Banking on Flamboyance, Electronics and Brand Values: The Signs of the ‘Good Times’
By ALBERTINA ALMEIDA
March saw the ‘King of Good Times’ Vijay Mallya in the news for defaulting to pay a debt of 9000 crores. It was reported that Kingfisher’s gross block (investment in fixed assets) was a fraction of its total debt from day one. Some of these loans were given by the 17-bank consortium of lenders on pledging office furniture like folding chairs and electronic equipment such as boarding pass printers, and on the so-called brand value of Kingfisher. SBI petitioned the North Goa Collector for assistance to attach Mallya’s villa in Candolim, but unlike the prompt action when it comes to small borrowers, or small people who are not even liable, in this case, if you please, the Collector chose to have hearings.