Moily blames bad governance for failing health of Kingfisher

As Kingfisher Airlines fights for survival,Veerappa Moily,the corporate affairs minister blamed the airline’s bad governance and lack of professional management for its debacle

Written by ENS Economic Bureau | Mumbai | Published: February 23, 2012 12:47:42 am

As Kingfisher Airlines fights for survival,Veerappa Moily,the corporate affairs minister blamed the airline’s bad governance and lack of professional management for its debacle. Only a day ago Moily had called for saving the airline.

“Why health of the company failed because of bad governance. You must have a professional management. You can’t have individual decision-takers,” said Moily.

“I want that company (Kingfisher) to survive….The government is always there but the major initiative should come from the person who has to provide that kind of atmosphere,” he said.

Moily was speaking at a corporate and investors meet organised by the Indian Merchants Chambers in Mumbai.

The corporate affairs minister on Tuesday said,“As a corporate affairs minister,we want corporate bodies to build and come up and not wound up… Something has to be done. He (Mallya) has to work out a strategy… The entrepreneur has to take proactive measures so that is acceptable to banks and others”.

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