Corporate Governance & Ethics Assignment
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Running head: Corporate Governance & Ethics
Corporate Governance & Ethics
Corporate Governance & Ethics
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Corporate Governance & Ethics 1
Executive Summary
Corporate Governance can be defined as the policies and procedures used to manage and
regulate the operations of the company. It is related with the flow of authority and accountability
amongst the shareholders, CEOs, senior managers and the board. For most of the companies, the
basic governance framework is shareholders through their voting power authorize the board to
take care of their fiduciary interests. The board further appoints the CEO who is held responsible
for the board.
There is a downward flow of power and an upward flow of responsibility in the corporate ethics.
The rules which define the policies and principles of corporate governance and the way in which
the authority and responsibility are allocated are termed as corporate governance and ethics. So,
in this report, the Kingfisher Airlines financial crises would be explained in the light of various
ethical theories and decision making approaches.
Executive Summary
Corporate Governance can be defined as the policies and procedures used to manage and
regulate the operations of the company. It is related with the flow of authority and accountability
amongst the shareholders, CEOs, senior managers and the board. For most of the companies, the
basic governance framework is shareholders through their voting power authorize the board to
take care of their fiduciary interests. The board further appoints the CEO who is held responsible
for the board.
There is a downward flow of power and an upward flow of responsibility in the corporate ethics.
The rules which define the policies and principles of corporate governance and the way in which
the authority and responsibility are allocated are termed as corporate governance and ethics. So,
in this report, the Kingfisher Airlines financial crises would be explained in the light of various
ethical theories and decision making approaches.
Corporate Governance & Ethics 2
Contents
Introduction.................................................................................................................................................3
History background and discussion of the case.......................................................................................3
Ethical Decision Making approaches and theories......................................................................................6
Ethical decision making approach relevant to the issue...............................................................................7
Conclusion...................................................................................................................................................8
References...................................................................................................................................................9
Contents
Introduction.................................................................................................................................................3
History background and discussion of the case.......................................................................................3
Ethical Decision Making approaches and theories......................................................................................6
Ethical decision making approach relevant to the issue...............................................................................7
Conclusion...................................................................................................................................................8
References...................................................................................................................................................9
Corporate Governance & Ethics 3
Introduction
History background and discussion of the case
‘From bang to bust: The Kingfisher Story. ‘Kingfisher Airlines Limited was an airlines group
established in India which operated by its parental corporation United Breweries Group. The
parent company had invested its 50% stake in the low budget airlines Kingfisher Red. Till the
year 2011, it was the second biggest airlines in the national airlines of India. But to its bad fate, it
incurred heavy losses and had to withdraw itself from the market in 2012. It was established in
the year 2003 and since then it was incurring heavy losses till it got listed in 2006(The Hindu,
2017).
Its chairman Vijay Mallya is an Indian businessman and a former Politian. He was once called
the ‘King of Good Times ‘. He and his company were involved in financial controversies and
scandals since 2012. Kingfisher has been the unfortunate recipient of a great press of time
recently. In 2006, a year after the launch of the airlines, the Mumbai branch of IDBI Bank got a
proposal from the Kingfisher Airlines that it required funds for purchasing an
aircraft .Afterwards in 2009, the bank decided to provide a loan of Rs. 900 Crore . A group of
around 17 banks are trying to collect loan amounting to around Rs7000 crores through which
Mallya had tried to gain 100% or partial shareholdings in about 40 corporations
worldwide(Narayan et al.,2016).
Introduction
History background and discussion of the case
‘From bang to bust: The Kingfisher Story. ‘Kingfisher Airlines Limited was an airlines group
established in India which operated by its parental corporation United Breweries Group. The
parent company had invested its 50% stake in the low budget airlines Kingfisher Red. Till the
year 2011, it was the second biggest airlines in the national airlines of India. But to its bad fate, it
incurred heavy losses and had to withdraw itself from the market in 2012. It was established in
the year 2003 and since then it was incurring heavy losses till it got listed in 2006(The Hindu,
2017).
Its chairman Vijay Mallya is an Indian businessman and a former Politian. He was once called
the ‘King of Good Times ‘. He and his company were involved in financial controversies and
scandals since 2012. Kingfisher has been the unfortunate recipient of a great press of time
recently. In 2006, a year after the launch of the airlines, the Mumbai branch of IDBI Bank got a
proposal from the Kingfisher Airlines that it required funds for purchasing an
aircraft .Afterwards in 2009, the bank decided to provide a loan of Rs. 900 Crore . A group of
around 17 banks are trying to collect loan amounting to around Rs7000 crores through which
Mallya had tried to gain 100% or partial shareholdings in about 40 corporations
worldwide(Narayan et al.,2016).
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Corporate Governance & Ethics 4
The issue started long back in the year 2007 when Vijay Mallya bought the loss making Air
Deccan owed by Captain Gopinath. The merged group had planned to save Rs.300 Crore with a
collective fleet of 71 airplanes. Afterwards in 2009, the board of Kingfisher accepted a
resolution to add $100 Million (around Rs. 487.8 Crore) through various investments
comprising of Global Depository Receipts (GDRs) along with the decision to add the capital of
Rs.500 crore through the right issue of equity shares. The capital was required for the expansion
of the project.
In the year 2009, a loss of Rs. 418.77 crore was announced by Kingfisher during its second
quarter and its revenue decreased by 13.6% during that particular quarter as compared to the
same period last year. Due to the enormous losses and it decide to lay off nearly 100 pilots. In
the year 2010, the board of Kingfisher Airlines had approved the debt recast package resulting
in the total debt to around Rs.7000 crores (Devi ,2016).
In the year 2011, the auditors of the company reported that its accumulated losses were more
than 50% of its net worth of the financial year 2010-2011.By the end of 2011 , the loss doubled
to Rs.469 crore for the third quarter of 2011. As a result, Mumbai International Airport sent a
warning to the company to pay the unsettled dues amounting to Rs.90 crore. The Service Tax
Department had frozen its 11 accounts due to the nonpayment of its dues.
The company again reported losses amounting to Rs. 44.26 crore in the third quarter results of
2011-2012. Due to its continuing losses and nonpayment of taxes and dues, the income tax
department had to freeze some of its accounts. The International Airport association had asked
the travel agents to stop booking tickets for the airlines due to its failure to pay the dues. To add
on to the misery it had stopped paying salaries to its employees and it had to withdraw its
operations from the international market (Shastri, 2014).
Burdened from the debt, it had decided to withdraw its operations from the domestic market as
well. Due to this the value of its share prices tumbled down to 13 % followed by the
announcements that 34 aircrafts had been confiscated due to the nonpayment of the lease
amount. The company had a total loan of around Rs.7000 crore led by a group of 17 banks under
the leadership of State Bank of India. The SBI bank had declined the appeal for the working
loan of Rs. 200 crore by the company . As a result, it had to request its subsidiary SBI Capitals
The issue started long back in the year 2007 when Vijay Mallya bought the loss making Air
Deccan owed by Captain Gopinath. The merged group had planned to save Rs.300 Crore with a
collective fleet of 71 airplanes. Afterwards in 2009, the board of Kingfisher accepted a
resolution to add $100 Million (around Rs. 487.8 Crore) through various investments
comprising of Global Depository Receipts (GDRs) along with the decision to add the capital of
Rs.500 crore through the right issue of equity shares. The capital was required for the expansion
of the project.
In the year 2009, a loss of Rs. 418.77 crore was announced by Kingfisher during its second
quarter and its revenue decreased by 13.6% during that particular quarter as compared to the
same period last year. Due to the enormous losses and it decide to lay off nearly 100 pilots. In
the year 2010, the board of Kingfisher Airlines had approved the debt recast package resulting
in the total debt to around Rs.7000 crores (Devi ,2016).
In the year 2011, the auditors of the company reported that its accumulated losses were more
than 50% of its net worth of the financial year 2010-2011.By the end of 2011 , the loss doubled
to Rs.469 crore for the third quarter of 2011. As a result, Mumbai International Airport sent a
warning to the company to pay the unsettled dues amounting to Rs.90 crore. The Service Tax
Department had frozen its 11 accounts due to the nonpayment of its dues.
The company again reported losses amounting to Rs. 44.26 crore in the third quarter results of
2011-2012. Due to its continuing losses and nonpayment of taxes and dues, the income tax
department had to freeze some of its accounts. The International Airport association had asked
the travel agents to stop booking tickets for the airlines due to its failure to pay the dues. To add
on to the misery it had stopped paying salaries to its employees and it had to withdraw its
operations from the international market (Shastri, 2014).
Burdened from the debt, it had decided to withdraw its operations from the domestic market as
well. Due to this the value of its share prices tumbled down to 13 % followed by the
announcements that 34 aircrafts had been confiscated due to the nonpayment of the lease
amount. The company had a total loan of around Rs.7000 crore led by a group of 17 banks under
the leadership of State Bank of India. The SBI bank had declined the appeal for the working
loan of Rs. 200 crore by the company . As a result, it had to request its subsidiary SBI Capitals
Corporate Governance & Ethics 5
to formulate a new revitalization plan for the airlines in order to pay salaries and operating
expenses (Srivastava, 2016).
The banks agreed to release Rs.60 crore which were inaccessible to the company in the form of
an escrow account to recompense the salaries to its employees. The airlines continued to extend
its partial lock out because it was not able to convince its employees to rejoin without getting
their salaries. A non - bailable arrest warrant was issued against Mallya relating to the case of
failure of cheques allotted to the GMR Hyderabad International Airport Limited.
On 20 October, 2012 the permit of the airlines got suspended as its parent company United
Breweries Group required Rs.3000 crore to get the company back in action as no foreign
operator was ready to help in its present condition. In the fourth quarter of 2012, the company
announced a loss of Rs.754 crore. Also, the carrier lost its aviation license due to the refusal of
DGCA for the renewal of its Air Operator Permit (AOP) (Aggarwal and Singh, 2015).
In the year 2013, the when the air carrier was not able to clear its dues and pay the pending
salaries to its employees, DGCA deregistered 15 aircrafts of Kingfisher. Besides this, no interim
relief was allowed to United Breweries Holdings by the Bombay High Court in the case related
for prevention of the lenders of Kingfisher airlines from selling the guaranteed shares of the
companies of the UB group.
In the year 2014, the several banks which were the lenders of the loan to the company initiated
proceedings against it. They declared the board of the airlines as willful defaulters and the
company was declared as the top NPA of the country. As a result, Vijay Mallya was asked to
quit his position of a director and chairman of the company. A money laundering case was
registered by the Enforcement Directorate against CFO of the company and Vijay Mallya which
was relating to the default he has done along with the IDBI officials. On March 2, 2017, he had
left the country (Gokhale, 2017).
Surprisingly, despite of the huge losses incurred by the company in the past years, Mallya
continued to draw salaries amounting to Rs.33.46 crore in 2011 and2012 respectively. Supreme
court further asked him to declare his personal assets along with his wife and children (Kuchhal ,
Verma and Mandawat ,2016).
to formulate a new revitalization plan for the airlines in order to pay salaries and operating
expenses (Srivastava, 2016).
The banks agreed to release Rs.60 crore which were inaccessible to the company in the form of
an escrow account to recompense the salaries to its employees. The airlines continued to extend
its partial lock out because it was not able to convince its employees to rejoin without getting
their salaries. A non - bailable arrest warrant was issued against Mallya relating to the case of
failure of cheques allotted to the GMR Hyderabad International Airport Limited.
On 20 October, 2012 the permit of the airlines got suspended as its parent company United
Breweries Group required Rs.3000 crore to get the company back in action as no foreign
operator was ready to help in its present condition. In the fourth quarter of 2012, the company
announced a loss of Rs.754 crore. Also, the carrier lost its aviation license due to the refusal of
DGCA for the renewal of its Air Operator Permit (AOP) (Aggarwal and Singh, 2015).
In the year 2013, the when the air carrier was not able to clear its dues and pay the pending
salaries to its employees, DGCA deregistered 15 aircrafts of Kingfisher. Besides this, no interim
relief was allowed to United Breweries Holdings by the Bombay High Court in the case related
for prevention of the lenders of Kingfisher airlines from selling the guaranteed shares of the
companies of the UB group.
In the year 2014, the several banks which were the lenders of the loan to the company initiated
proceedings against it. They declared the board of the airlines as willful defaulters and the
company was declared as the top NPA of the country. As a result, Vijay Mallya was asked to
quit his position of a director and chairman of the company. A money laundering case was
registered by the Enforcement Directorate against CFO of the company and Vijay Mallya which
was relating to the default he has done along with the IDBI officials. On March 2, 2017, he had
left the country (Gokhale, 2017).
Surprisingly, despite of the huge losses incurred by the company in the past years, Mallya
continued to draw salaries amounting to Rs.33.46 crore in 2011 and2012 respectively. Supreme
court further asked him to declare his personal assets along with his wife and children (Kuchhal ,
Verma and Mandawat ,2016).
Corporate Governance & Ethics 6
Ethical Decision Making approaches and theories
According to McKay, Nitsch and Peters (2015) the primary object of the company should be to
enhance the shareholder value. Successful companies must operate within the societal norms and
maintain its value and integrity. Corporate governance is directed towards ensuring that the
organizations take hold of its affairs such that the interests of shareholders are being protected.
The accountability can be taken by the board willingly or it can be imposed on them by law or a
combination of both. The companies are required to take the accountability for the influence they
create on societies and their shareholders.
The theories related to the ethical decision making are classified into three categories namely
Non – Consequentialist, Consequentialist and Agent Centered Theories.
Consequentialist theory emphasizes on the ethical significances of the action whereas the Non-
Consequentialist theory emphasizes on the intention of the individual involved in the decision
making. The Agent centered theories are directed towards the complete moral status of the
individuals.
The consequentialist theory comprises of many approaches. Utilitarianism is one of them. It
explains that acts can be explained as good or evil depending upon the intensity of happiness or
discomfort they create. Thus ethical action is the one which generates the utmost happiness and
creates the minimum injury. The ethical egoism is a type of utilitarianism which focuses on
doing good for a particular person. It has been argued that self-interest is a requirement for self-
respect and respect to others (Azzam, Qura‘an and Mohameed, 2015).
The Common Good Approach argues that the general will of the people helps in formulating the
best society. It would subsequently produce what is best for the people living in the society. It
lays emphasis on respect and compassion for others specially the weaker section of the society.
The Non –Consequentialist theorycomprise of the duty based approach. Also known as
deontological ethics, lays emphasis upon the importance of the will and intention of the person
involved in decision making. It is associated with Kant. He argued that doing what is right is
dependent on the intention of the person performing the act. The ethical action is derived from
the intention to perform the duty (Cheteni and Shindika, 2017).
Ethical Decision Making approaches and theories
According to McKay, Nitsch and Peters (2015) the primary object of the company should be to
enhance the shareholder value. Successful companies must operate within the societal norms and
maintain its value and integrity. Corporate governance is directed towards ensuring that the
organizations take hold of its affairs such that the interests of shareholders are being protected.
The accountability can be taken by the board willingly or it can be imposed on them by law or a
combination of both. The companies are required to take the accountability for the influence they
create on societies and their shareholders.
The theories related to the ethical decision making are classified into three categories namely
Non – Consequentialist, Consequentialist and Agent Centered Theories.
Consequentialist theory emphasizes on the ethical significances of the action whereas the Non-
Consequentialist theory emphasizes on the intention of the individual involved in the decision
making. The Agent centered theories are directed towards the complete moral status of the
individuals.
The consequentialist theory comprises of many approaches. Utilitarianism is one of them. It
explains that acts can be explained as good or evil depending upon the intensity of happiness or
discomfort they create. Thus ethical action is the one which generates the utmost happiness and
creates the minimum injury. The ethical egoism is a type of utilitarianism which focuses on
doing good for a particular person. It has been argued that self-interest is a requirement for self-
respect and respect to others (Azzam, Qura‘an and Mohameed, 2015).
The Common Good Approach argues that the general will of the people helps in formulating the
best society. It would subsequently produce what is best for the people living in the society. It
lays emphasis on respect and compassion for others specially the weaker section of the society.
The Non –Consequentialist theorycomprise of the duty based approach. Also known as
deontological ethics, lays emphasis upon the importance of the will and intention of the person
involved in decision making. It is associated with Kant. He argued that doing what is right is
dependent on the intention of the person performing the act. The ethical action is derived from
the intention to perform the duty (Cheteni and Shindika, 2017).
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Corporate Governance & Ethics 7
The rights approach is another branch of non-consequentialist theory. It explains that the greatest
moral act is the one which safeguards the moral rights of those who are influenced by act. It is
based on the conviction that all the human beings have the privilege to live a life of dignity. The
categorical imperative suggested by Kant forms the basis for this approach. It says that a person
should act in such a way that he treats humanity with himself and others (Deloitte, 2016).
The fairness and justice approach explains that all the humans should be treated equally. It
provides the process for performing a fair action and it is not concerned about the results arising
from those actions. The last approach of the non-consequentialist theory is the divine command
approach. It suggests that the right action is commanded by God and the ethical standards are
created according to God’s will. So, following God’s will defines the ethical actions (Bisht,
2015) .
Agent Centered theories comprise of the virtual approach. It suggests that the ethical actions
should be aligned with the ideal human virtues. The person with a good character is the one who
has attained the ethical values. The virtue ethics are concerned with the whole life of the
individual and he has to be trained and educated to imbibe the ethical values in himself. The
feminist approaches are related to virtue ethics. It is associated with the totality of human life and
how the ethical decisions are influenced by life (Othman and Rahman, 2014).
Ethical decision making approach relevant to the issue
The ethical decision making approach relevant to the issue are Utilitarianism and common good
approach. The Utilitarian ethical theory forms the basis on the ability of an individual to
forecast the consequences of the action. It suggests that the individual should act in such a way
that it results into the greatest benefit for most of the people. In the given case, Vijay Mallya
should have acted for the common good for his stakeholders. He should have released the salary
of his employees as at the time when the company was incurring heavy losses, he was declared
as 84th rich Indian by Forbes magazine. So he could have released the salaries of the employees
of the company as employees are the assets of the company. In addition to this, he did not even
repay the loans which were lent to his loss making company by the banks. The banks had helped
him during the financial crisis, so he should have repaid the loan amount and the pending dues to
the authority on time (OECD, 2015).
The rights approach is another branch of non-consequentialist theory. It explains that the greatest
moral act is the one which safeguards the moral rights of those who are influenced by act. It is
based on the conviction that all the human beings have the privilege to live a life of dignity. The
categorical imperative suggested by Kant forms the basis for this approach. It says that a person
should act in such a way that he treats humanity with himself and others (Deloitte, 2016).
The fairness and justice approach explains that all the humans should be treated equally. It
provides the process for performing a fair action and it is not concerned about the results arising
from those actions. The last approach of the non-consequentialist theory is the divine command
approach. It suggests that the right action is commanded by God and the ethical standards are
created according to God’s will. So, following God’s will defines the ethical actions (Bisht,
2015) .
Agent Centered theories comprise of the virtual approach. It suggests that the ethical actions
should be aligned with the ideal human virtues. The person with a good character is the one who
has attained the ethical values. The virtue ethics are concerned with the whole life of the
individual and he has to be trained and educated to imbibe the ethical values in himself. The
feminist approaches are related to virtue ethics. It is associated with the totality of human life and
how the ethical decisions are influenced by life (Othman and Rahman, 2014).
Ethical decision making approach relevant to the issue
The ethical decision making approach relevant to the issue are Utilitarianism and common good
approach. The Utilitarian ethical theory forms the basis on the ability of an individual to
forecast the consequences of the action. It suggests that the individual should act in such a way
that it results into the greatest benefit for most of the people. In the given case, Vijay Mallya
should have acted for the common good for his stakeholders. He should have released the salary
of his employees as at the time when the company was incurring heavy losses, he was declared
as 84th rich Indian by Forbes magazine. So he could have released the salaries of the employees
of the company as employees are the assets of the company. In addition to this, he did not even
repay the loans which were lent to his loss making company by the banks. The banks had helped
him during the financial crisis, so he should have repaid the loan amount and the pending dues to
the authority on time (OECD, 2015).
Corporate Governance & Ethics 8
Another theory which can be applied on this case is the common good approach. It states that the
general will of the people assist in the formation of the best society. The intentions and actions of
the people should be such which favors the weaker section of the society. The directors and
promoters of the company should act in the common good of the stakeholders and employees of
the company. They should apply this principle to repay the dues of the concerned authorities and
formulate policies to revive the company (Musa, Musová and Debnárová, 2015).
Conclusion
Hence, to conclude, it can be said that in order to apply the ethical principles in the decision
making in business one should implement the thumb rule of common sense and the golden rule
of not to harm others and do the common good. The company should act according to the
sustainable approach which implies that it should endeavor to safeguard the interests of the
stakeholders along with its objective of profit making.
Another theory which can be applied on this case is the common good approach. It states that the
general will of the people assist in the formation of the best society. The intentions and actions of
the people should be such which favors the weaker section of the society. The directors and
promoters of the company should act in the common good of the stakeholders and employees of
the company. They should apply this principle to repay the dues of the concerned authorities and
formulate policies to revive the company (Musa, Musová and Debnárová, 2015).
Conclusion
Hence, to conclude, it can be said that in order to apply the ethical principles in the decision
making in business one should implement the thumb rule of common sense and the golden rule
of not to harm others and do the common good. The company should act according to the
sustainable approach which implies that it should endeavor to safeguard the interests of the
stakeholders along with its objective of profit making.
Corporate Governance & Ethics 9
References
Aggarwal, M. and Singh, S.(2015) Effect of Merger on Financial Performance: A Case Study of
Kingfisher Airlines [online] Available from:
http://www.internationalseminar.org/XVI_AIC/TS5a_pdf/5Megha%20Aggarwal.pdf [Accessed
10th May, 2018].
Azzam, Z.A., Qura‘an, A.A. and Mohameed, H.A.(2015) How The Corporate Governance
Affects Organizational Strategy: Lessons From Jordan Environment. IOSR Journal of Business
and Management. 17(4),pp. 52-66.
Bisht, N.(2015) Dwindling Kingfisher Airlines[online] Available from:
https://www.peoplematters.in/article/c-suite/dwindling-kingfisher-airlines-2015 [Accessed 10th
May, 2018].
Cheteni, P. and Shindika, E.S.(2017) Ethical Leadership in South Africa and Botswana.
Brazilian Administrative Review.14(2),pp. 2-19.
Deloitte(2016) Good Governance driving Corporate Performance? [online] Available from:
https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/risk/deloitte-nl-risk-good-
governance-driving-corporate-performance.pdf[Accessed 10th May, 2018].
Devi , M.S.R.(2016) Fraudulent Financial Practices - A Case Study of Vijay Mallya.
International Journal of Economics and Business Management.2(2),pp. 237-240.
Gokhale, N.(2017) Banks May Lose 4,300 crore on Loans to Kingfisher Airlines.₹ Economic &
Political Weekly. 52(23) [online] Available from: http://www.epw.in/journal/2017/23/web-
exclusives/banks-may-lose-%E2%82%B94300-crore-loans-kingfisher-airlines.html [Accessed
10th May, 2018].
Kuchhal , R., Verma ,A. and Mandawat , A.(2016) Empirical and Financial Analysis for
Prediction of Corporate Bankruptcy : A Holistic view of Indian Aviation Sector. International
Journal of Innovative Research & Development . 5(7), pp. 364-365.
References
Aggarwal, M. and Singh, S.(2015) Effect of Merger on Financial Performance: A Case Study of
Kingfisher Airlines [online] Available from:
http://www.internationalseminar.org/XVI_AIC/TS5a_pdf/5Megha%20Aggarwal.pdf [Accessed
10th May, 2018].
Azzam, Z.A., Qura‘an, A.A. and Mohameed, H.A.(2015) How The Corporate Governance
Affects Organizational Strategy: Lessons From Jordan Environment. IOSR Journal of Business
and Management. 17(4),pp. 52-66.
Bisht, N.(2015) Dwindling Kingfisher Airlines[online] Available from:
https://www.peoplematters.in/article/c-suite/dwindling-kingfisher-airlines-2015 [Accessed 10th
May, 2018].
Cheteni, P. and Shindika, E.S.(2017) Ethical Leadership in South Africa and Botswana.
Brazilian Administrative Review.14(2),pp. 2-19.
Deloitte(2016) Good Governance driving Corporate Performance? [online] Available from:
https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/risk/deloitte-nl-risk-good-
governance-driving-corporate-performance.pdf[Accessed 10th May, 2018].
Devi , M.S.R.(2016) Fraudulent Financial Practices - A Case Study of Vijay Mallya.
International Journal of Economics and Business Management.2(2),pp. 237-240.
Gokhale, N.(2017) Banks May Lose 4,300 crore on Loans to Kingfisher Airlines.₹ Economic &
Political Weekly. 52(23) [online] Available from: http://www.epw.in/journal/2017/23/web-
exclusives/banks-may-lose-%E2%82%B94300-crore-loans-kingfisher-airlines.html [Accessed
10th May, 2018].
Kuchhal , R., Verma ,A. and Mandawat , A.(2016) Empirical and Financial Analysis for
Prediction of Corporate Bankruptcy : A Holistic view of Indian Aviation Sector. International
Journal of Innovative Research & Development . 5(7), pp. 364-365.
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Corporate Governance & Ethics 10
McKay , D.R., Nitsch , R. and Peters , D.A.(2015) Corporate governance and business ethics.
Canadian Society of Plastic Surgeons.23(4),pp. 271-272.
Musa , H., Musová , Z. and Debnárová , L.(2015) Responsibility in The Corporate Governance
Framework and Financial Decision Making Process. Procedia Economics and
Finance.23(2015),pp. 1023 – 1029.
Narayan, K., Johnson, T.A. and Vikraman, S.(2016) From bang to bust: The Kingfisher story.
The Indian Express [online] Available from: http://indianexpress.com/article/india/india-news-
india/sunday-story-once-upon-a-time-there-was-a-king-vijay-mallya/
OECD(2015) Corporate Governance and Business Integrity[online] Available from:
http://www.oecd.org/daf/ca/Corporate-Governance-Business-Integrity-2015.pdf [Accessed 10th
May, 2018].
Othman, Z. and Rahman, R.A.(2014) Attributes Of Ethical Leadership in Leading Good
Governance. International Journal of Business and Society. 15(2),pp. 359-372.
Shastri, S.(2014) Corporate Social Responsibility towards Employees (Case of Kingfisher
Airlines and Jet Airways). Journal of Accounting & Marketing.3(1),pp. 1-5.
Srivastava, A.(2016) From Sky to Ground: A Case Of Kingfisher Airline Survival. International
Journal of Current Research.8(6), pp.32854-32859.
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