There is nothing wrong in Governments trying to help save genuine businesses.
Zakka Jacob, Sambit Patra and some Giri from The Hindu Business Line appear like contenders in the Weakest Link reality TV show while discussing the Vijay Mallya saga tonight on the Indian channel, News 18.
Of course, the Congress government did not get it right when it influenced banks to give loans to a defaulter, as alleged by the BJP. But the BJP Government shamelessly allowed Mallya to flee the country with family and all paraphernalia from right under its nose. That is an evil failing!
And the warmth that the BJP shared with another fugitive, Lalit Modi, is well known. Both the economic offenders are cosily settled in the United Kingdom, a country that merrily embraces all rich criminals.
- Poser from Zakka Jacob, the show host: Will you and I get the kind of loans he got?
Is this the kind of question a senior journalist will raise, Mr Zakka? United Breweries / United Spirits and Kingfisher were huge businesses employing thousands of people.
Every sane Government will try to prevent such firms from folding up. When domestic carriers in India were flying with rickety aircraft and poor service, Kingfisher brought in a whiff of fresh air, seeking to become a world-class airline with huge investments.
- BJP Spokesman Patra: Everything happened during the previous dispensation.
Giri, Business Line: The Finance Minister is not the one to issue an NOC. It is clear SEBI will have rejected Mallya’s request, so the matter was taken to the FM.
Loans are mutually beneficial to banks as well as firms with a sound business model. Mallya was an evil businessman pampered by both the Congress and the BJP with whose support he became an MP.
To me, letting him escape from the country is a bigger crime than facilitating the loans he received from banks. Trying to present a holier-than-thou farce cannot absolve it of the serious lapse.
Giri has apparently not heard about the common practice of escalation in business and governance. When things do not work through the regular channels, escalations are a logical path. Expecting Mallya to abandon his pursuit after SEBI’s rejection is too puerile a thought.
G Joslin Vethakumar