Vijay Mallya A Billionaire’s Rise and Fall
He is a Financial Criminal, who breaks all the records of scams in the history of India, a businessman, and a person surrounded by glamour and luxuries of life. He is none other than Vijay Vital Mallya. A well-known businessman and also a former member of the Indian parliament. He was the former chairman of United Breweries Group, United Spirits, and King Fisher Airline and the chairman of Bayer Crop Science in India for over 20 years.
Vijay Mallya lives a very luxurious life surrounded by Indian models and very known faces of Bollywood. He knows how to live a life full of luxury therefore he was often the main headline of Indian media. He also has wide connections in politics.
Vijay Mallya’s Investment’s in Sports
Besides his business interest, he was also keen to invest in sports. That’s why he was also the former owner of the Indian Premier League’s team Royal Challenger’s Bangalore. He was also the co-owner of Force India India’s formula one team.
Main Business of Vijay Mallya- The Bad Boy Billionaire
The main business of Vijay Mallya is Licker Business in the name of King Fisher Beverages. His beverages companies own 50% Share in India and are also available in 52 other countries, and leads the Indian-made beer in International Markets. Everything was going fine and Mallya’s business was continued to grow until in 2005 he came towards establishing an Airline called King Fisher Airline.
King Fisher leads Mallya to default
The Airline proves a nightmare for Mallya. In 2013, the Airlines has not paid salaries of 15 months to its workers. Therefore workers goes on strike all over India. Meanwhile, Vijay Vital Mallya’s Airline lost its license to operate as an Airline. It creates serious problems for Mallya as he owed debts of more than $1 Billion US Dollars to Indian banks.
The loss continued to growth and loans grows to $ 1.350 Billion US Dollars other than the amount owed to small creditors and the government in the form of taxes. Mallya sees his life betraying him as things are not going in his favor. The court accused him of Money Laundering, Misappropriation of assets, and accused a Willful Defaulter.
As things were not turning in his favor so seeing an opportunity to escape he moved to London. On 13 March 2016 Hyderabad court issued a non-bailable arrest warrant against Vijay Vital Mallya but at that time he was successful in escaping the country. There were allegations on him that he looted more than 4000 Crores of India.
Mallya in 2020, Offered the consortium of Indian bankers a settlement package of 139.60 Billion Indian rupees ($2 Billion US Dollars) as against the total of 90 Billion INR but bankers refused to take that amount as a final settlement and show’s interest in pursuing litigation against him.
Uk’s Court Descion on Mallaya 26 July 2021
London high court declared Vijay Mallaya bankrupt on 26 July 2021 and the court gives an International order for freezing its assets worldwide. This was a huge Victory for the Consortium of Indian Banks led by the State bank of India.
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