The shenanigans of the king of good times have, by now, become folklore. Yet he can always spring a surprise. The latest act to revoke the various power of attorneys (PoA) given to various trusteeship (to safeguard the interest of lenders in case of a default by a borrower) takes the cake in terms of audacity. The UB Group canceled the PoA given in favour of IDBI Trusteeship Services on United Spirits' pledged shares. This means anyone buying UB Group's pledged shares of United Spirits (USL) will be facing legal action from the former. Two other UB Group companies, Kingfisher Finvest and UBHL, have also cancelled the PoA for nearly 6 crore shares worth about Rs 30 crore of the now defunct Kingfisher Airlines (KAL). The UB Group had pledged these shares with the banks to avail of Rs 7,000 crore of loans, on which it later defaulted as its airline collapsed. This action of his is downright illegal.
The other corporate honcho is the owner of a South India based cement company who also heads India’s richest sporting body, the BCCI. The moment he became the chief of BCCI, he changed the rule books so that he can also be an owner of an IPL team – which otherwise would be been a clear violation of the existing rules and then made his son-in-law the chief of his own IPL team. Now that his son-in-law has been embroiled in the spot fixing scandal, the days of his unscrupulous ways may just be numbered. The fact that he does not care for the rule books and plays favourite at the cost of the national team is for all to see.
Here’s hoping that these egotistic maniacs actually end up in paying price for their deeds. If not, that would be a sad commentary of our state of affairs.