Wednesday, September 22, 2021
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Willful defaulters should be put behind bars

The filthy super rich billionaires have different set of rules and laws in our country than the common man which is truly a sorry state of affairs in a democratic country like ours which is the reason of mass scale inequality in India. Vijay Mallya owes billions of rupees to various stake holders including state owned banks but still roaming freely while the same banks confiscate your properties or other assets if the ordinary citizens delay paying a few EMI’s. The Enforcement Directorate has now filed a money laundering case against Mallya but I wonder why they had to wait this long to issue such a directive? Bolting the stable after the horse has fled serves no purpose as the money has already been siphoned out of our shores and past experience shows that it is extremely doubtful if it would be recovered.

The Debt Recovery Tribunal (DRT) should confiscate 75 million dollars which is approximately 500 crores which Mallya would get from Diageo on account of stake sale in his breweries business and pay employees of Kingfisher who did not receive salaries for over two years and settle the debts of other clients. Mallya blaming the media for his troubles is a big joke. Mallya would have fled the country by now if the media was not after him and he himself had mentioned he was thinking of settling in UK. We need bankruptcy code in our country and the law must be tough on willful defaulters so that no industrialist or businessmen grab public’s hard earned money on purpose. Please sell off your IPL team and various sporting businesses like derby and FI interest Mr. Mallya as that is not the spirit of sports though you may have made all your money selling spirits.

S.N. Kabra

(The views expressed by the author in the article are his/her own.)

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