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Vijay Mallya wants to be treated as bad debt & coaxed back

Fri, Apr 29, 2016, 06:21 PM
The heavily indebted Vijay Mallya wants his debts treated as bad debts and he be mollycoddled so he pays only Rs 6000 crore at the most against the demanded Rs 9000 crore to the consortium of Indian banks.

He claims that the figure of Rs 9000 crore quoted by the consortium of banks as the outstanding amount against him is an inflated figure. He claimed that the actual principal borrowed by him was a little over 500 million pounds. The interest as it stood in 2013 was 120 million pounds.

He told prestigious Financial Times that it was grossly unjust to apply compound interest and artificially inflate the figure against him.

Mallya said his offer of Rs 6000 crore against the demanded Rs 9000 crore was `way in excess of World Bank average for settlement of bad debts.'

He further claimed that th Indian banks had sold their NPCs to asset reconstruction companies at 30-40 percent of the book value.

He said he was not at all guilty of diverting funds and buying properties, and described the charges as `preposterous.'
Agency: Ap7am Desk
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