home Business Inspite of a CBI notice, Mallaya – A Wilful Defaulter, flew off the country

Inspite of a CBI notice, Mallaya – A Wilful Defaulter, flew off the country

According to Attorney General Mukul Rohatgi’s statement to the Supreme Court, Vijay Mallya left India on March 2nd ’16 despite huge outstanding loans and was most likely headed for England where he possessed several assets.

This once successful – now debt ridden Industrialist Vijay Mallaya has been under tremendous pressure from banks to repay around Rs 7,000 crore of debt owed by his collapsed Kingfisher Airlines. More than a dozen state-run banks – led by the State Bank of India – had appealed to the Supreme Court asking that Mallya be banned from travelling overseas.

Mallaya_under_debt
Mallaya_under_debt

However, despite a ‘look out circular’ against him at the country’s exit and entry points, the man left India last week.

“Due to the circular, he should have been stopped from leaving the country’s borders and authorities should have been alerted about his move in real time,” the source said. It is suspected that Mallya left for the United Kingdon in a private flight last Wednesday.

The United Spirits board last year asked Mallya to resign after an internal investigation spearheaded by Diageo found he diverted funds to other companies under his control, a charge he denied.

Banks owed money by Kingfisher Airlines have demanded “first right” to the Diageo cash, arguing that they were left with unpaid debts worth Rs 7,000 crore when the company collapsed more than three years ago.

SBI declared Mallya — once known as “The King of Good Times” for his flashy lifestyle and lavish parties — a wilful defaulter last month. A wilful defaulter is one who can pay but does not, that is, someone who has the ability to pay but is unwilling to do so.

Mallaya_Assets
Mallaya_Assets (Source: Eco Times)

This is the story of that ugly world, where you do the sins and still find an escape route, owing a lot more than just money. Life comes to a full circle and such a fall is pretty hard to miss Mr. Mallaya!

Source: Hindustan Times

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