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EXECUTIVE SUMMARY OF KINGFISHER AIRLINES

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-Sustainability refers to the long term maintenance of the system in order to meet the future need of environmental, social and economical considerations.
-it is very evident that Kingfisher could not be sustainable in 2009, the net loss went from Rs 213 crore in 2008 to Rs 1,317 crore. And that didn’t stop them from continuing and the company went to such extent that the accumulated losses as of March 2013 stood at a whopping Rs 16,023 crore.

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How Vijay Mallya fooled Banks & Air India lost 30000 Crores.

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How Vijay Mallya fooled Banks & Air India lost 30000 Crores. Vijay Mallya, one of the successful business man always known for his flamboyant life and the king of good times. He was also known to be a party boy in many party video with girls Bollywood celebrities.

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-The company alway gave importance to revive itself and at the same time make profits that it completely ignored the fact that it has some duties towards the people who helped them run the company or towards the society at large.
-The employees were not paid salaries on time and there is a high chance that they bribed few officials in the process of getting their huge amount loans.

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LOANS STANCHIONED INSPITE OF COMPANY FACING LOSSES

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LOANS STANCHIONED INSPITE OF COMPANY FACING LOSSES

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-The airline didnt bother to review their losses and continued to take loans thinking they would earn money and pay off.
- They took loans from 17 state run banks accounting upto 9000 crores. This also proves that the bank officials did not bother to check the financials of the company.
-They company was trying its reviving stunts at the cost of the hard earned money of the common public who pay their taxes and deposit in the bank.

- ⁠⁠⁠If they  found it hard to think in a reasonable business-like manner, he should probably think about the welfare of people as a member of parliament.
-They owe Rs 9061 crore to 17 banks which include State Bank of India, Punjab National Bank, UCO, Central Bank, Axis Bank, Bank of India, Bank of Baroda, IDBI, United Bank Corporation Bank, State Bank of Mysore, Indian Overseas Bank, Federal Bank and Punjab & Sind Bank.

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THE C.E.O. & M.D. OF THE COMPANY ESCAPED

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THE C.E.O. & M.D. OF THE COMPANY ESCAPED

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- Vijay Mallya flew to London inspite of having non - bailable warrant issued against him.

1.  -  RED CORNER NOTICE

- The CBI in its chargesheet had accused Mallya’s Kingfisher Airlines of diverting Rs 263 crore from Rs 900 crore IDBI loan for “personal use”.
-The agency has named Mallya, Kingfisher Airlines and nine others, including the then IDBI Chairman Yogesh Aggarwal, who were arrested in connection with the 2015 loan default case, in the charge sheet. It has slapped IPC sections related to criminal conspiracy, cheating and provisions of Prevention of Corruption Act on the accused.
- MALLYA FLED INDIA IN 2016, ARRESTED IN LONDON, GRANTED BAIL.

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-The agitating employees refused to come to work from 1 October 2012. Employees had been peacefully protesting earlier for payment of their salaries from February 2012. Management ignored the pleas and the plight of the employees increased. On 4 October 2012, Kingfisher’s store manager Manas Chakravarti’s wife Sushmita Chakravarti committed suicide. In her suicide note she stated – “My husband works with Kingfisher where they have not paid him salary for the last six months. We are in acute financial crisis and so I am committing suicide”.
-The employees led a candlelight vigil in support of the grieving family. However, there was not even a word spoken about it by Vijay Mallya, the chairperson of the company on such a tragic incident. Media reported that he flew out of the country in his personal Airbus.

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- In the year 2012 they were unable to pay salary to their 1500 employees.
- he spent Rs. 9.5 crores to get Australian cricket all rounder Shajne Watson to play for royal challengers Bangalore, IPL.
- In December 2015 his birthday became a gala with 200 people and performance by Spanish pop star Enrique Iglesias.
- The whole cost him more than 2 billion USD.
- Instead of paying off the employees he spent the money on himself.

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kingfisher Airlines is a clear case of EGOISM the CEO & MD of the company Mr. Vijay Mallya had his own interest over that of others. His earned a lot of money in the name of the company leading to the end of the company. He is now considered as a willful defaulter and India is ashamed of such a person whose morality and ethics are not in place.