ap7am logo
Logo Bar bseindia nse-india msn yahoo youtube facebook google thehindu bbc ndtv v6 ABN NTv Tv9 etv namasthetelangaana sakshi andhrajyothy eenadu ap7am bhakti espncricinfo wikipedia twitter

Vijay Mallya makes bankers count the chickens

Mon, Mar 21, 2016, 12:55 PM
Vijay Mallya, the owner of the defunct Kingfisher Airlines among many companies, has branded India by knocking off Rs 9000 crore bank loans with his airline brand and is now doing a PR exercise, making bankers and others to count the chickens before they hatched.

The King of Good Times and recipient of unfailing dame luck is at present living in his five-acre farm house LadyWalk in the London countryside. The PR exercise says he simply hates the word `absconder' and does not want to be compared with swindlers.

Employing a law firm, Mallya is stated to be preparing a case for himself by repackaging a debt repayment offer. He may return the money in staggered payments or seek a one-time settlement.

In his new status as an international businessman, now that he is safe abroad, the exercise says he would not like to be seen as an employer who has not paid his Kingfisher employees since 2012.

Vijay Mallya wants his good name redeemed in India, saying `personally , I'm not a borrower or judgement defaulter.' There was no wrongdoing on his part. The mess was made by his companies.

The bankers are meanwhile expecting more of the same, a renewal of the last offer he had made. He was wanting to make a one-time settlement with banks. But they want the entire principal amount and also interest returned. The interest alone exceeded Rs 3000 crore. This means they cannot write off anything. But Mallya last time wanted a write-off.

Neither is Vijay Mallya willing to attach his assets under oath. This matter is also pending before the Debt Recovery Tribunal.

The bankers are citing Rs 600 crore deposit with the Karnataka High court since July 2013. Another Rs 650 crore of United Breweries is similarly held up since 2014. As against this, considering Rs 9000 crore loaned to him by banks plus Rs 3000 crore interest, the outstanding amount against Vijay Mallya works out to a staggering Rs 12,000 crore.
Agency: Ap7am Desk

Feedback Form

Your IP address: