- Mr Mallya is most wanted in India for over a billion dollars in unpaid loans
- Charges against him is serious including loan amount being investigated for money-laundering
- He is relactant to repeated orders to return to face investigators & bank
Nothing is much sweeter note for ‘King of Good Times’ Vijay Mallaya as Britain has told India that deportation of liquor baron under its laws not possible, but has acknowledged the seriousness of the charges against him and promised to help extradite him.
“The UK Government has informed us that under the 1971 Immigration Act, the UK does not require an individual to hold a valid passport in order to remain in the UK if they have extant leave to remain as long as their passport was valid when leave to remain or enter the UK was conferred,” the ministry of external affairs said in a statement.
Vijay Mallya, whose passport has been cancelled last month by GOI, is wanted in India for over a billion dollars in unpaid loans and New Delhi had formally requested London that he be deported.
“The UK acknowledges the seriousness of the allegations and is keen to assist Government of India. They have asked GoI (Government of India) to consider requesting mutual legal assistance or extradition,” the ministry said in its statement.
Vijay Mallya has denied any wrongdoing and has also made it clear that he has no plans to return from the UK, describing his status as “forced exile” and blaming banks for refusing several plans for repayment offered by him.
“I don’t want my name and reputation to be further dragged in the mud and since recent events suggest that I will not get a fair trial or justice, I am hereby resigning as a member of the Rajya Sabha with immediate effect,” the tycoon wrote.
Kingfisher Airlines.crash landed as business in 2012 since then Banks are after him for refund. Latter Banks asked Apex court to stop Vijay Mallaya from going abroad.
He insists that he is not absconding, as because he has spoken via video-conference to a consortium of 18 banks on different occasions hence question of absconding does not arise.
They have rejected various options provided by him for repaying their loans, arguing that he must negotiate with them in person, and increase the amount he is willing to offer as a first installment towards clearing his debt.
Details of what Mr Mallya owns abroad – including penthouses in the famous Trump Plaza in New York – have been disclosed by the Supreme Court to banks.
Separately, the CBI is investigating for malpractice by banks beforehand for loan sanction when even a child knew Kingfisher Airlines under deep financial crisis.
However as of now its advantage Vijay.