Monday, March 05, 2012

Privatisation Of Profits And Socialisation Of Losses

But when over Rs 400 crore of taxes are not paid, and dues in excess of Rs 2,000 crore in addition to unserviced bank debt are owed to vendors, and close to half the airline's fleet is on ground for more than two years for want of parts, and you are buying exotic islands, villas and yachts around the world when your empire is burning, it is bizarre and reminds you of the famous Ray movie Shatranj ke Khiladi. But you can redeem yourself by humility, accepting the blunders and be a man and take the hit on the chin, pay the price and move on. 

ET: Banks should convert their debt into equity, remove Vijay Mallya to save Kingfisher Airlines: GR Gopinath


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