Don’t miss the latest developments in business and finance.

image

Vijay Mallya

About Vijay Mallya

Facebook IconLinkedIN Icon

Who is Vijay Mallya

Vijay Mallya is an Indian businessman at present fighting extradition from the UK. Mallya, who owes 17 Indian banks an estimated Rs 9,000 crore, is accused of fraud and money laundering in the country.
 
Also a former Rajya Sabha member, Mallya is the ex-chairman of United Spirits. He currently continues to serve as chairman of United Breweries Group. Previously, he also served as chairman of Sanofi India and Bayer CropScience, among other companies.
 
Of all his businesses, Vijay Mallya's name is most closely associated with now defunt Kingfisher Airlines. The airline company, launched in 2005, proved to be his undoing, as its business model floundered in 2008, when a global recession and soaring fuel prices brought it to a grinding halt.
 
Facing heat from lenders following the collapse of the airline, Mallya fled to the UK in 2016. Mallya has publicly offered to make good on his debts and said he has been doing so since 2016.
 
How Mallya ended up being a fugitive economic offender
 
Mallya inherited UB Spirits, known for the Kingfisher beer brand, from his father and turned it around into India’s biggest spirits maker. He became the chairman of UB Group at the age of 28.
 
However, most other businesses of the group were not as successful, Kingfisher Airlines being the biggest failure.
 
Started in 2005, Kingfisher Airlines was grounded in 2012 after a burgeoning debt burden made it impossible for the beleaguered airline to continue operations. The airline is also being investigated for suspected diversion of funds and financial irregularities.
 
Mallya left the country on March 2, 2016, the day a clutch of public-sector banks moved the Debt Recovery Tribunal against him. In January 2019, he was declared a fugitive economic offender under the Fugitive Economic Offenders Act.
 
What is Mallya’s response to the allegations?
 
Mallay has denied all allegations and publicly offered to repay the full principal amount he owes the lenders.
 
Just before leaving the country in 2016, Mallya wrote an open letter defending himself. “All enquiries conducted have failed to find evidence of misappropriation of funds by Kingfisher Airlines or myself,” Mallya said. “Despite pledging blue-chip securities and depositing significant amounts in court, a successful disinformation campaign has ensured my becoming the poster boy of all bank NPAs.”
 
What next?
 
The Indian government is making all efforts to extradite Mallya from the UK. In February 2019, UK Home Secretary approved the extradition. The case is now pending in the London High Court, where Mallya filed an appeal against the order. The appeal has been listed for a three-day hearing from February 11, 2020.

Latest Updates on Vijay Mallya

Fugitive liquor baron Vijay Mallya questions excess recovery claims, seeks relief from authorities

Updated On: 18 Dec 2024 | 10:13 PM IST

The Enforcement Directorate has restored assets worth Rs 22,280 crore to victims or rightful claimants from cases involving economic offences, the finance minister informed Lok Sabha

Updated On: 18 Dec 2024 | 1:41 PM IST

She said Rs 14,131.6 crore worth properties belonging to fugitive Vijay Mallya have been restored to public sector banks

Updated On: 17 Dec 2024 | 7:33 PM IST

Mallya, through an FII entity named Matterhorn Ventures, has indirectly trades in scrips of his group entities in India, thus concealing the true identity of his investments in securities market

Updated On: 26 Jul 2024 | 8:37 PM IST

Vijay Mallya was declared a fugitive under the Fugitive Economic Offenders Act in 2019. The recent non-bailable warrant has been issued for a Rs 180 crore loan default

Updated On: 02 Jul 2024 | 5:43 PM IST

Siddharth Mallya is set to marry his girlfriend Jasmine. Siddhart shared the wedding information on his official Instagram account. Check details here

Updated On: 18 Jun 2024 | 5:05 PM IST

The court on May 29 accepted the plea of Vyomesh Shah, an accused in a money laundering case, to drop the bail condition of getting the court's prior permission to travel abroad

Updated On: 03 Jun 2024 | 1:43 PM IST

'Once recovered, Chadha will come back to India and join the party's campaign'

Updated On: 30 Apr 2024 | 3:54 PM IST

The posters carried the caption "Modi ka asli pariwar" (real family of Modi) with 'Bhartiya Yuva Congress' written at the bottom

Updated On: 06 Mar 2024 | 1:29 PM IST

The Indian team will be headed by a senior officer from the MEA. Some meetings have also been scheduled with UK officials to seek pending information on the seized assets of the wanted fugitives

Updated On: 16 Jan 2024 | 3:09 PM IST

The Central Economic Intelligence Bureau under the finance ministry has created a repository of about 250,000 such offenders

Updated On: 15 May 2023 | 3:48 PM IST

A senior IDBI Bank official allegedly conspired with businessman Vijay Mallya for sanction and disbursement of loan to the latter's Kingfisher Airlines, the Central Bureau of Investigation said

Updated On: 23 Mar 2023 | 12:36 PM IST

Vijay Mallya bought properties worth Rs 330 crore in England and France during 2015-16 even as his Kingfisher Airlines was facing a cash crunch at that time

Updated On: 22 Mar 2023 | 11:39 PM IST

The Supreme Court dismissed a plea by beleaguered businessman Vijay Mallya challenging the proceedings in a Mumbai court to declare him a fugitive economic offender and confiscate his properties

Updated On: 03 Mar 2023 | 11:19 PM IST

Catch all the latest updates from across the globe here

Updated On: 03 Mar 2023 | 9:43 PM IST

The top court had said Mallya, 66, never showed any remorse nor tendered any apology for his conduct and adequate punishment must be imposed to maintain the majesty of the law

Updated On: 03 Nov 2022 | 8:19 PM IST

Fugitive businessman Vijay Mallya's lawyer, facing extradition, told the Supreme Court on Thursday that he has been incommunicado for a long time and requested the court to discharge him

Updated On: 03 Nov 2022 | 2:17 PM IST

They started something big, different and new. But somewhere down the line, they lost their way, even landed on the wrong side of the law. Here's a look at six high-fliers who fell from grace

Updated On: 12 Aug 2022 | 12:35 PM IST

According to reports, the 'questionable funds' in the UK amount to over $125 billion every year. What makes London a hub for money laundering? Find out here

Updated On: 08 Aug 2022 | 4:59 PM IST

These defaulters have the capacity to repay their loans but choose not to do so, says a report

Updated On: 20 Jul 2022 | 1:12 PM IST