Chief of the defunct Kingfisher Airways, Vijay Mallya, who’s dealing with trial for alleged fraud and cash laundering amounting to ₹9,000 crore, sat down for a candid four-hour dialog with podcaster Raj Shamani. Launched on Thursday, the episode featured Mallya opening up concerning the downfall of Kingfisher Airways, attributing its collapse largely to the 2008 international monetary disaster.
Talking concerning the interval, Mallya mentioned, “So agreed then it labored in your favour until 2008. What occurred then? Easy. You ever heard of Lehman Brothers? You ever heard of the worldwide monetary disaster, proper? Did it not influence India? In fact, it did.”
He elaborated that the disaster had a widespread influence throughout all sectors, not simply aviation, saying, “Each sector was hit. The cash stopped. It obtained dry. The worth of the Indian rupee additionally took a success.”
Recounting his efforts to avoid wasting Kingfisher, Mallya shared that he approached then-Finance Minister Pranab Mukherjee. “I went to Shri Pranab Mukherjee… and mentioned I’ve an issue. Kingfisher Airways must downsize, lower the variety of plane, and lay off workers, as I can’t afford to function below these depressed financial circumstances,” he mentioned.
