Vijay Mallya Ready To Return

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NEW DELHI/INDIA, 17NOV08 - Vijay Mallya, Chairman, UB Group, India, participates in a panel discussion on tourism at the World Economic Forum's India Economic Summit 2008 in New Delhi, 16-18 November 2008. Copyright World Economic Forum (www.weforum.org)/Photo by Dana Smillie

Vijay Mallya

After having confiscated luxury home of Vijay Mallya in Goa, Kingfisher Villa , a group of banks led by State Bank of India is determined to recover every penny from the tormented billionaire who owes them a lump sum of Rs 9,000 crore.Vijay mallya

Mallya’s properties are being taken over by the Bank gradually and the bank stays strong not to lose anything in the battle with Mallya. All the staff members of the Kingfisher Villa were replaced by bouncers by SIBCAP Trustee. His private jet is up for auction in June which is expected to yield about Rs 150 crore. And also his mainline airline brand is up for sale supposed to bring in Rs 2 crore or so but does not hold any value as it can only be used for airline business and Kingfisher has been defamed to every possible extend. Bankers are prepared to face the delay that may be caused especially after the UK government refused to deport him. They state clearly that the bank is not ready to let Mallya off the hook.

Even though a group of 17 banks petitioned the Supreme Court of India from restraining Mallya from leaving India, he left for Britain successfully claiming the relocation was to stay closer to his children. Recently Vijay Mallya, once known as the ‘King of good times’ has expressed that he wants to return to India. He also offered to pay a reduce amount of Rs 6868 crore which was rejected by the lenders. The authorities also state that no further communication has taken place after the offer.

Mallya’s passport has been revoked and a non-bailable warrant has been issued against him. Enforcement directorate is seeking Interpol to issue International Arrest Warrant against Mallya.

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