Just one of the many tycoons who want to flash their power and wealth on opulence over hare brained schemes at a cost to the nation.
KingFisher Airlines, has made an operating loss of over 5,500 crores since inception. It owes : Over about 1,000 crores for fuel supplies to National Oil Companies, and airports authorities. KF has to pay tens of crores in employee wages.
Inspite of all this, Mallaya has not lost much as he has got loans and facilities without corresponding assets mortgaged. So the nation (including you and me together have) will pay for this mess as Mallaya will hide behind the corporate veil and not have to pay for the bills due, the employees, and loans taken from national banks which including interest and pre-recast is about 10,000 crores. So we in the end we will indirectly bear the burden for Mallaya's excesses, while he can go around in his yatch and throw parties at Cannes, while his son auditions calendar girls on TV.
Mallaya cannot be bothered about all this - The security that he has given against loans was miniscule and will not cost him much other than his hurt ego. This is another scam, oh, just another one of the many.