Noted entrepreneur Kiran Mazumdar-Shaw says beleaguered businessman Vijay Mallya should be given a fair opportunity to settle the loan default issues with banks, and maintained media trial against him would not help matters.
Resolution of debt and financial disputes take a long time in the country due to lack of a bankruptcy law, she said in an interview to PTI here and noted Mallya has himself clarified he is willing to settle the loan default case and hence he needs to be given a fair opportunity to do so.
She expressed confidence Mallya would return to India.
Pointing that the case was pending before the Debt Recovery Tribunal for some years, the Chairperson and MD of biotechnology major Biocon, said: “It (settlement) does not happen overnight” and said media exerting pressure on Mallya to settle the dues instantly does not make it easy.
“Today everybody is being tried by media…whether it’s banks recovering their debts..whether it’s the debtors, whether it’s the government..everybody is being tried by media…for instant recovery of all dues – each and every penny…which is unrealistic. So, media frenzy is getting in the way of following due processes,” she said.
Interestingly, noted industrialist Rahul Bajaj had said, “Wherever there are justifiable reasons (for non-payment of loans), actions should not be taken. However, where there are cases of wilful default, where loans were diverted for other purposes, action should be taken. Catching thieves will not harm the country.”