The Vijay Mallya saga that has been trending in both print and electronic media raises more questions than answers. For instance, it has emerged that the Central Bureau of Investigations (CBI) intentionally altered the look-out notice it gave to customs which gave Mallya just enough time to escape from India without any setback. Did someone with enough clout pull the necessary strings to allow this to happen?
It is either Vijay is a lucky man or he has some powerful connections. The precision of his escape could also mean that someone tipped him off on the banks’ intention to file charges seeking his prosecution. On the other hand, maybe he chose to flee the country when he realized his efforts to make the whole issue political backfired. He had tried to pull the Rajya Sabha MP Status card hoping it would elicit some sympathy and deflect the attention of the public but it seems that plot dint go to well.
The major banks in India are in a concerted effort to try to recover money owed to them by willful defaulters. Willful defaulters owe different banks in India close to Rs 56,521 crore (approximately 83.9 billion dollars). A willful defaulter is a person that has the ability to repay a loan in good time but chooses not to do so. Mallya’s now dying kingfisher airline is his fourth company to be listed by CIBIL as a willful defaulter.
The fact that Mallya had an easy time flying out of the country just in the nick of time probably points to a more widespread problem. It follows without say that there was some money that changed hands for Mallya to sort of buy his freedom. CBI should therefore not only be investigating the willful defaulting case but also the elaborate cover-up that ensued.
Financial accountability and integrity is a very important facet in management. Mallya would not have found himself in hot soup if he had taken precaution to pay back his debtors in good time. The incident also reveals that Mallya is more of a lone ranger as opposed to a good team leader. As a good manager, he could have had a competent finance team working with him that would have advised on which loans to take and how to follow through with the payments.