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Kingfisher Case Study

720 Words3 Pages

INTRODUCTION Kingfisher was one of the largest aviation companies in India. It was set up in the year 2003 by the United Breweries Group but shut down its operations in 2012 as it never made profit. In 2015, United Bank of India declared Vijay Mallya, the company’s promoter and chairman, a ‘wilful defaulter’. The company owed more than rupees 80 billion in unpaid loans to banks and tax authorities, employees had claims against the company for unpaid amounts. ANALYSIS Q1.Who is obliged to repay a company’s debts: the company, promoters, shareholders, or directors? ANS: Firstly if a director is complying with the law then the company is obliged to repay its debt as it is a separate legal entity from its directors, shareholders and director’s will be considered as a willful defaulter if they have the capacity but they default in repaying back but in case of fraud proved against him, personal assurance given by him or personal benefit obtained while claiming to act on behalf of the company then he is liable to repay the company’s debts. In Kingfisher airlines, Vijay Mallaya being the chairman and managing director of the company is held responsible to repay the debt because loan was given to him against personal guarantees given by him. He was charged with conspiracy and fraud and was declared as a wilful defaulter by the bank. Q2. Are there circumstances under which promoters or directors could be asked to repay the loans taken by the company? ANS: A Promoter is a person who

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