I Don’t Know, Son! - 43
The Missing Thing!
Son: The owner of the beleaguered Kingfisher Airline, Vijay Mallya, is said to be doing everything to normalize the services, dad.
Father: Go on, son.
Son: But the bankers, who have lost heavily in converting a portion of their debt to equity in the company, say that Mallya is just not doing one thing that is required to revive the company, dad.
Father: Like what? Go on, son.
Son: He is not prepared to raise a single rupee from his own sources and is simply asking the banks to put in more money into the sinking ship, dad!
Father: I don’t know, son!
The Road Map (to go home)!
Son: Mallya had promised the airports authority of India that he would present a Road Map for setting the things right, dad
Father: Go on, son.
Son: The hapless employees of the company who have not been paid their salary for months expected Mallya to offer some relief in his Road Map, dad.
Father: Go on, son.
Son: But the Road Map turned out to be a damp squib, dad. Mallya has now asked the employees to stay at home, dad!
Father: How come? Go on, son.
Son: He thinks that they will not pressurize him to pay their salary arrears if they remain at home, dad!
Father: I don’t know, son!
Watch the IPL Tamasha!
Son: As far as Mallya’s other pet venture Royal Challengers of Bangalore is concerned, the things appear to be quite normal, dad.
Father: Go on, son.
Son: Now that the employees of the Kingfisher Airlines have been asked to stay back at home, Mallya expects them to watch the IPL matches leisurely and support his team whole heartedly, dad!
Father: Go on, son.
Son: But the employees say that with such a big hole in their purses, their whole heart lies somewhere else, dad!
Father: I don’t know, son!
Tax Deduction at source - a cash outflow or inflow?
Son: The Kingfisher Airlines appears to have re-written the principles of financial accounting, dad.
Father: How come? Go on, son.
Son: In the normal course the tax deducted at source from payments and the service tax collected from the passengers is a cash outflow, dad.
Father: Go on, son.
Son: The money is to be remitted to the exchequer within prescribed time limits, dad.
Father: True. Go on, Son.
Son: The airline is holding back the money with it for months by defaulting in payments to the government, dad.
Father: Go on, son.
Son: In effect, the airline has treated the tax money as a cash inflow by using it for its revenue expenditure, dad!
Father: I don’t know, son!
A V Krishnamurthy
2nd April 2012
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