Wednesday, February 22, 2012

Why bail-out Kingfisher Airlines asks RTI Activist

Subhash Chandra Agrawal, (Guinness Record Holder & RTI Activist) questions if the government should support Kingfisher

There seems to be scandalous affair in efforts of bailing out Kingfisher Airlines through public-sector banks or working out a compromise-formula with Income Tax authorities. If private companies are bailed out in this fashion, then the system may open a new whole panorama of scams and scandals.

If Kingfisher Airlines would have been in profit, would it siphon such profits to government-functionaries from which the airlines is expecting bail-out package? Kingfisher group as a whole is minting money through its other ventures like whisky etc. Its owner has huge properties throughout the country. Why the owner does not sell these properties and shifts to a small apartment like a commoner before anticipating any bail-out package from public-authorities? He should divert funds from his money-minting ventures to his airlines to overcome the financial crisis. Even if all this is not sufficient, he should close all his companies to sell assets to meet liabilities. Rather concerned public-authorities and government-functionaries should get properties of other companies of the group and their owner attached to recover dues.

(Guinness Record Holder & RTI Activist)

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