Kingfisher failed due to bad governance: Veerappa Moily

Mumbai: A day after he called for saving the ailing Kingfisher Airlines, Corporate Affairs Minister Veerappa Moily on Wednesday blamed bad governance and absence of professional management as the reasons for the perils of the carrier.
When sought his views on the current affairs at Kingfisher, Moily, without naming the airline, said the problems are due to bad governance practices0, but as the corporate affairs minister he wants that company to survive.
"Why health of a company failed, because of bad governance. You must have a professional management. You cant' have individual decision-takers," Moily told PTI.
"I want that company (Kingfisher) to survive. The government is always there but the major initiative should come from the person who has to provide that kind of atmosphere," he said.
Moily was speaking at a corporate and investors meet organised by the Indian Merchants Chambers here.
22/02/12 PTI/Daily News & Analysis

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Categories: Kingfisher Feb 2012