April 30, 2014

From Riches to Rags $$$-The Story of Vijay Mallya

Everyone is always talking about how the rich are getting richer–and it’s usually true. But not always.Billionaires fall from golden perches for many reasons, from an inability to recognize underlying weaknesses in their industries to failing to diversify their holdings once they reached the top. Their stories are cautionary tales, warning aspiring entrepreneurs on their way to riches not to get too cocky once they get there.A very recent and unforgettable example for all Indians is given below-
Over the past 10 years the Indian economy has soared, and with it enterprises such as Vijay Mallya's Kingfisher Airlines. But now the super-rich tycoon's fleet is grounded and debt-ridden."I am taking things personally," Vijay Mallya, chairman of Kingfisher Airlines, says when it comes to running his airline.Perhaps this is one reason why the airline is in shambles.Lack of delegation is being talked about as the major move that Mallya did not undertake when running the airline.The first warning sign was a series of unexpected flight cancellations at the end of last year. The company blamed technical issues but the problems rapidly worsened.Kingfisher soon had difficulties paying for fuel, particularly as costs were inflated by surging oil prices and punitive government levies. Tax demands began mounting up. So, to, did claims for airport fees. Salaries went unpaid. Key staff repeatedly walked out. A Kingfisher store manager's wife killed herself, leaving a note blaming financial worries for her decision. Almost all employees stopped work. Many blame the imprudence of Mallya himself, arguing that his emotional attachment to the airline blinded him to hard economic reality. Others point to a broader responsibility, asking why the banks and the regulators failed to act sooner. One recent Mallya tweet spoke of relief at being relegated from the Forbes list of Indian billionaires – he is now worth a mere $800m (£500m) – as his new status will mean less "jealousy" and "wrongful attacks". We learn that reaching that stage is very difficult. However, maintaining our level at that stage is even more difficult. You need to be grounded.Another very good example is the bank balance of athletes. Even the athletes who have played till Olympics or Common Wealth Games don not get food to eat. One leading example is Hussain Bolt. They are not getting their livelihood. They are treated as an ordinary man with no talents. Therefore, we also learn that a talented men may also lose money just because they don't how to risk their talent. Some who know how to also lead a life of misery because this world is bias and partial. The world is made up of exceptions where only "The Almighty Him" can save you!!