Last week it was reported that "in Twitter World, all is well with Mallya." . Mallya who left for London on 2nd March, using his diplomatic Passport has been very active on Twiitter uploading 10-15 messages almost every day. There was another news report which said that his Diplomatic Passport, was suspended and subsequently it was even made invalid which makes it difficult for him to travel anywhere.

 Mallya's episode, exposes the magnitude of systematic sloth. If you look at the events that took place, he launched Kingfisher Airlines in May 2005" , while acquired Deccan Air lines in 2007. By 2010 we have all read that the Kingfisher Airlines was deep in debt and Mallya was searching / looking for debt- recast, and right- offs. By 2011 Kingfisher owed monies to Airports, Oil Companies, Employees, and Tax Dept and by 2012, the Airline was grounded. Mallya's episode shows how the system lags and how the promoters are able to deploy influence and money power. I was surprised to read that Mallya is fighting over 250 cases in various fora. 

    Mallya's escape from the country reminds me one of the Bond's movies. And "Loot and Leave" a term coined by Late VP Singh, best describes the wilful defaulter's disappearance.  This wouldn't have been possible but for the connivance of the "creamy layer" of the society and the Bank Officials who are equally guilty. When Banks are in a hurry to grab their ordinary customers by the throat over the default of even a single EMI, it is disappointing to note that the wilful defaulters like Mallya go scot free after plundering tax payer's money and escape from the country.

  But SEBI's move to cut the wilful defaulters to size is laudable and also CBI's decision to probe if any political intervention had helped to obtain loans are positive outcomes of the given situation.   

    It is really shocking to know that Chandan Mitra, another MP didn't know that Mallya is also a Member of the Parliamentary Committee he is heading. Mr Mallya who got elected to Rajya Sabha with BJP's support from Karnataka, has not attended even a single meeting of the Standing Committee on Commerce of which he was part of.

   The news of Mallya's departure from India is not shocking, given the manner in which he used to keep the top brass wrapped around his little finger.  This incident has also brought to fore how inefficient the CBI's so called lookout notice is in the case of rich and powerful. Though the Banking Consortium approached the DRT and moved the Apex court to prevent him from leaving the country, it is evident, that the stable door was shut only after the horse had bolted. It is also hard to believe that Mallya managed to hoodwink everybody. The banks have finally woke up from their deep slumber, after Mallya fled the country. Rather than debate who facilitated the great escapes of Lalit Modi, VijayMallya, Quatrochi, Or Dawood Ibrahim we should now decide what can be done to get the lost money back. Infact it is preposterous that high profile individuals like a Rajyasabha member can give a slip. It appears that in India those who are wanted by law can escape with ease. It is ironic that the banks and financial institutions which hound ordinary people, especially poor farmers, over loan repayments, look the other way when alleged offenders like him are allowed to escape. The statement of Attorney-General Rohatgi,"we are not after anybody's blood. We want to sit across him and reach settlement on getting back our money" -was in a bad taste since Bank Managements do not show this attitude while dealing with ordinary people who may fail to pay back loans for genuine reasons.

  Therefore the wilful defaulters must be treated as criminals and an amendment must be moved in Parliament irrespective of the stature the defaulters enjoy. If you look at this specific case, it is obvious that everybody  played their part. It is no exaggeration to say that the Bank Chairman transmit political pressure down the line. If a chief cannot ward off how can the subordinates withststand? Anyhow " flight" of capital was poorly"" piloted" .All signals might have been mindfully or otherwise ignored by the powers that be as Mallya could call the shots. Now to cry over split milk by regulatory bodies, watchdogs, and others who mattered, is amusing. From Warrenanderson to LalitModi and now Mallya all of them were able to leave the country without any impediments and it is fine to be pro- corporate but justice must be done.

  After following the case in the media both in print and electronic, I'm sure, it is certainly not fair to blame the banks alone for lending such a huge amount to Mallya despite his failing business. Political interference in decision making in public sector banks is the root cause of this NPA mess. The call for making the entire process of lending to big corporates transparent merits serious consideration, the RBI and the Govt shouldn't come in the way of publication of names of wilful defaulters,as the public has a right to know how it's money has been utilised.