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legal | IST

Vijay Mallya writes letter to PM, offers to settle with banks

Mini

Liquor baron Vijay Mallya is seeking justice. He wrote a letter (a massive one) to the PM and Finance Minister in which he sought “patience and understanding" after facing "severe predicaments". He has appealed to the PM for a “good sense of justice". Now that's some good humour!

Businessman Vijay Mallya, who owes Rs 9,000 crore to a group of public sector banks, made public a letter he sent to the Prime Minister and Finance Minister in which he sought “patience and understanding of the severe predicaments that I am currently facing” and said he is offering to settle with the lenders.
He appealed to the PM for a “good sense of justice so that I am treated in a fair manner.”
In a media statement from the UK, where he is currently facing extradition attempts by India on fraud charges, Mallya said, “I wrote letters to both the Prime Minister and the Finance Minister on 15th April 2016 and am making these letters public to put things in the right perspective. No response was received from either of them.”
India is seeking Mallya’s extradition over loans to him tied to his defunct Kingfisher Airlines after the businessman, co-owner of the Force India team, moved to Britain in March last year.
In a statement issued on Tuesday, Mallya said he has sought court approvals to sell frozen assets worth $2 billion). Mallya and his United Breweries Holdings Ltd. filed an application before a court in Karnataka on June 22, seeking permission to repay creditors from the proceeds of the sale, he revealed in the statement. Accruing interest accounts for most of the dues because of restrictions imposed on disposals, according to the statement.
"I respectfully say that I have made and continue to make every effort, in good faith to settle with the Public Sector Banks. If politically motivated extraneous factors interfere, there is nothing that I can do," he said in the statement.
The business tycoon said that he had become the "Poster Boy" of bank default and a lightning rod of public anger.
"I have been accused by politicians and the media alike of having stolen and run away with Rs 9,000 crores that was loaned to Kingfisher Airlines (KFA). Some of the lending Banks have also labelled me a willful defaulter," said Mallya.
Mallya left the country after a group of banks launched efforts for recovery of loans from him. Banks want to recover about $1.4 billion that the Indian authorities say Kingfisher owes.
(With inputs from Reuters)