Vijay Mallya has become a trending discussion throughout the world, thanks to our Indian Media and strollers on Facebook. It is perfectly right to say Vijay Mallya has made a transition from the king of good times to king of bad times. In this article we will cover facts about the debt of Mallya and reasons why he might never return to India.
Vijay Mallya – Brief History On His Debt
The Supreme court on Tuesday (last week) agreed to hear a request by a group of banks, led by SBI. The request was for a restraint order in order to prevent Vijay Mallya, who owes them over Rs. 9,000 crores from leaving the country.
Now we all know that Mallya has already absconded. He tweeted this morning that he is an international business man and has to travel to and from India frequently. He did not flee from India and denied that he is an absconder.
Let us tell you about the amount of money that he owes to the different banks, Rs.1600 Crore to SBI, Rs.800 Crore to PNB & IDBI Bank. Rs.650 Crore to Bank of India, Rs.430 Crore to United Bank of India, Rs.410 to Central Bank of India, Rs.320 Crore to UCO Bank, Rs.310 Crore to Corporation Bank, Rs.150 Crore to State Bank of Mysore, Rs.140 Crore to Indian Overseas Bank, Rs.90 Crore to Federal Bank, Rs.60 Crore to Punjab & Sind bank, Rs.50 Crore to Axis Bank and Rs.603 Crores form other 3 banks. If you sum all of the above the total would come down to 6,693 Crores.
Talking about Kingfisher Airlines, the airlines never did make any sort of profit during their 8 year run. The dues had mounted to over 15,500 Crores to banks. Mallya remained optimistic about it and tried to revive the airline but we all know that nothing did work out for him.
Why Vijay Mallya Won’t return to India
- Debt, Debt & Debt!
Like we mentioned above he owes Rs. 6,693 crores to Indian banks and we add up other debts of Vijay Mallya then to total crosses the Rs. 9,000 mark. If he decided to pay this money (In theory) he will probably have to dissolve all of his personal assets and white money. One is pretty that the man has a lot of black money which he isn’t going to reveal to avoid further harassment.
2. He may do a Lalit Modi
Vijay Mallya may do a Lalit Modi. Confused? Let us explain. Lalit Modi had made his wife make an investment of Rs.100 million in Indian heritage hotel through a Mauritius based company, he used illegal money or black money to buy corporate jet through a Cayman Islands company and a few other illegal payments and accepting of deposits were made by him. Lalit Modi is currently in London and it is hopeless that he will return, if sources are to believed Mallya is in a country home outside London. We are sure that both of them will have a good conversation about how they fooled the Indian government.
3. Other reasons
Banks chances of getting their investment back form Mallya are pretty less. Kingfisher has hardly any assets left for the banks to dissolve and get their money. Vijay Mallya owes a lot of money to his Kingfisher employees, they even wrote a letter to Mallya recently to pay off their dues.
After so much of controversy, it would be a miracle if Mallya shows up on Indian soil.
Image Sources: Image 1 & Featured Image,Image 2,Image 3,Image 4,Image 5.
Sources: The Hindu,First Post,Economic Times.
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