They were famed for their jet-set lifestyles and the names of their companies were emblazoned on airplanes, Formula One cars and the shirtfronts of cricket teams.
Now the debt-laden empires of three of India's best-known tycoons – Vijay Mallya, Subrata Roy (pic, centre) and T. Venkattram Reddy – are crumbling before their eyes, downfalls that observers say stem from a climate of weak regulation and deference to conspicuous wealth.
"All too often, the banks are dazzled by the halo of personal fortunes," said Vishwas Utagi, a veteran campaigner for banking regulation.
Now the debt-laden empires of three of India's best-known tycoons – Vijay Mallya, Subrata Roy (pic, centre) and T. Venkattram Reddy – are crumbling before their eyes, downfalls that observers say stem from a climate of weak regulation and deference to conspicuous wealth.
"All too often, the banks are dazzled by the halo of personal fortunes," said Vishwas Utagi, a veteran campaigner for banking regulation.
