What is Collateral damage ? Wikipedia says thus: Collateral damage is damage to things that are incidental to the intended target. It is frequently used as a military term where it can refer to the incidental destruction of civilian property and non-combatantcasualties.[1][2]
But collateral is also used by banks; "collateral security" means additional security to the main obligation in a contract.
So why didn't the banks seek collateral security when Kingfisher Airlines asked for loans? Is it because Mallya was an MP?
Now we hear that crores will be written off since Mallya is not personally liable. The salary for the staff at KF, as well the whole loan can easily be covered by Mallya. Instead this playboy is busy holidaying in UK and advising Indians. He dares talk about India when all he has done is rob them.
Today our FM says that our farmers are honest but only poor and hence loans should be given to them. What sympathy! If only a miniscule % of money that the banks indulge in the way of loans given off/ written off for the biggies, is used in better ways, this country can support the hardworking farmers in a big way. The below is the story of one farmer who killed himself - Nagalinga Reddy. There are scores of others who die for the lack of a 1 or 2 lakhs and whom the banks hound without any respite. When banks don't mind writing off loans in crores for a few, the rest are forced to depart from this world.
Our FM continues to say the following:
And why dear FM? Why should the banks suffer? Have you made specific laws to make it thus?
People like Mallya continue to be an hero to many since they seem to get away with anything. His only business is the business of indulgence. He has also carved a generation to copy this way of living too.
Can Mallya be brought back to India to pay for the collateral damage?
But collateral is also used by banks; "collateral security" means additional security to the main obligation in a contract.
So why didn't the banks seek collateral security when Kingfisher Airlines asked for loans? Is it because Mallya was an MP?
Now we hear that crores will be written off since Mallya is not personally liable. The salary for the staff at KF, as well the whole loan can easily be covered by Mallya. Instead this playboy is busy holidaying in UK and advising Indians. He dares talk about India when all he has done is rob them.
"Last year's race was a tremendous success. I'm sure we can expect an equally spectacular event this year. Buddh International Circuit always looks after us very well and I know that they have been working hard behind the scenes to fine-tune the circuit and facilities even more.
Today our FM says that our farmers are honest but only poor and hence loans should be given to them. What sympathy! If only a miniscule % of money that the banks indulge in the way of loans given off/ written off for the biggies, is used in better ways, this country can support the hardworking farmers in a big way. The below is the story of one farmer who killed himself - Nagalinga Reddy. There are scores of others who die for the lack of a 1 or 2 lakhs and whom the banks hound without any respite. When banks don't mind writing off loans in crores for a few, the rest are forced to depart from this world.
He was $9,000 in debt to three banks, one cooperative society and moneylenders. Bank officers regularly came to visit, and one bank took legal action. The moneylenders regularly harassed him. He avoided the ignominy of having the cooperative society post a public notice saying his land would be auctioned only by paying them a small sum.
Our FM continues to say the following:
The finance minister further said that if a corporate borrower fails to pay the loan, it is the bank which suffers, not the borrower.
And why dear FM? Why should the banks suffer? Have you made specific laws to make it thus?
People like Mallya continue to be an hero to many since they seem to get away with anything. His only business is the business of indulgence. He has also carved a generation to copy this way of living too.
Can Mallya be brought back to India to pay for the collateral damage?
