Voice from the rooftop logo
Menu
  • World
  • India
  • USA
  • Sports/Games/Cricket
  • Media
  • Education
  • Christianity
  • Corruption
  • Terrorism
Menu

Kingfisher arrests

Posted on January 26, 2017 by Vincent Augustine D'Souza

One criticism against Barack Obama was that nobody went to jail for frauds that caused depression of 2008. In India at least some people went to jail for causing loss to a public sector bank.
On 23/1/2017 CBI arrested nine persons; four were former officials of IDBI Bank. They were Chairman Yogesh Aggarwal, Deputy Managing Director O. V. Bundelu, Executive Director S. K. Srinivasan, and General Manager R. S. Sridhar. Also arrested was present Deputy Managing Director S. K. Batra. Other four were former officials of Kingfisher Airlines. They were Chief Financial Officer A. Raghunathan, Assistant Vice President Shailesh Borkar, Senior Manager (Accounts) A. C. Shah, and Deputy General Manager Amit Nadkarni. In 2009 IDBI Bank had given loan of 900 crore rupees to Kingfisher Airlines when the company had declared a loss of 1,600 crore rupees. The company had BB rating which showed it was risky to give loan but the bank gave the loan. Of the 900 crore rupees, 262 crore rupees were diverted for personal use, 422 crore rupees went to offshore accounts.
On 24/1/2017 CBI filed a charge sheet against Vijay Mallya and others. Vijay Mallya owned Kingfisher Airlines. The charges are criminal conspiracy, cheating and corruption. Vijay Mallya is absconding. He was allowed to flee. The court sent others to judicial custody till 7/2/2017.
Kingfisher owes money to State Bank of India, Punjab National Bank, IDBI Bank, Bank of India, Bank of Baroda, United Bank of India, Central Bank of India, UCO Bank, Corporation Bank, State Bank of Mysore, Indian Overseas Bank, Federal Bank, Punjab and Sind Bank, Axis Bank, and some other banks. State Bank of India had lent 1,600 crore rupees to KA.
The arrests of bank and company officials are significant. Bank officials have to be careful about lending. Company officials have to be careful about borrowing. Many companies take loans and default. The loans are written off. Under Modi government things have become worse. Names of defaulters and cases of corporate debt restructuring and strategic debt restructuring should be made public.
Auction of Kingfisher properties has not been successful. There were no takers at reserve price. For long there were adjournments in Debt Recovery Tribunals.
There are no discussions on TV channels about Kingfisher arrests. This is a matter of importance. Silly statements are given publicity. People who have money in the bank are unable to withdraw the amount they want. The Committee of Chief Ministers on Digital Payments headed by Chandrababu Naidu has suggested reintroduction of banking cash transaction tax on withdrawals of over 50,000 rupees. That should not happen. People should not have to pay tax for withdrawing their money from the bank.

Leave a Reply Cancel reply

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

Trump Novel Vincent Augustibe D'Souza
Dream Novel Vincent Augustibe D'Souza
Pope Novel Vincent Augustibe D'Souza
King Novel Vincent Augustibe D'Souza

Recent Posts

  • Disha Gets Bail
  • Budget 2021
  • Republic Day 2021
  • Brisbane Test 2021
  • Nidhi Razdan Duped

Recent Comments

  • mark on Death of Phillip Hughes
  • Matheikal on Budget 2021
  • Matheikal on Republic Day 2021
  • Tomichan Matheikal on Washington Violence
  • Rajeev Moothedath on India 36 all out

Categories

  • America (50)
  • Christianity (33)
  • Corruption (44)
  • Cricket (59)
  • Education (14)
  • General (75)
  • India (721)
  • Media (32)
  • Pakistan (20)
  • Sports and Games (30)
  • Terrorism (30)
  • World (68)

RSS Go 4 Quiz

  • Austen Chamberlain Quiz
  • Robert Frost Quiz
  • Slumdog Millionaire Quiz II
  • Edward Victor Appleton Quiz
  • French Open 2015 Quiz
  • French Open 2012 Quiz
  • Australian Open 2015 Quiz
  • Wimbledon 2017 Quiz
  • Liu Xiaobo Quiz
  • Helmut Kohl Quiz
Model Constitution for India by Vincent Augustine D'Souza
Model Constitution for India by Vincent Augustine D'Souza
English-Konkani Dictionary by Vincent Augustine D'Souza
English-Konkani Dictionary by Vincent Augustine D'Souza
Model Constitution for the United States of America by Vincent Augustine D'Souza
Model Constitution for the United States of America by Vincent Augustine D'Souza
©2021 Voice from the rooftop | Made By Superb Themes