Vijay Mallya, son of Vittal Mallya is an Indian businessman and 63-year-old-liquor-baron who as he still claims was falsely accused of defaulting on loans of Rs. 9000 Crore but his repeatedly denying allegations and the act of fleeing the country on 2 March 2018 clarifies a different scenario.
Not only this, Vijay Mallya is a former member of the Parliament of India, Chairman of the United Breweries group, a sports enthusiast and the owner of the collapsed Kingfisher airlines who got a huge relief when recently he was granted an appeal to divisional bench judgement, London against his extradition to India facing allegations of fraud and money laundering. Pertaining to these allegations Vijay Mallya tweeted “Despite the good Court result for me today, I once again repeat my offer to pay back the Banks that lent money to Kingfisher Airlines in full. Please take the money. With the balance, I also want to pay employees and other creditors and move on in life.”
This extradition was first signed by the Westminster court in December 2018 which was then signed by U.K’s Home secretary Sajid Javid in February 2019. Vijay Mallya was continuously denied permission to appeal, but recently he argued about his appeal and demanded that it should be heard.
Mr Vijay Mallya often known as the “king of good times” which was also the tagline of his liquor company kingfisher took a loan of approximately 9000 crores from 17 different banks just before kingfisher closed down in 2012 after incurring huge losses from 2010 to 2012. The details in the picture below shows a comparative chart to show the huge amount of losses Kingfisher attained as compared to other aviation companies-
A full hearing is to be expected to be listed at the high court in about 5 months. The date of the hearing is still not finalised.
What will happen if the claims presented by Vijay Mallya are justified in his appeal against the extradition offer? Will he be extradited to India? Will he repay the huge amount of taxpayers money defaulted by him? Present your ideas and views in the comments.