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Give fair chance to Mallya, stop media trial: Kiran Mazumdar-Shaw

"There are many debts which have to be recovered. Fair opportunity should be give to debtors to settle. But just being carried away by TV shows, nothing is going to come.

By: PTI | Hyderabad | Published: March 19, 2016 7:23 pm

Noted entrepreneur Kiran Mazumdar-Shaw says beleaguered businessman Vijay Mallya should be given a fair opportunity to settle the loan default issues with banks, and maintained media trial against him would not help matters.

Resolution of debt and financial disputes take a long time in the country due to lack of a bankruptcy law, she said in an interview and noted Mallya has himself clarified he is willing to settle the loan default case and hence he needs to be given a fair opportunity to do so.

She expressed confidence Mallya would return to India.

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Pointing that the case was pending before the Debt Recovery Tribunal for some years, the Chairperson and MD of biotechnology major Biocon, said: “It (settlement) does not happen overnight” and said media exerting pressure on Mallya to settle the dues instantly does not make it easy.

“Today everybody is being tried by media…whether it’s banks recovering their debts..whether it’s the debtors, whether it’s the government..everybody is being tried by media…for instant recovery of all dues – each and every penny…which is unrealistic. So, media frenzy is getting in the way of following due processes,” she said.

Interestingly, noted industrialist Rahul Bajaj had said, “Wherever there are justifiable reasons (for non-payment of loans), actions should not be taken. However, where there are cases of wilful default, where loans were diverted for other purposes, action should be taken. Catching thieves will not harm the country.”

Mazumdar-Shaw, however, said there are many companies which have large debts even though they have not been declared as defaulters. One has to focus on the bigger issues of debt recovery and dispute resolution and also on the mounting debt of public sector banks which is causing financial stress.

The proposed bankruptcy law, when cleared by Parliament, would certainly expedite the process of resolving these enormous challenges (NPA issue), she said.

“There are many debts which have to be recovered. Fair opportunity should be give to debtors to settle. But just being carried away by TV shows, nothing is going to come.”

“I think every defaulter should be given an opportunity to settle. If you constantly threaten the debtor that you will be arrested, you will be put behind bars… that’s not the way to recover the debts.”

“We never had bankruptcy law which is very important law to deal with all these things. I think we have to give an opportunity not just to Vijay Mallya but all debtors and defaulters to try and settle with banks and banks to recover as much dues as they can,” Mazumdar-Shaw noted.

Noting that she and Mallya grew up together, she said “I have known him for a long time. And I know that he is sincerely trying to settle his debt. But now he is so worried about the way media has been going after him.”

On whether Mallya would return to India, she said: “I am sure he will. Of course he is very worried about what will happen when he comes back. He is very keen to settle.”

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  1. I
    It.is.RaW.Deal
    Mar 19, 2016 at 3:04 pm
    So she was asked to talk in support of Maalaya to look as if it was spontaneous. Who asked her to? Which present/ retired agent? Of which of the two intelligent orgs?
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    1. S
      SELVARAJ KANNAN
      Mar 19, 2016 at 3:22 pm
      Give fair chance to Mallya, stop media trial: Kiran Mazumdar-Shaw "There are many debts which have to be recovered. Fair opportunity should be give to debtors to settle. But just being carried away by TV shows, nothing is going to come. ANALYSIS BY SELVARAJ KANNAN- WE APPRECIATE BIOCON KIRAN MUZUMDAR SHAW FOR COMING FRANKLY ON THE MALLAYA ISSUE ?BUT AT THE SAME TIME SHAW MUST UNDERSTAND THAT IN INDIA THE IPC SECTIONS 420 AND 120B IS MOVED WRONGLY WHERE THE RECOVERY NEVER HAPPENS?WE HAVE TO REVISIT THE ABOVE SECTIONS ,WHILE THE ACCUSED IS ARRESTED AND REMANDED HE MUST NOT BE JAILED HE MUST COOPERATE AND THE POLICE MUST COOPERATE WITH ACCUSED AND AFTER RECOVERY THE JUDICIAL CUSTODY MUST PREVAIL HERE THE MAGISTRATE MUST RECORD THE STATEMENTS AND ISSUE WARRANTS AND ORDERS WHERE THE PROPERTY AND VALUBLES ARE RECOVERED ,MERE SLAPPING THE ABOVE SECTIONS AND THROWING THE CASE DIARY AND FORGETING THE CASE IS A CONTINUES PROCESS IN INDIA ,AS PER OUR STATISTICS THE 120-B AND THE SECTION 420 CONVICTIONS ARE VERY MEAGRE ,CHANGE THE LAW AND SNATCH MALLAYA AND TAKE THE RECOVERY AND GIVE HIM TIME AND RECOVER THE DUES EAR MARKED FOR THE ACCUSED .MERE ARREST WILL GIVE NOTHING THE BANKS WILL GET LOST. BANK LOANS:- THE LAW MUST REACH TILL THE LOAN DELIVERED OFFICIALS IF A 100 TRACKED THEY CAN BE SEEN IN YACHTS AND CASA BLANCA -THAMES AND MANHATTAN ,THE BANK OFFICIALS ARE ALSO EQUALLY RESPONSIBLE ,WILL A FOOL GIVE LOAN FOR A LE AND GOODWILL ,HERE THE COMPROMISE OUR CONCLUSION:- ALL 36 STATES POLICE HAVE NO KNOWLEDGE AND INTELLIGENCY TO DEAL WITH SERIOUS FRAUDS AND SERIOUS CASES ,IT ALL DEPEND ON THE (IO)BUT THE (IO)TRANSFERED AFTER THE LEAD LEADS TO THE RULER OR THE MAIN OPPOSITION WHERE WILL THE POLICE AND (IRS)FUNCTION ,WE HAVE TO CHECK THE TALE FROM TAIL TO HEAD HERE WE LOOSE ,IN A PARTICULAR STATE A FATHER LOOTED A BANK WITH 200 CRORES HIS SON A CELEBRITY AT CONCLAVES AND OLYMPICS WHERE TO SIT AND CRY.
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        kulaputra kulaputra
        Mar 20, 2016 at 12:10 am
        Ms Shaw has a right to speak her mind and criticise the press as a citizen first and a distinguished citizen later. However, it is not the business default that irks people. Banks were stupid to lend to him and though they are playing with our money, bankers should be tried and fried and if there is malintent, so should Mallya. Mallya did not pay employees, taxes and flaunted his remaining wealth without a sign of repentance. Would you do that to your employees Ms Shaw ? Biocon employees will be very interested in your stand on this.
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        1. P
          pradeep
          Mar 19, 2016 at 5:12 pm
          nothing is ever going to be recovered from mallya .the booty has been shared by many.
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          1. W
            welingkar
            Mar 20, 2016 at 5:43 am
            Entrepreneur Ms. Kiran Mazumdar-Shaw has probably woken up to the fact that Mr Mallya was being questioned by the media and his employees, the bankers that he owes large sums of money all these years and he kept dodging and buying time on the strength of his connections. So it appears that Ms Shaw's pleadings are just a case of another of India's mone cles begging one of their kind to be spared the ignominy of a trial and punishment- if Mallya's friends in high places and the media, allow that in the first case.
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