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‘Please Take It’: Vijay Mallya Offers To ‘Repay 100%’ Of Principal Amount To Banks

Mallya left India in 2016 after banks got together to initiate legal proceedings against him to recover an outstanding amount of more than Rs 9000 crores.

‘Please Take It’: Vijay Mallya Offers To ‘Repay 100%’ Of Principal Amount To Banks
Fugitive businessman Vijay Mallya
‘Please Take It’: Vijay Mallya Offers To ‘Repay 100%’ Of Principal Amount To Banks
outlookindia.com
2018-12-05T10:54:59+0530

Claiming that he offered to pay back the "hundred per cent" of the principal amount that he owes to multiple banks, fugitive businessman Vijay Mallya on Tuesday once attempted to assert that the charges against him are false.

In the thread of tweets, the former Kingfisher chief wrote, "Politicians and Media are constantly talking loudly about my being a defaulter who has run away with PSU Bank money. All this is false. Why don't I get fair treatment and the same loud noise about my comprehensive settlement offer before the Karnataka High Court. Sad."

The liquor baron went on and said, "The Airlines struggled financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where Banks money went. I have offered to repay 100 % of the Principal amount to them. Please take it."

"For three decades running India's largest alcoholic beverage group, we contributed thousands of crores to the State exchequers. Kingfisher Airlines also contributed handsomely to the States. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it," Mallya added.

Mallya left India in 2016 after banks got together to initiate legal proceedings against him to recover an outstanding amount of more than Rs 9000 crores.

In November, the Bombay High Court had dismissed a plea filed by the beleaguered businessman when he sought a stay on a request made by the Enforcement Directorate (ED) to declare him a fugitive economic offender and confiscate his properties.

The ED had filed an application before a special Prevention of Money Laundering Act (PMLA) court seeking the 'fugitive' tag for Mallya under the Fugitive Economic Offenders' Act, 2018.

Under the provisions of the Act, once a person is declared a fugitive economic offender, then the prosecuting agency has the powers to confiscate the accused persons' properties.

The decision came after five parties, including a family member of Mallya, sought court dossiers with regard to the ED seeking to get Mallya declared a fugitive economic offender under the new law.

Mallya is also facing money-laundering charges in the United Kingdom after India initiated extradition proceedings against him. Both, ED along with Central Bureau of Investigation (CBI) have filed several cases for alleged loan default against him.

On November 22, the United Kingdom (UK) High Court issued an order asking Mallya to pay a hefty amount of GBP 88,000 to UBS Investment Bank, which had issued GBP 20.4 million in the mortgage loan for his London property, and ruled in favour of UBS to take possession of Mallya's palatial Cornwall Terrace home.

Mallya is residing in the UK from the past two years. His extradition case is reportedly in its final stage at London's Westminster Magistrates' Court which is expected to deliver its ruling by the year-end.

(with ANI inputs)

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