Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Portfolio

Loading...
Select Portfolio and Asset Combination for Display on Market Band
Select Portfolio
Select Asset Class
Show More
Download ET MARKETS APP

Get ET Markets in your own language

DOWNLOAD THE APP NOW

+91

CHOOSE LANGUAGE

ENG

  • ENG - English
  • HIN - हिन्दी
  • GUJ - ગુજરાતી
  • MAR - मराठी
  • BEN - বাংলা
  • KAN - ಕನ್ನಡ
  • ORI - ଓଡିଆ
  • TEL - తెలుగు
  • TAM - தமிழ்
Drag according to your convenience
ET NOW RADIO
ET NOW
TIMES NOW

'Please take it': Vijay Mallya offers 100% repayment to Indian banks

PTI|
Updated: Dec 05, 2018, 03.59 PM IST
0Comments
Vijay Mallya plays 'nice guy', offers to pay back all
Vijay Mallya plays 'nice guy', offers to pay back all

Highlights

  • The 62-year-old former Kingfisher Airline boss has been on bail in the UK on an extradition warrant since his arrest in April last year
  • Mallya said the huge loans he took from banks went into keeping his now-defunct Kingfisher Airlines afloat despite high jet fuel prices.
  • He also claimed that his vast liquor empire, the United Breweries, contributed "handsomely" to the state exchequer
Fugitive liquor baron Vijay Mallya on Wednesday appealed to various Indian banks to accept his offer to pay back 100 per cent of the principal loan amount he owes to them, days ahead of a UK court's decision on his plea not to extradite him to India.

The 62-year-old former Kingfisher Airline boss, who has been on bail in the UK on an extradition warrant since his arrest in April last year, is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 9,000 crores.

In a series of tweets, the embattled businessman said that the huge loans he took from banks went into keeping his now-defunct Kingfisher Airlines afloat despite high jet fuel prices.


"Airlines struggling financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $140/barrel. Losses mounted and that's where Banks money went . I have offered to repay 100 per cent of the principal amount to them. Please take it (sic)."

Mallya also claimed that his vast liquor empire, the United Breweries, contributed "handsomely" to the state exchequer.


"Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it," he said.

"Politicians and the media are constantly talking loudly about my being a defaulter who has run away with PSU Bank money. All this is false. Why don't I get fair treatment and the same loud noise about my comprehensive settlement offer before the Karnataka High Court," he said.


"I see the quick media narrative about my extradition decision. That is separate and will take its own legal course. The most important point is public money and I am offering to pay 100 per cent back. I humbly request the banks and Government to take it," he said.


Mallya's tweets came hours after alleged AgustaWestland VVIP chopper deal middleman Christian Michel was brought to India from Dubai, the first successful extradition since India initiated similar proceedings against economic offenders like Mallya, Nirav Modi and Mehul Choksi.

A ruling at the end of Mallya's extradition trial is expected at Westminster Magistrates' Court in London on December 10.

The extradition trial, which opened at the London court on December 4 last year, is aimed at laying out a prima facie case of fraud against Mallya and establishing there are no bars to him being extradited to face Indian courts over the allegations relating to loans made out to his now-defunct Kingfisher Airlines.

In separate legal proceedings, the businessman had also lost his appeal in the UK's Court of Appeal against a High Court order in favour of 13 Indian banks to recover funds amounting to nearly 1.145 billion pounds.
0Comments

Also Read

Court orders attachment of Vijay Mallya's properties

Diageo claims right on Vijay Mallyas’ pledged shares

Vijay Mallya files for permission to appeal against extradition

No objection to restoration of Vijay Mallya's properties to banks: ED

Victory for India: UK clears Vijay Mallya's extradition

Comments
Add Your Comments
Commenting feature is disabled in your country/region.