Can’t call someone a fraud for a rare default, says Nitin Gadkari on Vijay Mallya
New Delhi: Union transport minister Nitin Gadkari appeared on the side of businessman Vijay Mallya by saying that it is unfair to dub him a fraud for committing a rare default. Gadkari said that long back the Maharashtra government had given a loan to Vijay Mallya through the state PSU Sicom, and Mallya repaid the interest for 40 years.
The minister’s remarks were made at a forum in Mumbai as part of the Times Network India Economic Conclave.
Here’s what Nitin Gadkari said about Vijay Mallya
“If a person who was repaying the debt for 40 years, and due to some issues he is not able to meet his debt obligations later, can you declare him a willful defaulter?” Gadkari asked.
“If Nirav Modi or Vijay Mallya have committed fraud then send them to jail, but if we label everyone who is in financial trouble as fraudsters, then the economy will not progress,”
“When someone is serious then we put him/her in an ICU, but our banking system first puts a sick company in the ICU and then ensures that it dies,” he quipped.
Gadkari added that every business has risks and entails making mistakes. But if “the mistakes are bona fide”, and if the problems are due to global recession or internal issues or industry problems, the person should be helped.