21 Apr, 2016
Mr. Mallya’s elbow room is shrinking, and he must know that he is not merely battling the legal consequences of corporate loans gone bad. He is also battling a widespread perception that the loans went bad because of his profligate ways, poor management and possible malfeasance. His flamboyant lifestyle has been central to contributing to a negative public perception; if anything, his sudden exit from the country has only added weight to such a view. He has challenged the determination by banks that he is a wilful defaulter by arguing that he is personally not a borrower, and only gave a personal guarantee for corporate loans. Any credibility that one could attach to his defence will have to flow from his own conduct and submission to due process in this country, something that the Supreme Court has underscored by asking him for a possible date for his appearance and an authentic statement of his assets.