Thats insane amount of money! How could so big firm with accountants, managers, CA's, lawyers working for them 24x7x365 can let this happen? I mean I am really startled with the fact that such big companies could go bankrupt even though they have peeps working all around. How did they not see this one coming in the first place?
Moreover if that company is such huge empire then what about the employees working for them? They could end up loosing their jobs i see!
There is no wonder though after you know how Kingfisher went bankrupt in the past putting SBI bank at high risk. There more banks who still given the loans to that company and today all of them got defaulted by the Vijay Mallya.
Terrific to see how these billionaires can be so stupid.
They are not really being stupid, what happens is that they know that they're going to be rescued and they are going to be given free money that they do not deserve, that is probably the best business that you can possibly make, create a company, lose a bunch of money and then be given a fortune so you do not go bankrupt, and even if that was not their intention this is what it is going to happen, and about how the company can get in such bad shape? It can be explained simply by the fact that companies are always trying to maximize their profits and as soon as something happens that doesn't go exactly as planned then they get in trouble.