The Bangalore bench of the debt recovery tribunal temporarily restrained the British multinational alcoholic beverages company, Diageo Plc, from paying $75 million to Vijay Mallya ("Mallya suffers a setback", March 8). It has now been reported that Diageo has already paid a part of this sum. Mallya, who owes huge debts to various Indian banks, should have been barred from leaving the country. What is unclear is why the banks failed to take the necessary steps at the appropriate time to ensure that he was held accountable for his actions. If proper disciplinary steps had been taken against Mallya, he would have been arrested before he left India. This would have served as a warning to individuals who, like Mallya, have taken huge loans from banks and are intentionally failing to repay them.
K.A. Solaman, Alappuzha, Kerala
The Telegraph, Calcutta March 22, 2016
No comments:
Post a Comment