India Today has a nice article in which it equates T. Venkattram Reddy with the infamous Vijay Mallya and holds his flamboyant lifestyle, extravagance and aggressive attitude to be the cause of Deccan Chronicle Holdings’ problems.
The report points out that T. Venkattram Reddy loves to flaunt his wealth and lead an ostentatious life. He has a fleet of luxury cars like Porsche Cayenne, Rolls Royce Phantom, BMW, Land Rover, Lamborghini and Mercedes Benz. He is also very fond of horse racing and spends large sums on that. He sponsors a trophy in the name of his late father T. Chandrasekhar Reddy.
The root cause of all problems is the IPL cricket team Deccan Chargers suggests the report. Once T. Venkattram Reddy came in contact with IPL, he was bitten by the same bug that had bit Vijay Mallya. Till then, Venkattram Reddy was a level headed businessman, concentrating on his business and ensuring it does well. One the Vijay Mallya bug bit him, the business took a back seat and becoming the “King of Good Times” became the focus.
The Vijay Mallya bug also got T. Venkattram Reddy to imitate him. With long locks of hair and aviators and travelling only in chartered aircraft in the company of bikini-clad celebrities. Like Vijay Mallya’s Kingfisher hit the dust, Venkattram Reddy’s Deccan Chroncile also has started crumbling to dust.
Meanwhile Deccan Chronicle’s poor shareholders who invested their hard earned money in the stock would not be amused with the share price having touched an all time low of Rs. 10.10 yesterday. The stock price has lost nearly 68% in just 4 weeks. T. It is also rumored Venkattram Reddy is absconding to escape the criminal complaint that has been filed against him and the other promoters of Deccan Chronicle by Karvy for fraud and forgery.