A smug, entitled business class driven by greed and hubris, but sorely lacking in resources to legitimise their control. I could be describing the India Inc of today - or 1959. Nothing much has changed.
Jet Airways Ltd, India’s oldest surviving private-sector airline, is about to crash land. Founder Naresh Goyal neither brought in enough new equity of his own to rescue the debt-laden carrier, nor did he allow a timely sale to suitors who wanted the business, albeit without him. Jet may yet survive, but it’s touch-and-go. Or take the country’s second-largest hospital chain, put into the trauma room by its founders’ 4 billion rupee (US$56mil) fraud. Fortis Healthcare Ltd wants brothers Malvinder and Shivinder Singh arrested. Complicating matters, Malvinder has accused Shivinder of siphoning funds from the family holding company and diverting them to a spiritual guru. The whole thing is an unholy mess.
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