Vijay Mallya sends feelers, wants to come back to India and face the law: Officials

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https://www.hindustantimes.com/india-news/vijay-mallya-willing-to-come-back-to-india-and-face-the-law-report/story-J10VgKY8KBFVycNaT2QERL.html

 

Embattled liquor baron Vijay Mallya, the main accused in a Rs 9,000 crore alleged bank fraud case, is understood to have sounded out to Indian authorities that he was willing to come back home to face the law, official sources said on Tuesday.

Under a recently promulgated ordinance, the government can immediately confiscate all linked properties of Mallya in the country and abroad.

Mallya, who is contesting in a London court the Indian government’s action for extradition, is said to have sent feelers to authorities that he would like to join the legal process in India and contest the recent action against him under the Fugitive Economic Offender Ordinance.

However, top sources in investigative agencies said the final contours of the move are still not clear as they refused to divulge more details.

A special Prevention of Money Laundering Act court in Mumbai had last month issued summons to the beleaguered businessman to appear before it on August 27 on the Enforcement Directorate’s plea seeking action against him under the Fugitive Economic Offenders Ordinance in the over Rs 9,000 crore bank fraud case.

The central probe agency, as part of this action, has also sought immediate confiscation of assets worth around Rs 12,500 crore of Mallya.

If he does not appear before the court or respond to its summons on the designated date, Mallya risks being declared a fugitive economic offender, besides properties linked to him being confiscated.

Mallya, his now defunct venture Kingfisher Airlines Limited and others availed loans from various banks during the tenure of the UPA-I government and the outstanding amount, including interest, against him is Rs 9,990.07 crore at present, officials had said.

He had recently said he has become the “poster boy” of bank default and a lightning rod for public anger.

The liquor baron had said that he had written letters to both the prime minister and the finance minister on April 15, 2016, to explain his side of the story.

Both the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have filed separate criminal cases of alleged loan default against him.

A hearing in the extradition case is expected to be heard in London this month end where a team of Indian investigators will remain present.

 

[velu]

will be a big boost for bjp if some progress can be shown before the elections ..

personally  i feel sad for mallya..  its his bad luck he didnt have any debt recovery laws earlier

[Clarke]

6 hours ago, velu said:

will be a big boost for bjp if some progress can be shown before the elections ..

personally  i feel sad for mallya..  its his bad luck he didnt have any debt recovery laws earlier

how do people feel bad for haramzadas ? this guy didn't pay Kingfisher Airlines employees salaries for quite some time and lived life "king size" wherever he was. Every now and then, he sounded like an arrogant schmuck, a total douchebag. 

 

Kudos to every single individual in every national agency who contributed to the noose around this guy's neck. My other hope is to see at least one of those gitanjali bros captured alive and brought to India in a jute bag as smuggled cargo, either that or some naval vessel. That would send the right message to all the potential big ticket financial offenders.

 

 

[velu]

7 minutes ago, Clarke said:

how do people feel bad for haramzadas ? this guy didn't pay Kingfisher Airlines employees salaries for quite some time and lived life "king size" wherever he was. Every now and then, he sounded like an arrogant schmuck, a total douchebag. 

 

Kudos to every single individual in every national agency who contributed to the noose around this guy's neck. My other hope is to see at least one of those gitanjali bros captured alive and brought to India in a jute bag as smuggled cargo, either that or some naval vessel. That would send the right message to all the potential big ticket financial offenders.

 

 

 

IT locked and blocked KFA accounts ..

when mallya paid 2 to 3 times more salary than they deserve , he was god for them though  

 

anywya he did commit lots of mistakes , but mostly kfa is a genuine business failure ..  

[Clarke]

2 hours ago, velu said:

 

IT locked and blocked KFA accounts ..

when mallya paid 2 to 3 times more salary than they deserve , he was god for them though  

 

anywya he did commit lots of mistakes , but mostly kfa is a genuine business failure ..  

Generosity or extravagance, maybe foolishness doesn't cover up any crime. Sau chuhe khake etc

 

Genuine business failure isn't a crime, not paying back especially when u got the money to do so is a crime. Simple stuff mate, there's no debate here.

[velu]

4 minutes ago, Clarke said:

Generosity or extravagance, maybe foolishness doesn't cover up any crime. Sau chuhe khake etc

Genuine business failure isn't a crime, not paying back especially when u got the money to do so is a crime. Simple stuff mate, there's no debate here.

 

 

nah .. he offered to payback the principle .. if it is USA , banks will take a haircut and happily settle for a deal good for both ..

but our banks wants both the principle as well as the interest ..

also he pledged his shares as well and also the brand kfa for 3k crores ( which is banks mistake ) ..

 

even now banks hold 10k++ crores worth of his shares ..

[Vilander]

32 minutes ago, velu said:

 

 

nah .. he offered to payback the principle .. if it is USA , banks will take a haircut and happily settle for a deal good for both ..

but our banks wants both the principle as well as the interest ..

also he pledged his shares as well and also the brand kfa for 3k crores ( which is banks mistake ) ..

 

even now banks hold 10k++ crores worth of his shares ..

its babu attitude amoung banks, they had ability to salvage and keep it from drowning, wasted.

[WC2011INDIA]

Ladkiya nahi mil rahi london mei? 

[Clarke]

11 hours ago, velu said:

 

 

nah .. he offered to payback the principle .. if it is USA , banks will take a haircut and happily settle for a deal good for both ..

but our banks wants both the principle as well as the interest ..

also he pledged his shares as well and also the brand kfa for 3k crores ( which is banks mistake ) ..

 

even now banks hold 10k++ crores worth of his shares ..

I dont think we should compare our financial system with USA. They are a liquidity awash advanced economy with very low interest rates and we're completely opposite of that. Our interest rates, inflation etc hit our people and institutions much harder. I don't see someone as rich as he is getting away with paying back principle, that would set a disastrous example for big business and would be rightly hammered by our proactive judicial system. 

 

 

Edited July 26, 2018 by Clarke

[beetle]

18 hours ago, velu said:

 

IT locked and blocked KFA accounts ..

when mallya paid 2 to 3 times more salary than they deserve , he was god for them though  

 

anywya he did commit lots of mistakes , but mostly kfa is a genuine business failure ..  

Only upper management  was paid huge salaries. Rest of the staff were paid normal salaries like other airlines.

 

Apparently he sent company mail to everyone asking them to stand by him and trust him regarding the salaries...and then just left them high and dry for trusting him.

These people were looking for other jobs because they had not been paid for a long time and this guy made them stay, made them work some more for free.

 

Shameless @#$%^&*^

Edited July 26, 2018 by beetle

[beetle]

I hope we manage to get Nirav Modi back too and permanently wipe that sick smile of his face.

[Mariyam]

16 hours ago, Clarke said:

how do people feel bad for haramzadas ? this guy didn't pay Kingfisher Airlines employees salaries for quite some time and lived life "king size" wherever he was. Every now and then, he sounded like an arrogant schmuck, a total douchebag. 

 

Kudos to every single individual in every national agency who contributed to the noose around this guy's neck. My other hope is to see at least one of those gitanjali bros captured alive and brought to India in a jute bag as smuggled cargo, either that or some naval vessel. That would send the right message to all the potential big ticket financial offenders.

 

 

The vast majority of the officer class who sanctioned the loans w/o proper collateral or assurances are still in India. And they are still holding their posts. Mallya was a conduit here. These guys too have taken massive kick backs.

 

There has hardly been any media focus on the people who sanctioned these humongous loans. Wonder why?

Edited July 26, 2018 by Mariyam

[Clarke]

4 hours ago, Mariyam said:

The vast majority of the officer class who sanctioned the loans w/o proper collateral or assurances are still in India. And they are still holding their posts. Mallya was a conduit here. These guys too have taken massive kick backs.

 

There has hardly been any media focus on the people who sanctioned these humongous loans. Wonder why?

What's your take ? Neta-babu/banker nexus ? Bank unions throwing their weight against any bank employee ? Something else ?

[Mariyam]

1 hour ago, Clarke said:

What's your take ? Neta-babu/banker nexus ? Bank unions throwing their weight against any bank employee ? Something else ?

Definitely a nexus of sorts. Who all are involved would be difficult to say. But officials in the Finance Ministry of the MMS UPA II government (when this loan was sanctioned) are definitely involved.

 

The concurrent audits for many of the SBI banks involved haven't been carried out ever since. For the few banks that did have the concurrent Audits, it was the CAG that conducted them. And, de jure, the SBI can't be audited by the CAG.  

Edited July 26, 2018 by Mariyam

[Mariyam]

19 hours ago, Clarke said:

Generosity or extravagance, maybe foolishness doesn't cover up any crime. Sau chuhe khake etc

 

Genuine business failure isn't a crime, not paying back especially when u got the money to do so is a crime. Simple stuff mate, there's no debate here.

Not that simple. King Fisher Airlines went bust. He stopped paying the salaries after that. He is under no obligation to pay the salaries borrowing from his personal wealth or from the coffers of his other hitherto successful commercial establishments.

Nothing illegal in what he did there. Obviously its still a terrible thing to do.

[Straight Drive]

The court has declared him willful defaulter.  

 

Parliament passed the much needed Fugitive economic offenders bill yesterday. I guess last month his world wide assets were freezed and he lost appeal in UK court ? and that's probably worried him and hence the comments to return to India ?

 

Yesterday, the UK's Court of Appeal has refused Vijay Mallya the permission to appeal against a High Court order in favor of 13 Indian banks to recover funds amounting to nearly 1.145 billion pounds, in another setback to the embattled liquor tycoon.

 

Can't trust this person. The process of selling his assets would probably be continued rather than trusting him and wasting more time on his feelers only to realize he has delayed the recovery from sale of assets. 

 

 

 

 

[Clarke]

44 minutes ago, Mariyam said:

Not that simple. King Fisher Airlines went bust. He stopped paying the salaries after that. He is under no obligation to pay the salaries borrowing from his personal wealth or from the coffers of his other hitherto successful commercial establishments.

Nothing illegal in what he did there. Obviously its still a terrible thing to do.

I think we've talked 2 separate things here if u follow the trail

 

My claim on his lack of character for not paying salaries, Dhonibot suggesting his paying a lot in good times and my not accepting that as a cover in any moral/legal argument.

 

Then there's his not paying the banks. This clearly is an obvious legal problem even for novices since he's a bhagoda. I don't know how this was handled earlier or the basics of bankruptcy code passed by NDA sarkar but any which ways even paying just the principle sounds like a red flag. Imagine Mallya continuing to live big and banks stuck with what is maybe 30-40% of what they loaned considering our double digit inflation in those years. 

 

Are u sure though that there is no legal ramification of making employees work months without pay and then declare that company bust no money go home ? Surely at least the labor act must mean trouble for the employer ?

[velu]

27 minutes ago, Clarke said:

My claim on his lack of character for not paying salaries, Dhonibot suggesting his paying a lot in good times and my not accepting that as a cover in any moral/legal argument.

 

 

anti-dhoni bc

 

dont mix KFA with mallya .. he is the promoter of KFA and he pledged his own shares and assets .. he is not responsible beyond those means ( now we have clear debt recovery rules i guess )

 

kfa accounts were seized by IT and what else you want him todo ? 

he might have done some charity by transferring money from other non-kfa account .. 

salary due is 150 odd crores if i am not wrong .. ( anyway i dont deny that kfa failed to deposit PF/EPF )

 

27 minutes ago, Clarke said:

Then there's his not paying the banks. This clearly is an obvious legal problem even for novices since he's a bhagoda. I don't know how this was handled earlier or the basics of bankruptcy code passed by NDA sarkar but any which ways even paying just the principle sounds like a red flag. Imagine Mallya continuing to live big and banks stuck with what is maybe 30-40% of what they loaned considering our double digit inflation in those years. 

 

 

if i am not wrong , his pledged shares that is with the DRT is 12,000 to 13,000 crores .. more than enough and these shares are pretty liquid 

Edited July 26, 2018 by velu

[velu]

1 hour ago, Straight Drive said:

Can't trust this person. The process of selling his assets would probably be continued rather than trusting him and wasting more time on his feelers only to realize he has delayed the recovery from sale of assets. 

 

 

real estate assets are difficult to sell .. but his pledged shares in united spirits ( mcdowell) and united breweries  limited can be offloaded in no time..

if i am not wrong , Diego proposed  DRT  that they are ready buy mallyas pledged shares 

[Clarke]

40 minutes ago, velu said:

 

anti-dhoni bc

 

dont mix KFA with mallya .. he is the promoter of KFA and he pledged his own shares and assets .. he is not responsible beyond those means ( now we have clear debt recovery rules i guess )

 

kfa accounts were seized by IT and what else you want him todo ? 

he might have done some charity by transferring money from other non-kfa account .. 

salary due is 150 odd crores if i am not wrong .. ( anyway i dont deny that kfa failed to deposit PF/EPF )

 

 

if i am not wrong , his pledged shares that is with the DRT is 12,000 to 13,000 crores .. more than enough and these shares are pretty liquid 

usko bolo court mein aaye aur case lade! This isn't zootopia, foreign corporations like Vodafone have taken on Govt of India and won in the land's highest court.