Will the BJP Government suceed in prosecuting Vijay Mallya?

Discussion in 'Must-Read Interviews, Articles & News Items' started by New_Investor, Mar 8, 2016.

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Will the BJP Government succeed in prosecuting Vijay Mallya?

Poll closed Mar 15, 2016.
  1. Yes

    44.4%
  2. No

    33.3%
  3. Can't say

    22.2%
  1. New_Investor

    New_Investor Active Member

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    Will the BJP Government succeed in prosecuting Vijay Mallya? Will the Banks be able to recover their money from Vijaya Mallya? Are the Banks also equally responsible for the situation?
     
  2. New_Investor

    New_Investor Active Member

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    Zee Business Channel has reported that Vijay Mallya has left the Country. None of the other News Channels has reported this news.
     
  3. New_Investor

    New_Investor Active Member

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    Yes, Vijay Mallya Has Already Left The Country, Admit CBI Sources
     
  4. w4wealth

    w4wealth Well-Known Member

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    i think that all assets of vijay mallya in india and abroad should be seized by the govt after giving a warning.
     
  5. bholu

    bholu Active Member

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    I am surprised at this vengeance on Vijay Mallya. Yes he is a defaulter and the laws applicable must deal with him. But the media is projecting him to be a "criminal". As per a RTI Rs 2.11 lakh crores was written off by PSBs between 2004-15. Out of this 1.14 lakh crores was written off between 2012-15, i.e. in the last 3 years. Vijay Mallya owes banks 6000 crores which is less than 5% of either figures. Banks have recovered 1000 crores from him. The media full of reports of alleged illegal activities of Dr. Mallya. He has rightly said that he has been made the poster boy of the NPA crisis, and completely unfairly so. Maybe it is a ploy to divert attention from the real crisis. One does hope that this is not the case and everybody accountable in this NPA situation is made to face the consequences.
    Also the title of this post "BJP govt. succeeding to prosecute Mallya" is completely misleading. The BJP govt. is now focusing in Sri Sri Ravi Shankar's art of living. :p That is most important thing right now. Even the army has been called to help.
     
    Last edited: Mar 9, 2016
    kharb likes this.
  6. bholu

    bholu Active Member

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    I made some errors in my argument which I corrected.
     
  7. darth

    darth Active Member

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    I read he has been declared a "wilful" defaulter and heard Raga today repeatedly addressing him as Mallayaji

    And

    A "wilful default" would be deemed to have occurred if any of the following events is noted:-
    (a) The unit has defaulted in meeting its payment / repayment obligations to the lender even when it has the capacity to honour the said obligations.
    (b) The unit has defaulted in meeting its payment / repayment obligations to the lender and has not utilised the finance from the lender for the specific purposes for which finance was availed of but has diverted the funds for other purposes.
    (c) The unit has defaulted in meeting its payment / repayment obligations to the lender and has siphoned off the funds so that the funds have not been utilised for the specific purpose for which finance was availed of, nor are the funds available with the unit in the form of other assets.
    (d) The unit has defaulted in meeting its payment / repayment obligations to the lender and has also disposed off or removed the movable fixed assets or immovable property given by him or it for the purpose of securing a term loan without the knowledge of the bank/lender.

    Also i recollect Jayant Sinha telling the Lok Sabha sometime back that wilful defaulters (7000+) owed around Rs 64,300 crore to public sector banks and so it means this one wilful defaulter owes some 9000crs (almost 15% of entire amounts owed by this class of defaulters)
     
  8. darth

    darth Active Member

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    @New_Investor, obviously "will the" is the operative word in your post title. If its true that this wilful defaulter has bolted from India (flying first class!!!) it could complicate matters/lengthen the process and what baffles me is why would a law abiding, successful, honest business man and MP fear the laws of his homeland? Surely the best lawyers hired by him can demolish any unsubstantiated allegations / branding as wilful defaulter.
     
    Last edited: Mar 10, 2016
  9. bholu

    bholu Active Member

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    First of all,
    I am not defending Vijay Mallya. Secondly the "wilful defaulter" tag is subjective. Thirdly you and I are not getting any penny out of the money the banks recover, so even if they sell utensils to get money they are not giving any to you or me. Finally I am feeling sleepy, so good night.

    Thanks for your posts. Keep writing. :)
     
  10. New_Investor

    New_Investor Active Member

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    If Vijay Mallya would have read Bholuji's post about him, he would have been so impressed that he would have gifted something, his very favorite (not his favorite plane because it has been attached), to Bholuji.
    Good Night Bholuji. Sweet Dreams.
     
  11. New_Investor

    New_Investor Active Member

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    I don't think Darth should object to Rahul Gandhi addressing Vijay Mallya as "Mallayaji". Vijay Mallya is senior (age wise) to Rahul Gandhi, hence the respect (age wise). Rahulji was talking publicly, so he was supposed to show (age wise) respect.
     
  12. New_Investor

    New_Investor Active Member

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    Vijay Mallya has not just defaulted on bank loans repayment. He has also defaulted on payments to excise, sales tax, EPF, Airport Authority of India, Oil Marketing Companies, small suppliers and may more.
     
  13. darth

    darth Active Member

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    I am not objecting to he referring to Mallya as Mallyaji. Now just waiting for him to address Dawood as Dawoodji too.

    Maybe respecting age by using 'ji' was the reason by one of their spokesman referred to Afzal as Afzalji

    But hey why is Raga referred to as Rahulji by the most aged Congressmen :)
     
  14. darth

    darth Active Member

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    Wonder to what was the argument put forward and subsequently corrected for some error...

    The fact of the matter is that he has been declared a 'wilful' defaulter and not just a defaulter which you think he is in your educated and informed opinion

    threads which require corrections should stand corrected.

    9000crs if recovered goes straight to the bank's bottomline and boosts share prices. So atleast I hope to gain from any such recoveries. Successful prosecution instils fear of law and enforcement in others as aswell.

    Sleep well
     
    Last edited: Mar 11, 2016
  15. New_Investor

    New_Investor Active Member

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    Bholuji, Darth, Prashantji, please read this news article with title "
    Not an absconder, did not flee from India, Vijay Mallya refutes charges against him"

    http://www.ibnlive.com/news/india/n...-against-him-1214658.html?utm_source=IBN News

    Main points in the article :

    1. Refuting all allegations against him of fleeing out of India, beleaguered businessman Vijay Mallya lashed out at his critics. Terming reports against him as "rubbish", he claimed that he is a businessman and travels out of India frequently. "I am an international businessman. I travel to and from India frequently. I did not flee from India and neither am I an absconder. Rubbish," he tweeted.
    2. CNN-IBN has exclusively accessed information which showed that the original lookout notice by the Central Bureau of Investigation wanted immigration authorities to detain the multi-million loan defaulter if he tried to leave the country.
    That notice was issued in October 2015. Then in a stunning U-turn a month later on November 23, the notice was modified to say that his detention was not required.
    The original lookout notice was issued on October 12, 2015 vide DPBSM/2015/724/RCNSM 2015 E 0006. The amended one was issued on November 23, 2015, vide letter number 1049/RCBSM/2015/E0006.

    Mallya, according to sources, left for London by the 9W122 Delhi-London Jet Airways flight at 12.54 pm on March 2, days before a consortium of banks approached the Supreme Court for his passport to be impounded.​
     
  16. New_Investor

    New_Investor Active Member

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  17. darth

    darth Active Member

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    Isnt his tweet on expected lines? Precisely the reason why my post reads ' if its true that this wilful defaulter..... "

    But he is one of a kind International Businessman of repute. Needs to carry 9-11 large suitcases each time he flies from India. Maybe its a long business trip he has embarked on.

    It would be good if the posterboy returns and let the law take its course
     
  18. New_Investor

    New_Investor Active Member

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    No. I don't think he will come back soon. Now, he is in a legally strong position. It would be very difficult/ extremely difficult for Indian Government to get him back. He can be brought back only if he is a criminal (Govt. will have to prove that in British Court of law). This process will take a lot of time and chance of success is very small. He can always say that he is willing to negotiate with the banks and pay back his dues.

    Now that he is in a legally strong position, he will talk to the banks for settlement of the dues (on his own terms). Banks also will have to go a step back and renegotiate with him. Else, they will have to wait for years to get back their dues legally.

    So 100% dues cannot be recovered from him. Banks will have to renegotiate and settle for a lesser amount.
     
  19. darth

    darth Active Member

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    Atleast there exists an extradition arrangement between India and UK. Maybe he will have some business dealings in UAE and move there soon.
     
  20. bholu

    bholu Active Member

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    you guys are right. I guess I was sleepy and ended up typing incorrectly:oops:. apologies
     
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