“We will pay the salaries once the airline is recapitalized.”
With this statement appearing in dailies on a daily basis,
most of us understand what we are talking about.
What is recapitalization?
Investopedia (http://www.investopedia.com/terms/r/recapitalization.asp#axzz2AqipkfWJ)
says Recapitalization is ” Restructuring
a company's debt and equity mixture, most often with the aim of making a
company's capital structure more stable. Essentially, the process involves the
exchange of one form of financing for another, such as removing preferred
shares from the company's capital structure and replacing them with bonds.“
What I understand is that it’s a glorified way of saying – “I
have siphoned off the money and now I need somebody else to pay off my dues
whether it is loans, salaries or taxes.”
Why will somebody else do that is completely out of understanding?
And then I have the guts to blame my country for not having
Libel laws like UK.
If only this country had laws like UK, you wouldn’t have got
the opportunity to play around with creditors, tax authorities and employees. The
license would have got cancelled a year back and your wealth would have got
forfeited to pay off your dues with you behind bars.
If India is so bad, what stops you from closing down
businesses in India and go to hell or UK or anywhere else for that matter? It’s
bad and that’s where you make money without competence.
This is the place where you can save yourself using
political clout. There is no cover for you outside India.
This is the place where government policies (Read FDI) can
be aligned as per your comfort, where fuel can be directly imported so that you
save on sales tax, where you can collect but not deposit Service tax, where you
can deduct but not deposit TDS and Employee PF money.
First you break the law and then you blame the law.
Why don’t you try this in UK or US?
