Sharad Yadav opposes govt move to bailout Kingfish
New Delhi: Opposing any governments move to bail out Vijay Mallya-owned Kingfisher Airlines with public money, JD (U) chief Sharad Yadav on Monday said it would set a bad precedent and the losses incurred by the private airline should be recovered from Mallya's liquor company UB Group.
"It is very disturbing to listen to the Prime Minister saying that Kingfisher needs to be bailed out by the government. In fact the losses incurred by Kingfisher should be recovered from the earnings of UB Group, which is also owned by Mallya," Yadav said at a press conference here.
The JD (U) chief described as "big insult to Indian masses" any effort to bail out the company and hit out at the government alleging that it has very "strong determination to serve the interest of wealthy Indians" at the cost of the masses struggling for existence.
Yadav alleged that "mismanagement and over-indulgence" of Vijay Mallya "in things like Formula-1 race and IPL" were responsible for the current situation.
"Things like IPL, F-1 are the symbol of Mallya's over indulgence. His losses should be recovered from the UB Group," he said.
Warning government that the move to bailout Kingfisher will result in others asking for similar relief, he said, "I want to warn the government that this is not acceptable at any cost.... After this there would be a long list of companies showing losses and asking for packages."
"Once Kingfisher is helped, Jet Airways and Spicejet will ask for similar bailout and there would be a long queue for private sector companies with application for bailout," he said.
"By this decision, the government will only increase the sickness of private sector companies," Yadav said.