The curious and 'criminal' case of Vijay Mallya
When my father applied for a bank loan to sponsor my studies in Canada, his application got rejected because the bank claimed that he has already taken a loan for my brother's studies in Australia. How plain and straightforward that was!
Not that plain in Vijay Mallya's case when he has a loan of Rs 900 crore unpaid to the IDBI bank and is currently absconding. The owner of India's biggest liquor company, an airline, a private jet and so many other riches on his name is currently out of the country and did not appear in the court when being summoned. Finally, the law took its course and the court issued him a non-bailable warrant in money laundering case. His diplomatic passport has been suspended as well by Ministry of External Affairs and Enforcement Directorate is likely to seek Interpol's help in this case.
This is how much Mr. Vijay Mallya has in his assets:
 |
| Source |
| Bank | Rs. (in Crores) |
|---|---|
| SBI | 1,600 |
| IDBI | 800 |
| PNB | 800 |
| Bank of India | 650 |
| Bank of Baroda | 550 |
| United Bank of India | 430 |
| Central Bank | 410 |
| UCO Bank | 320 |
| Corporation Bank | 310 |
| State Bank of Mysore | 150 |
| Indian Overseas Bank | 140 |
| Federal Bank | 90 |
| Punjab & Sind Bank | 60 |
| Axis Bank | 50 |
| 3 other Banks | 603 |
| Total | 6,963 |
How could his company get away with the Rs. 900 crores of loan when he was still struggling to make his name in the airline industry? How did the banks approve it to begin with? IDBI bank rather got proposal from his company, Kingfisher airlines requesting loan to acquire aircrafts in 2006. There is something seriously to be worried about how banks can dispense such a large sum of public money without any checks and balance.
He is also accused by Enforcement Directorate of using Rs. 430 crores of his loan to buy properties abroad. Mallya's United Breweries has been denying this claim though. His self employed air hostesses and over expensive Kingfisher calendars are not hidden from anyone. He was in the news once in 2012 for not paying salaries to his 1500 employees who work for his Kingfisher airlines. The reason for not paying salaries to his employees stated by him was that he didn't have money to pay them. He had money to buy Shane Watson, an Australian cricketer to include in the Royal Challengers Bangalore with the whopping sum of Rs. 9.5 crores instead to play in the Indian Premier League that year. Not only he spent money on his wish list for IPL, but also he spent $2 billion on his birthday gala in 2015.
He is being summoned thrice but does not appear in the court. He has been to UK and has been reportedly tweeting from there. Although he constantly denies of being absconding yet there is no convincing reason being given of his disappearance in the court and not respecting the law of the country where he is also a sitting member of the Rajya Sabha, the Upper House of the Parliament of India. Such are the politicians of our country who flee from the same country who gives them the opportunity to serve people and make laws for them.
He is also accused by Enforcement Directorate of using Rs. 430 crores of his loan to buy properties abroad. Mallya's United Breweries has been denying this claim though. His self employed air hostesses and over expensive Kingfisher calendars are not hidden from anyone. He was in the news once in 2012 for not paying salaries to his 1500 employees who work for his Kingfisher airlines. The reason for not paying salaries to his employees stated by him was that he didn't have money to pay them. He had money to buy Shane Watson, an Australian cricketer to include in the Royal Challengers Bangalore with the whopping sum of Rs. 9.5 crores instead to play in the Indian Premier League that year. Not only he spent money on his wish list for IPL, but also he spent $2 billion on his birthday gala in 2015.
He is being summoned thrice but does not appear in the court. He has been to UK and has been reportedly tweeting from there. Although he constantly denies of being absconding yet there is no convincing reason being given of his disappearance in the court and not respecting the law of the country where he is also a sitting member of the Rajya Sabha, the Upper House of the Parliament of India. Such are the politicians of our country who flee from the same country who gives them the opportunity to serve people and make laws for them.
I am an international businessman. I travel to and from India frequently. I did not flee from India and neither am I an absconder. Rubbish.— Vijay Mallya (@TheVijayMallya) March 10, 2016
Either his poor management or his overly expensive lifestyle led to his present day condition but fleeing out of the country has only added to the negative public perception towards him. The Central Government must take some strict and crucial steps to bring him back to the country so that he can follow the proceedings of the law. If not, then we clearly haven't learnt anything after Lalit Modi!As an Indian MP I fully respect and will comply with the law of the land. Our judicial system is sound and respected. But no trial by media.— Vijay Mallya (@TheVijayMallya) March 10, 2016
2 comments
Nice point raised,well it seems rules are made for poor not for rich in india
ReplyDeleteand another thing my norton antivirus gave me some warning when i entered this website fix the issue
Thanks Akshay!
ReplyDeleteI'll look into it.