Sunday, July 25, 2021
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Banks too responsible for Mallya fiasco

Vijay Mallya, faulted of non-payment on loans worth crores, was arrested in London in what the CBI counted as a major win in attempts to bring the business tycoon to India to face trial. Mallya, 61, is wanted for loan fraud and is also facing charges of money-laundering. Vijay Mallya, the former boss of Kingfisher Airlines, has received a bail after being arrested three hours ago by Scotland Yard in London (UK). As usual India media had over hyped the issue, but Mallya gave them befitting reply to them on twitter.

India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on 8 February. Mallya has been on the run after he failed to repay bank loans worth Rs 9,000 crore taken on behalf of the now defunct Kingfisher Airlines. Multiple courts in India have issued warrants against Mallya in various cases over the past one year. So far, banks have not made any significant progress as far as the recovery of Kingfisher loans even as Mallya’s Kingfisher Villa was recently sold to a Mumbai-based businessman. Recently, a Delhi court had issued an open ended non-bailable warrant against the businessman in a case of allegedly evading summons in a FERA violation matter.

On 4 November last year, while issuing non-bailable warrant against Mallya, the court had observed that he had no inclination to return and had scant regard for the law of the land. The court also said that on 4 October it had specifically noted that he could approach authorities and obtain emergency document to return to India but the situation is that he has not taken any such step. Last month, the British government certified India’s request for extradition of Mallya, and sent it to a district judge for further action. In a series of tweets recently, he accused the government of holding him guilty “without a trial”. There were many petitions against Vijay Mallya from past one year. The anger and rage people carry against him is unfathomable. From words like ‘Bring Mallya back’ to ‘Initiate criminal proceedings’ were all seen in the petitions by various people. Upon searching the twitter tweets, you can easily notice how many people are speaking against him.

I ran into a friend yesterday and we were discussing about the usual scenario in the country and to my shock as soon as we spoke about Enforcement Directorate extending their scope and working with CBI against Mallya, the said friend sprung in action with rage filled eyes. He said, “Mallya should be brought back to India and should be punished for looting 9000 crores”. I politely asked him if Mallya took his money too, he denied. I asked him, what brand of beer he likes when he goes to Goa, his response was Kingfisher draught. Ironic as it sounds, it is not just him but many people around the nation are in anguish due to this. Recently, the stupidity-oppotunist chief minister of the capital spoke against Mallya and appealed to the Prime Minister of India to look into this matter. People gladly joined his ‘cause’ and supported him as he demanded the return of Mallya to the nation. Mallya did not take money from the Indian treasury, he may or may not have been a part of money laundering, and he has sponsored an entire team for IPL which we happily cheered for.

He took loan from the banks and was willing to repay. Not everyone can pay back the loan amount. Not just Mallya but many people have absconded the country with a lot of money. It is the bank’s responsibility to grant loan based on the security they can receive. It is bank’s failed decision which has caused the uproar. Mallya did not make the banks sign at gun point or something, it was just business. Many a times company can pay back, at times it does not. It is a business deal between bank and a company, has nothing to do with the nation. He has not stolen money from the citizens. Banks will happily claim their saving on taxes against the defaulters list. Actually it is the banks that are draining the nation; they should have paid the full tax irrespective of the defaulters. Banks exist not for charity but to do business. Banks like to earn money by lending money loan, is one of their products, people repaying or not paying back is called ‘business risk’ and they undertake a lot of study before signing the documents.

Why are Indians getting worried about it? Why is a chief minister stepping down from his busy schedule and planning for several days for this business issue between two companies? Besides, above all, he is asking the Prime minister of India to work on behalf of the banks! Banks should have known about the consequences, the people to punish should be the ones who signed the document and approved loan at the first place. Many people defaulted when banks pushed credit cards down the throat of individuals as their sales representatives harassed with repeated phone calls, one of the reasons which doomed the nation like United Nations of America. At an individual level, they managed to declare a deficit from the government. Indian banks are not distributing loans as an individual demands. When you go to the bank, do you get loan instantly? Who is responsible if you choose not to pay back; bank or the government? Chief Minister is a respectable and responsible designation, and if someone wastes their time by curbing on the salary which is paid by our hard earned money as a tax then they should prove their time in the office more than casual activities. A business man will never let his employee waste his time.

When some people open their mouth or express their understanding based on the wave created by the politicians, with no bases, it actually brings down the average IQ of an entire nation. Please step out of the crowd and work towards what is in the best interest of the nation. Being a part of political wave should be a thing of the past now. Let us grow up. Let the legal procedure take its time and draw the conclusion.

Dr Vaidehi Tamanhttp://www.vaidehisachin.com
Dr Vaidehi an Accredited Journalist from Maharashtra is bestowed with Honourary Doctorate in Journalism, Investigative Journalist, Editor, Ethical Hacker, Philanthropist, and Author. She is Editor-in-Chief of Newsmakers Broadcasting and Communications Pvt. Ltd. for 11 years, which features an English daily tabloid – Afternoon Voice, a Marathi web portal – Mumbai Manoos, monthly magazines like Hackers5, Beyond The News (international) and Maritime Bridges. She is also an EC Council Certified Ethical Hacker, Certified Security Analyst and is also a Licensed Penetration Tester which caters to her freelance jobs.

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