Will the BJP Government suceed in prosecuting Vijay Mallya?

From bang to bust: The Kingfisher story

https://indianexpress.com/article/i...ce-upon-a-time-there-was-a-king-vijay-mallya/

 

Thanks everybody. Thanks for your valuable contributions and votes.

 

EPFO has issued notice to Kingfisher Airlines for defaulting on EPF payments.

https://www.dnaindia.com/money/repo...ompliance-slaps-notice-of-rs-762-lakh-2189560

Vijay Mallya Denies Giving Interview, Newspaper Releases His Emails

https://www.ndtv.com/india-news/vij...terview-newspaper-releases-his-emails-1287223

How Vijay Mallya flew to London via Delhi?

https://indiatoday.intoday.in/story/vijay-mallyas-great-escape-via-delhi/1/617331.html

 

Now he had openly said not coming back. So money is gone I think.

 

Vijay Mallya is a small fish in India’s banking cesspool, beware of bigger circling sharks

https://www.msn.com/en-in/money/top...ing-sharks/ar-AAgL4ER?fullscreen=true#image=1

Willful defaulter borrower list

https://infogr.am/wilful_defaults_borrowers_names

Willful defaulter creditor list

https://infogr.am/wilful_defaults_name_of_creditors

 

Just for once I would take the liberty of commenting on this post despite having said that I would not comment anymore. Today the banks tried to auction the King Fisher house. It found no takers, no takers at all. I was absolutely surprised at the process. It was an online auction which lasted for only I hour. Only one hour. And the reserve price set at 2.5 times the prevailing market rates in the area( got the figures from news channels cannot claim I know the real picture). No wonder it failed. What can you say ? People still feel this process is genuine ?

 

ED issues fresh summons to Vijay Mallya. ED says, Vijay Mallya will appear before it on 2nd April 2016. Bholuji, Darth and Sroutaji can get their pound of flesh.

 

https://economictimes.indiatimes.co...e-of-owning-property/articleshow/51464498.cms

 

So our NPA posterboy submits to SC a proposal to pay 4000crs of his total dues. Ofcourse banks will first want to see the proposal before commenting.

This proves he was indeed a wilful defaulter

Looks like he is also afraid of this Govt's intent to recover

 

Sorry, I defer.

"This proves he was indeed a wilful defaulter". No, this does not prove he was indeed a willfull defaulter. He is willfully proposing to repay a small part of his dues. The actual dues are far more than 4000 Crs. As per my knowledge, the principal amount is more than 4000 Crs, rest is interest, interest on interest and other charges. Offcourse, the Banks will be very happy even if they get back 4000 crores (only 4000 crores and forget rest).

"Looks like he is also afraid of this Govt's intent to recover". Vijay Mallya is well aware that not only the present government but seven governments after the present government will not be able to recover the full dues from him.

Because the case has become legally very weak.

The fact that "He is offering to repay the dues on his own terms and conditions.", proves the above statement. If the present government and the banks were really serious about the recovery, they should have prevented him from leaving the Country.

 

An observation : (1) a past tense was used. So what i said was - this proves he 'was' a wilful defaulter. The comment was more a conclusion that he indeed is one measured in the light of the RBI definition which specifies : 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.

I am not a legal expert. But looks like you are since you mention that cases against him are / have become very weak. And coupled with a kowledge that governments will not be able to recover too - Wonder why he offers 4000crs - not a small amount by any means and about 50% of estimated total upfront?

 

He is a willfull defaulter. No doubt it. Because the Banks have legally declared that he is a willfull defaulter.

But you said "This proves he was indeed a wilful defaulter". This does not prove. When Banks have legally declared him willfull defaulter, they have to worry about the proof not us.

I am not a legal expert. But my guess is he may offer to pay 4,000 crores on the condition that the Banks will forget the rest and close the matter.

 

But why would he want to pay this price - if anyways 8 govts ( the current and the next 7 ) cannot recover anything from him? It appears he realises that he could also end up rotting in the prison like that Sahara fellow ie if the govt chooses to make an example out of him ( even if the real intent of the govt is to score some political goodwill )

Wilful defaulter - banks have declared him a wilful defaulter as per RBI guidelines which i have already published earlier. Not sure why you mention legally declared him so. And 4000 crs now suddenly becoming available to him as a settlement offer - clearly indicates and PROVES that the banks were right in tagging him a wilful defaulter. The offer nails him on this front. Saves the banks the trouble to find proof. His 4000 crore offer is evidence enough

 

TimesNow newsbreaks expose Vijay Mallya

In 2010, unable to repay its loans, liquor baron Vijay Mallya sought another lifeline. The banks restructured Kingfisher Airlines loans, stretched the repayment period and made terms simpler. Not just that, they even bought Kingfisher Airlines shares at a 60% premium. Who paid for that? Watch video.

https://www.timesnow.tv/videoshow/4486180.cms

 

holding of norway sovereign fund valued at 1.7 lakh crores.
why india cant set up a fund for investment??

 

Vijay Mallya has 3 secret trusts which he used to park funds.

Watch Video for more details :
https://www.msn.com/en-in/money/oth...trusts-which-he-used-to-park-funds/vi-BBrLemb

Vijay Mallya Takes Rs 1.7-cr Pay Package From US Brewery Firm

https://www.msn.com/en-in/money/top...r-pay-package-from-us-brewery-firm/ar-BBrRpZR

The countdown to bringing Vijay Mallya back has started

https://www.moneycontrol.com/news/e...ng-vijay-mallya-back-has-started_6276881.html

 

Special Court Issues Non-Bailable Warrant Against Vijay Mallya

https://www.ibnlive.com/news/india/...ble-warrant-against-vijay-mallya-1231435.html

 

I bump into you again but I must post this. Of course this is in relation to the thread. When I wrote that the efforts behind Dr. Vijay Mallya is diverting attention I was contradicted. If I am not mistaken he made an offer to return 4K crore which was refused.

Read this list. RBI's list of "willful defaulters". Its a joke. And it is joke. Four of the top 10 defaulters are PSUs. It means govt. companies are not returning money to govt. banks. In effect it means govt. is not returning money willfully to the banks its owns.
And LIC is the biggest sufferer. So LIC gave money to these companies and they are "wilfully" not returning money to LIC. Its not even a bank. And there is no company which has any standing. Why and how did LIC lend to these companies ? Is it even regulated by RBI ?

https://www.moneycontrol.com/news/b...trys-top-10-defaulting-companies_6414181.html

I wonder what people with high technical knowledge of banking industry have to say about this. When Salman Khan the most successful and popular movie star in India , a fitness enthusiast, and somebody who has inspired body building among several is appointed a goodwill ambassador people have objection ? And when regulatory institutions, media, PSBs fool people they do not care ?

 

Spot on. Atleast i dont care. No sympathies for willing guinea pigs. Let them keep getting fooled by not just authorities, media, PSBs but even stock gurus ( including the aspiring lot).

Latest Amul Ad : Athletes need Samaan NOT Salman. Like every other - epitome of relevance and appropriateness.

Fitness enthusiast : indeed such a high qualifying criteria set. No other Indian passes this selection criteria. Imagine the lengths this bloke goes to - even at a swish bar he drinks Water only. Afterall Liquour is a 'sin' - Affects fitness. And see the downstream benefits - suggest his ignorance in a hit and run case. Surely this will inspire a lot many youngsters . Drink vodka. Get drunk. Drive to Knock down pedestrians and pavement dwellers and then submit we were actually having multiple glasses of water. Way to go bhai.

Inspired body building: era of pumping metal - whats this? Arnie - who is this fella - ask Indian body builders. And i suppose he knows his limitations around his character building capabilities.

Most popular actor - the jury is out on this one. Members of the jury - gents known as SRK, AK, AB and ofcourse our very own Mr Bharat err i mean Manoj Kumar

Man with consience taking up the cause of somebody accused of killing poor pavement dwellers and engaging in illegal activity for personal perverse pleasure, but MFI's are a curse because they exploit and one is linked to a few suicides. Good to see the double speak. Keep it going. Loving it.

Time for another cause - This time - banks are evil and not a necessity. After all they fool people and nobody cares. Atleast I dont have to wonder Who fooled Who when monies were drawn using bogus documents, ill conceived projects, political clout, and for establishing slush funds and laundering. Time to abort this otherwise ongoing list but Gosh but then your recommendation list will get depleted.

And yes those other questions sprinkled ( like seasoning ) in your post : surely the dhobi ooops i meant the laundry will surely answer. The answers will indeed appeal to you for this laundry isnt a media house who fools people very much like WSJ. Unfortunately, My technical banking knowledge ( as i am repeatedly credited to have and gosh this groan is reaching obnoxious levels) is not to squander on ...........

 

I agree that this is a very strong response and since part of it is accurate I do admit you have done well. Somehow I did not feel the sting. In fact I quite liked your response. My only request is that you should write in a less agitated tone. You may create a even stronger impact.