While in the eyes of the Indian laws, its enforcing agencies, the banks that had granted him or his defunct Kingfisher Airlines an offender, alleged criminal, defaulter or whatever name one can choose to describe, the UK court, at least, as of now does not seem to be bothered by that.
The proof of this in its granting permission to increase his weekly living allowance from £5,000 (Rs 4.5 lakh) to £18,325 (Rs 16 lakh) hold your breath, a WEEK.
Mallya has gone a step ahead by applying to have the ‘freeze’ against the ‘global assets’ discharged.
In defense of him, Sarosh Zaiwalla, a senior partner at Zaiwalla & Co, LLP London has gone on record by saying, “If he is used to a luxury lifestyle then the court will not suddenly make him live on £200 (Rs 17,000) a week,” We should not mind the fact that his weekly allowance equates to the average annual salary of a British school leaver.
Even though the high court in London had increased the allowance, for the present, it has refrained from revoking the freeze order on his global assets. However, it is left to anybody’s guess what view the court would take on his appeal to release this freeze.
The moral of the story is for those who can do so, it is not unfair to take massive loans from the Indian Banks, convert the loans into assets outside the country in any safe heaven, leave the country and claim that as assets as though they were earned out of sweat.
Swiftness and execution have different connotations for different classes of people. While the banks have to keep counting the NPAs, the Reserve Bank is busy is redefining the NPA norms and the government talks tough in theory but in reality has been thinking of recapitilising with instruments, which has been going in circles, like the business cycles.