Is it a coincidence that all the three former poster boys for “high living”, Dr. Vijay Mallya, Subrata Ray Sahara and Venkattram Reddy, are today biting the dust?
The common factor uniting all three failed businessmen is extreme flamboyance and extravagance when the going was good.
At the peak of his success, Subrata Sahara went berserk with his wealth, gifting plush 7-star bungalows in Amby Valley to cricketers who had won a match. “It is a sign of my humble patriotism to the Country” said the man who is now languishing in Tihar Jail for more than a year for not being able to cobble up the cash to pay his poverty-stricken depositors.
Venkattram Reddy’s life story is also tragic. He had a dominant and cash-churning business in Deccan Chronicle. Unfortunately, he got carried away by his success. He splurged money on luxury cars like Rolls Royce, Lamborghini etc. He also went on a wild spending spree by buying an IPL cricket team called ‘Deccan Chargers’ and an airline company called ‘Aviotech’.
Today, Venkattram Reddy has been arrested by the CBI for alleged fraud and causing a loss of Rs. 350 crore to Canara Bank.
Vijay Mallya’s fall from grace is also well documented. He had an incredible money-making machine in United Spirits. Unfortunately, his obsession with being known as the “King of good times” and fatal attraction to worthless businesses like an Airline, an IPL team and Formula 1 car racing, has led to his ruin.
Anyway, now Vijay Mallya has sent out a series of tweets which will melt even the harshest of his detractors.
Sadly abuse comes easy.Yes I failed as promoter of Kingfisher Airlines but for 30 years built the World's largest beverage Alcohol Companies
— Vijay Mallya (@TheVijayMallya) February 27, 2015
Alcohol Companies with a market cap of over 10 billion dollars and the largest revenue contributor to Indian States other than sales tax.
— Vijay Mallya (@TheVijayMallya) February 27, 2015
Add employment direct and indirect spread over 125 manufacturing units across India, World Class brands, etc etc but all this is forgotten.
— Vijay Mallya (@TheVijayMallya) February 27, 2015
But I remain strong and must thank my son @sidmallya for teaching his Dad to take the punches on the chin and still keep smiling. Attaboy.
— Vijay Mallya (@TheVijayMallya) February 27, 2015
If you think about it, there is some merit in Vijay Mallya’s claim. Other businessmen like Mukesh Ambani, Anil Ambani, Ratan Tata, Laxmi Mittal, Kumarmangalam Birla etc have suffered losses of a much higher magnitude than Vijay Mallya has. However, they have escaped public censure because they keep a low profile and nobody knows about their mistakes. Even when we learn of the mistakes, we shrug it off with the remark “such is business, you win some, you lose some”.
Even Warren Buffett has acknowledged his “monumentally stupid mistakes” which have cost shareholders of Berkeshire Hathaway “billions of dollars”. However, his humble and down-to-earth attitude makes his mistakes acceptable to us and we don’t hold a grudge against him.
Vijay Mallya gets into trouble only because of his flamboyance. However, you cannot crucify a man for his flamboyance, can you?
Can not say much for Viay Mallya .. employees are not paid, creditors are not paid, and he is splurging on bikini models , IPL …criticism would come naturally…as far DC and Sahara go they are alleged to be in fraud so really will not comment further..
Yes Vijay Mallya should be applauded for generations !!!!!!!
He made Kingfisher a word Brand!!
He bought so many world renowned Brands
His co became 3rd in the word!!
Mind it when his father passed away vittal mallya if iam not wrong he inherited rs 300 cr empire only and he made it over 7000cr if iam not mistaken
The error is not in his flamboyance or his yacht / race horses/car /villas but that BIRTHDAY party wherin he decided to set up an airline on his own to fly sky!!
Before i sign off after i will say NONE IN THE WORLD KNOW OF ALCHOL like HIM
but any street boy or school drop out know that in india never an avitation business was thrived…
so i end up life this
alchol bring joy while consuming but cries and unhappiness at families and issues after issues and curses..
jacob mathew
Nice and commendable article ! Too much of anything is bad and of course alcohol is among one of them.
Might be he loved his son much!!!!
that is why at his 18 birth day party he decided to float….
and that landed in diasastr!!!!!!!!!!!!! and how he could see himself sellling his co be brought up from scratch as world no #
anwer is simple Pxxxx goes before a fall…. so simple
also another message which my late father told me when he visited a high Brahmin family who were the landlords ertwhile in our whole area ( sad fact is that those who managed those land become owners thanks to the land reforms in kerala)
He said ” mathew, donot love your spouse, children or property much ” all these can desert you!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
what a statment
if one viewer get a message from this i will thank my lord
All Glory to him
jacob mathew vachaparambil
jacobvacha
chackovacha
Jacob,
Are u in any way related to Jose Vachaparambil from pulinkunnu.
Very well said Jacob….
Great article. Thanks.
We are cursing the banks as well. If only they could used the money hoven to him to fund 1 crore each for 1000 talented young aspiring enterpreneurs they could have made our economy jump leaps and bounds.
We have young talent with no money but are the banks listening.