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Where is Vijay Mallya?
Vijay Mallya, the erstwhile ‘King of Good Times’ has allegedly fled India, in what looks like a desperate attempt to get away from his creditors – a consortium of 13 Indian banks that want their Rs 9,000 crore that they had loaned to his Kingfisher Airlines. The airline, once the second-largest in the country, has been grounded since 2012.
New Delhi: Vijay Mallya, the erstwhile ‘King of Good Times’ has allegedly fled India, in what looks like a desperate attempt to get away from his creditors – a consortium of 13 Indian banks that want their Rs 9,000 crore that they had loaned to his Kingfisher Airlines. The airline, once the second-largest in the country, has been grounded since 2012.
The consortium of lenders, led by the State Bank of India, had filed a petition on Tuesday with the Supreme Court to ban the liquor baron, and the founder of the now defunct airlines, from leaving the country because of the massive amount they are owed.
The Supreme Court on Wednesday issued notice to Vijay Mallya and sought his reply within two weeks in response to the petition by the banks consortium to block him from fleeing the country. The court asked him to respond to why his passport should not be impounded. Mallya, who sold most of his shares in United Spirits,
which was a part of his UB Group and gave management control to Diageo Plc, maker of Johnnie Walker whisky and Smirnoff vodka, announced his intention to shift to the UK in a statement issued after his deal with Diageo to step down from the chairmanship of United Spirits, a company he sold to the UK major three years back. He was to get Rs 515 crore or $75 million from Diageo as severance package.
