spot, it’s a pilgrimage site and it should stay that way

23 May 2022
Bad day for Nirmala haters, brilliant day for Rahul Memers

Bad day for Nirmala haters, brilliant day for Rahul Memers

23 May 2022
Say no to TrueCaller, TRAI is coming up with its own KYC enabled service

Say no to TrueCaller, TRAI is coming up with its own KYC enabled service

22 May 2022

Popular This Week

5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar
Cinema

5 Actors who would have looked better as Prithviraj Chauhan than Akshay Kumar

by Tanya Trivedi
17 May 2022
reliance brands
Trending

Mukesh Ambani is out to challenge Pepsi and Coca-Cola

by Rahul Gupta
17 May 2022
Kerala crisis
Trending

Kerala government goes bankrupt

by TFIPOST News Desk
14 May 2022
They kept abusing Adani until one day Adani bought them, A Quint Saga
Business

They kept abusing Adani until one day Adani bought them, A Quint Saga

by Abhishek Kumar Singh
16 May 2022
Vistara and Air India
Business

Time for a bold prediction – TATA will merge Vistara and Air India

by Abhishek Kumar Singh
17 May 2022

©2022 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
हिन्दी
  • About us
  • Columnists
  • Careers
  • Brand Partnerships
  • rightlog is now TFIPOST

©2022 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost