Since the time Vijay Mallya fled India failing to repay the bank loans of nearly 10,000 crore, Rahul Gandhi and his entire party blamed Narendra Modi government for not arresting Mallya and implied that PM Modi allowed Vijay Mallya escape.
But it was a well known fact that Vijay Mallya since many years had business links with Vadra-Gandhi family, due to which Vijay Mallya had reaped huge benefits from Congress government. The huge amount of loans granted by various banks to Vijaya Mallya was also during Congress period which had ultimately resulted in massive NPA mess.
It is said that Robert Vadra had shares in Kingfisher Airlines during which Vadra is said to have demanded unreasonable favours which ultimately resulted in clash between them and downfall of Kingfisher Airlines.
But Rahul Gandhi and Sonia Gandhi had always projected themselves as saints and pretended to have had no connect with Mallya. But finally the real link between the Vadra-Gandhi family and Vijay Mallya is finally out with proof which will now shake the entire Congress big time.
Yesterday, the Republic TV gathered few documents which shows that SBI and RBI under the instructions of Sonia Gandhi had changed the entire rules of loans just to save Vijay Mallya from the NPA mess.
— Republic (@republic) September 12, 2018
The papers show correspondences, dated August 2010, between SBI and RBI, which expose on how Congress authored a separate exclusive deal only for Kingfisher Airlines. The letter trail proves that the then Finance Ministry put pressure on RBI to break propriety to favour Vijay Mallya.
Letters exchanged by India’s central bank, the Reserve Bank of India (RBI), and the country’s largest bank, the state-owned State Bank of India (SBI), reveal that an exemption was requested regarding debt restructuring in the entire aviation industry primarily based on the financial difficulties being faced by Kingfisher Airlines.
Yes, this special request sent by RBI on orders of then Finance Minister requests SBI to spare Vijay Mallya of debt as his Airlines was facing difficulties.
The letter by RBI reads…. “Financial difficulties faced by Airlines Industry – M/s Kingfisher Airlines – Relaxations sought in restructuring guidelines”, dated August 27, 2010, the central bank makes it clear that restructuring has to be based on viable parameters and that “banks should convince themselves of viability and sustainability of cash flows and operations of every airline that that approaches them for restructuring”.
Despite clearly having its misgivings, the RBI accedes, writing: ‘In view of the significance of the Civil Aviation sector to the economy, and the unique nature of the Airline Industry, we have considered the following modifications to our restructuring guidelines as a one time measure, for the aviation sector. It goes on to list those measures, and in doing so, also reveals that there were other requests that it was not accepting.’
Following that, in January 2012, SBI wrote back to the RBI citing the latter’s and the restructuring modifications that were then permitted for the aviation sector, and confirms that Kingfisher Airlines subsequently had its loans restructured. It went on to make the following points:
That KFA wasn’t able to raise additional capital of Rs 1000 crore via a GDR but instead raised Rs 1158 crore in unsecured loans from “promoters and associates” in 2011.
It cites that the Prime Minister, Finance Minister and Civil Aviation Minister had acknowledged the aviation sector’s troubles and were proposing to take steps to inject liquidity into aviation companies and reduce their costs. These measures included: Enhancing FDI norms for Indian carriers, and allowing Indian carriers to import aviation fuel directly in order to save on taxes and duties.
The SBI had not completely agreed to this and stated that airline had the highest load factor among airlines, however, that ‘external’ factors (which were actually market factors) such as fuel costs, Rupee depreciation, increase in loan interest and airport charges, and inability to charge customers more, the entire aviation sector, especially KFA and Air India, was going through a crisis.
The SBI had therefore stated that it would classify Kingfisher airlines’ account as sub standard along with two other airlines until it clears all its dues.
But the RBI had rejected the SBI’s decision saying that they cannot classify Kingfisher’s account as Sub Standard and demanded the account to be up graded to Standard Asset Category.
So, the RBI on orders of then Finance Minister had taken special interest to save Vijay Mallya and offered a sweet deal to save him. The RBI does not take any decision to change any policy to favour any individual unless there is a specific instruction from top. No government in the history had changed the policy to favour any individual firm to this extent. So someone in the top instructed RBI to change policies for Mallya.
This only shows that Congress government which was under direct control of Sonia and Rahul Gandhi had offered special escape route to Vijay Mallya for the reasons known to them. It is now clear that Vijay Mallya and Vadra-Gandhi family had some unknown deals which made them go to an extent of changing rules for a fraudster who looted public money in the name of loans.
Rahul Gandhi owes a big explanation to people as to why did his government under his mother changed rules and policy to help a fraudster?!
Source and Credit: Republic TV