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God Bless Kishore Biyani. He did not get a single rupee from sale of his Retail empire to Reliance as his companies were overburdened with debts. But Biyani did not let his creditors lose a single rupee. Also , Biyani did not let his shareholders , suppliers or others suffer.
Such business ethics are very rare in Indian corporate world. Promoters of failed companies cling on to their control of such companies . They drag Creditors in to prolonged litigation .
In such cases all , including the unlucky shareholders .suffer. But Promoters continue to make money, albeit fraudulently , from their bankrupt companies .
We are reminded of the great Chandulal Shah( 1898-1975 , birthplace Jamnagar , present Gujarat )who started his glorious career with Bombay Stock Exchange in 1924. Later he moved on to producing films and became one of the biggest names in the film industry. His banners Ranjit Movietone and Ranjit Studios.
Chandulal Shah , also , dabbled in Silver futures . Once , he took , in single day , very large bets on silver futures . Many of his commitments were verbal only. Soon after , Chandulal Shah drove to Poona to spend time at the club and , also ,enjoy Horse racing. In those days super rich of Bombay spent their weekends at Poona. At the Poona Club Chandulal Shah received a trunk call phone from Mumbai. He was told that his silver bets had gone the opposite way. His huge losses made him penniless.
Chandulal Shah was advised by his well wishers that he should refuse to admit his unwritten / verbal commitments. But the great man said ," No". Chandulal , also, refused to settle his losses at a a lower amount ( like 50 paise in a rupee ).
Chandulal Shah paid off his all creditors whether written or unwritten in full by selling even his personal properties .
Film industry's most powerful man, who once owned a fleet of cars, was reduced to travelling in buses.
But he did not care He did not owe any one any money.
He was great man- a larger than life figure.