International Human Resource ManagementFull description
From Bang to Bust: The Kingfisher Debt Crisis Introduction:
Vijay Vijay Mallya, the "King of Good Times", Times", a beer baron has always been on news. All All thanks to his over-the-to, e!travagant lifestyle, Mallya and his omanies have been embroiled in finanial sandals, and ontroversies sine #$%#. Business Insight:
Mallya beame the &hairman of 'nited (reweries Gro) in %*+ at the age of #+. ine then, the gro) has grown into a m)lti-national onglomerate of over $ omanies. Mallay/s fran franhis hises, es, merg merger ers, s, e!ans e!ansio ions ns all roved roved effe effeti tive ve )ntil )ntil #$$ #$$0, 0, when when he estab establis lishe hed d Kingfisher Airlines, that landed him in tro)ble. The Legal Action:
1n 2ovember #$%0, it ame to the limelight that Mallya owed at least 3%.0 billion to the banks in 1ndia. 1n Marh #$%, a onsorti)m of banks aroahed the )reme &o)rt of 1ndia to sto Mallya from going abroad d)e to the ending money his omanies owed them. &o)rts then iss)ed non-bailable arrest warrants against the b)sinessman. Proposal of Via! "all!a
Kingfisher Airlines &hairman Vijay Mallya has offered to ay banks 4s. 5,$$$ rore as artial settlement of the arrier/s debts and indiated to the )reme &o)rt that the atmoshere in 1ndia was too vitiated for him to immediately ret)rn. #uestions for Consideration:
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7id the gove goverrnm nmeent at at in hast aste by rev revoki oking Mal Mallya/ lya/ss as asso sort even ven before fore gathering foolroof evidene in this ase8 7oes 7oes the the 97 97 have have strong strong eviden evidene ess agai against nst Mally Mallyaa that that wo)l wo)ld d stan stand d in the the o)r o)rtt of law8 :n what what basis basis did the 4(1 4(1 even even le lear ar the the rest restr) r)t)r t)ring ing of King Kingfis fisher her88 ;ow ;ow will will the the ban banks ks reo reove verr the their ir mo mone ney y8
Conclusion
Mallya/s Mallya/s ase is )ni<)e in the 1ndian banking ind)stry in many ways. 1t is both shoking and demeaning that an individ)al has s)essf)lly managed to take some %= banks for a ride. (anks ating as harity ho)ses for lending loans to Mallya alls eole to <)estion the redibility of a)thorities involved in redit araisal roess. There is finally light at the end of the t)nnel as the banking system has finally deided to lay their hands on the >rih and owerf)l/.