He is to be hanged for such deeds. Request govt. to look all Chief Ministers and loss making PSUs also, how much funds they have diverted for the purpose given and for the purpose used and hang them all. Truth will come, lakhs of funds are diverted in last from 2004 onward.
True, Mallya diverted large amounts of money to purposes other than those for which the loans were sanctioned. The point is, what the lending banks were doing while this was happening? For small loans, the bank officials visit the unit several times to make sure the end use of funds and file a unit inspection report. Whether the lending banks bothered to ensure end use of funds in the present case? Whether any inspection report is available with the banks? If no such report is available, then there was a serious lapse on the part of banks in following the systems and procedures laid down. Then comes the role of RBI. Was there any observation by RBI regarding failure of systems and procedures during AFI? This also shows that things are not okay with the Indian banking system.
True, Mallya diverted large amounts of money to purposes other than those for which the loans were sanctioned. The point is, what the lending banks were doing while this was happening? For small loans, the bank officials visit the unit several times to make sure the end use of funds and file a unit inspection report. Whether the lending banks bothered to ensure end use of funds in the present case? Whether any inspection report is available with the banks? If no such report is available, then there was a serious lapse on the part of banks in following the systems and procedures laid down.
