Part I:-
Vijay Mallya, the former chairman of United Spirits, owes over Rs 7,000 crore to 17 banks. SBI is leading the legal battle in the Supreme Court and Debt Recovery Tribunal against liquor baron. From a flamboyant billionaire to a man who watched his empire go bust, here's how the journey unfolded for Mallya:
1) Mallya owes nearly Rs 7,000 crore to bankers. Here's how it stacks up
Vijay Mallya, the former chairman of United Spirits, owes over Rs 7,000 crore to 17 banks. SBI is leading the legal battle in the Supreme Court and Debt Recovery Tribunal against liquor baron. From a flamboyant billionaire to a man who watched his empire go bust, here's how the journey unfolded for Mallya:
1) Mallya owes nearly Rs 7,000 crore to bankers. Here's how it stacks up
Rs 1,600 crore — SBI
Rs 800 crore — PNB
Rs 800 crore — IDBI
Rs 650 crore — Bank of India
Rs 550 crore — Bank of Baroda
Rs 430 crore — United Bank of India
Rs 410 crore — Central Bank of India
Rs 320 crore — UCO Bank
Rs 310 crore — Corporation Bank
Rs 150 crore — State Bank of Mysore
Rs 140 crore — Indian Overseas Bank
Rs 90 crore — Federal Bank
Rs 60 crore — Punjab & Sind Bank
Rs 50 crore — Axis Bank
He, however, claims banks have recovered Rs 1,200 crore.
2. What Mallya owns in India
33% in United Breweries, which is worth Rs 7,000 crore. But more than half of the stake is pledged.
22% interest in Mangalore Chemicals & Fertilisers, which is worth Rs 140 crore. One-third of the shares are pledged. 52%of UB Holdings, a shell company, which has some real estate in Bangalore and other places, but the rentals have already been pledged.
Under 1% stake in Bayer Corp Science, but Mallya remains its chairman.
3. How Mallya became Mallya
1983 | After his father's death, Mallya becomes UB group chairman at 28.
1999 | Launches Kingfisher Strong, which changes beer consumption nationally, is still the largest selling brand.
2002 | Nominated to Rajya Sabha.
4. Mallya's shopping list
2005 | Launches Kingfisher Airlines (KFA). Buys Shaw Wallace, gaining whisky brands such as Royal Challenge
2006 | Buys Herbertsons, makers of Bagpiper whisky and Romanov vodka.
2007 | Buys F1 team Spyker, renames it Force India. Acquires Air Deccan. Buys British whisky maker Whyte and Mackay for £595m.
2008 | Buys IPL team Royal Challengers Bangalore for $111.6m. UB City comes up in Bangalore.
5. How he ruined it all
2012 | KFA staff strike work for nonpayment of salaries, income-tax dept freezes KFA accounts, airline grounds flights. In Oct, govt suspends KFA licence. British alcoholic beverages firm Diageo agrees to buy majority stake in United Spirits
2013 | Diageo acquires 27% stake in USL for Rs 6,500 crore, but KFA lenders do not get any funds.
2014 | United Bank identifies United Breweries Holdings as wilful defaulter.
2015 | Diageo asks Mallya to step down as chairman of the Indian liquor firm but he refuses.
2016 | Banks move debt recovery tribunal, which restrains Mallya from accessing Rs 515 crore he was to receive from Diageo as settlement after agreeing to quit.
6. Kingfisher adds to more pain
Over 1,500 staffers, still on the firm's payrolls after it stopped operation, not paid? On March 5, employees write an open letter to Mallya, saying his 'heart is impure' and he has blood on his hands. They seek PM Narendra Modi's help to get their dues.
7. Mallya's pearls of wisdom
The only regret is Kingfisher Airlines is not flying today when the oil price is so low.
The past few days have witnessed a near hysterical campaign in the media directed against me. All I can say is I hope some sobriety and sense will prevail and truth will not be held hostage to TRPs.
8. Did he say he was broke?
Mallya owns homes in Trump Towers, New York City, and in San Francisco. Game resort in South Africa. A beachfront villa in Goa. He also has a fleet of over 200 luxury vintage cars, a 95m "mega yacht" with a helipad, a Gulfstream private jet.
SBI and other 15 banks late for climbing on Subpreme court because of according to reports Vijay maliya already out of India.Only his manager is in contact with maliya through email. No one knows where is Vijay Maliya.
Part II:-
Industrialist Vijay Mallya left the country the day public sector banks, to whom he owed over Rs. 9000 crore in loans, moved the Debt Recovery Tribunal (DRT) on March 2, 2016 against him.
Attorney-General Mukul Rohatgi, appearing for consortium of banks, revealed this when asked by the apex court about the whereabouts of Mr. Mallya.
Mr. Rohatgi told a Bench of Justices Kurian Joseph and Rohinton Nariman that he asked the CBI about Mr. Mallya, and in turn was informed that the Rajya Sabha MP had left Indian shores on March 2, the very day the banks approached the DRT.
Incidentally, the banks are before the Supreme Court with a plea to restrain him from leaving the country by ordering the seizure of his passport.
"There seems to be very little left for us," Justice Nariman remarked.
"This is the information CBI gave me," Mr. Rohatgi responded.
Mr. Rohatgi said the apex court to pass an order now directing Mr. Mallya to appear before this Bench, passport in hand.
"We are not behind his blood. We want to sit across him and get back our money. We want to settle the loans," Mr. Rohatgi said.
Mr. Rohatgi said the "only information" is on social media sites, which show that most of his assets are abroad. "Only a fraction is in India... may be one-fifth".
"Then how did you give these loans. Was there no secured assets on these loans?" Justice Kurian asked.
Mr. Rohatgi replied that at the time of the loans, Kingfisher Airlines was a brand at its peak, which had assets worth some thousand crores, and then "it crashed".
"We had some assets (as security) for the loans advanced," Mr. Rohatgi said.
The Bench then issued notice to Mr. Mallya through his company United Breweries Holdings Limited, his counsel, the Indian High Commissioner at the U.K. and via his official Rajya Sabha email address.
The court sought a reply in two weeks and fixed the hearing for March 30.
When Justice Kurian asked Mr. Rohatgi what guarantee was there that Mr. Mallya would be in the U.K. to receive notice, Mr. Rohatgi replied, "He has tremendous assets there. We know he would be there... most likely".
