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Vijay Mallya

About Vijay Mallya

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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

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

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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

The UB Group chair is accused in a bank loan default case estimated at over Rs 9,000 crore involving his now-defunct Kingfisher Airlines.

Updated On: 11 Jul 2022 | 10:52 PM IST

Beyond the case, the decision also has demonstrative effect for sternly dealing with other big-ticket defaults, two senior officials with large banks said in a first-cut assessment

Updated On: 12 Jul 2022 | 1:01 AM IST

The Supreme Court has awarded a four-month sentence to the grounded airline's flamboyant owner Vijay Mallya in a contempt case

Updated On: 12 Jul 2022 | 12:58 AM IST

Supreme Court penalises Vijay Mallya for disobeying its orders related to 2016 petition filed by SBI-led lenders' consortium

Updated On: 12 Jul 2022 | 1:03 AM IST

In reply to Lok Sabha in 2020, SP Shukla said 72 Indians charged with financial irregularities have been living abroad. The list includes names like Nirav Modi, Mehul Choksi and Lalit Modi

Updated On: 11 Jul 2022 | 11:57 AM IST

Fugitive businessman's properties will be launched if he fails to make the payment

Updated On: 12 Jul 2022 | 12:54 AM IST

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Updated On: 11 Jul 2022 | 10:08 AM IST

Mallya, who is in the United Kingdom since March 2016, was found guilty of contempt of court for transferring $40 million to his children, in a case filed by the State Bank of India

Updated On: 11 Jul 2022 | 7:21 AM IST

The Supreme Court in February granted the last opportunity of two weeks to Mallya to personally present or through counsel in the contempt case against him

Updated On: 09 Jul 2022 | 10:11 PM IST

At a case management hearing at the Chancery Division of the High Court in London on Monday, Justice Tom Leech concluded that a set of interlinked hearings in the matter would be heard together.

Updated On: 28 Jun 2022 | 11:35 PM IST

USL will retain McDowell's and Director's Special whiskey as it gives up labels like White-Mischief vodka and Honey Bee brandy.

Updated On: 27 May 2022 | 11:58 PM IST