Vijay Mallya's high-flying days over, here is what he owes
Vijay Mallya has throughout his career revelled in his ability to be in the spotlight. Whether through his flamboyant lifestyle, his brand of liquor, his Formula 1 team, or his once high-flying and now-grounded airline, it mattered little to him how he got it as long as he did.
But
no
matter
how
much
he
must
love
being
in
the
media,
he
would
certainly
be
more
than
happy
to
be
out
of
it
following
the
actions
initiated
by
authorities
over
the
almost
Rs
9,000
crore
he
owes
to
Indian
banks.
The
attention
got
worse
after
he
chose
to
leave
the
country
on
March
2
of
last
year,
rather
than
stay
in
India
and
present
himself
in
its
courts.
Now,
with
the
case
for
his
extradition,
which
the
government
has
requested,
beginning
in
the
UK,
the
liquor
baron
is
again
in
the
news.
With
Mallya
not
helping
his
case,
at
least
in
front
of
the
Indian
media,
by
making
statements
such
as
"You
can
keep
dreaming
about
a
million
pounds..you
don't
know
the
facts"
when
a
reporter
asked
him
about
"billion
pounds."
This brings the discussion to the facts of the case such as how much and to who does he and his company owe the money to and the status of his extradition case.
This
is
what
he
owes
and
to
who
Mallya,
the
liquor
baron
who
is
being
described
by
the
authorities
as
a
"fugitive
from
justice,"
and
his
companies,
owe
an
amount
of
Rs
6963
crores
of
17
banks
in
India.
The
figure
goes
up
to
Rs
9000
crores
when
the
interest
on
the
amount
is
taken
into
account.
The
banks
on
this
list
include
major
state-owned
banks
such
as
State
Bank
of
India,
Punjab
National
Bank,
IDBI
Bank,
Bank
of
India
among
others.
With
the
SBI
being
burdened
by
the
highest
loan
default
of
Rs
16,000
crore,
nearly
double
of
what
is
owed
to
IDBI.
And
it
is
in
relation
to
the
money
that
is
owed
to
IDBI
that
an
arrest
warrant
was
issued
against
Mallya
on
January
31
of
this
year.
This
is
what
led
to
the
Central
Bureau
of
Investigation
to
begin
an
attempt
to
bring
him
back
to
the
country
by
started
the
extradition
process
which
led
to
the
businessman
being
arrested
by
the
Scotland
Yard
in
April
this
year
in
London.
He
was
let
off
on
bail
after
submitting
a
bond.
The
case
related
to
the
bank
includes
charges
against
Mallya
of
using
part
of
the
loan,
given
to
his
now
defunct
airline,
for
his
personal
use.
And
the
case
also
names
others,
including
the
airline
and
officials
of
the
bank.
The
other
cases
and
how
is
this
different
While
India
and
the
UK
signed
an
extradition
treaty
back
in
1992,
the
former's
record
of
being
able
to
get
fugitives
back
to
the
country
from
the
latter
does
not
give
much
hope
in
this
latest
case.
The
attempt
to
extradite
Mallya
from
the
country
is
the
11th
such
try
by
Indian
authorities,
out
of
which
only
one
has
been
successful,
that
too
came
last
year
in
the
form
of
the
return
of
Samirbhai
Vinubhai
Patel,
an
accused
in
the
Gujarat
riots
case.
Blame
for
such
a
dismal
record
till
now
has
not
only
been
laid
on
a
strict
stand
taken
by
British
courts
but
also
on
the
slow
nature
of
following
up
done
by
Indian
authorities.
A
lack
of
active
participation
by
them
is
a
point
that
has
come
up
in
courts
during
such
proceedings
and
has
also
been
raised
by
experts
in
the
UK
as
well
as
India.
This
though
seems
to
be
changing
in
the
present
case
as
an
active
participation
is
being
reported
from
not
only
the
investigating
agency
but
also
from
the
very
top
of
government.
With
the
case
being
actively
taken
up
by
the
finance
ministry
on
the
instruction
of
the
Prime
Minister's
Office,
and
reports
have
pointed
to
the
issue
not
only
being
discussed
by
the
finance
minister's
of
both
the
countries
but
also
having
been
brought
up
during
a
meeting
between
Prime
Minister
Narendra
Modi
and
his
UK
counterpart,
Theresa
May.
Another
change
that
has
been
noticed
in
Mallya's
case
is
that
instead
of
waiting
for
action
by
Indian
courts
in
all
cases
of
default,
the
CBI
moved
forward
with
the
extradition
request
on
the
basis
of
the
IDBI
default
case
alone,
in
an
attempt
to
not
let
the
matter
get
delayed
further.
Will
a
victory
count
In
Mallya's
case,
as
he
was
able
to
flee
the
country
under
the
current
BJP
government's
watch,
the
Modi
administration
seems
to
be
in
a
mood
to
undo
this
wrong,
as
it
is
being
seen
as
a
failure
on
the
part
of
the
prime
minister
to
uphold
his
promise
of
rooting
out
corruption
and
crony
capitalism.
This
has
led
to
a
situation
where
the
steps
taken
by
the
government
to
try
and
bring
him
back
are
being
made
visible,
as
continued
sightings
of
Mallya
at
international
sporting
events
such
as
Formula
1
races
and
cricket
matches
not
only
antagonise
the
media
but
also
his
lenders
and
employees
of
his
companies
that
were
left
without
pay.
Banks
have
already
started
to
auction
few
of
his
properties
to
try
and
recover
some
part
of
the
default
amount.
This
has
included
the
auction
of
his
villa
in
Goa
which
fetched
Rs
73
crore
in
addition
to
Rs
1200
crore
from
the
sale
of
shares
and
collaterals.
The
reality
though
seems
to
be
that
none
of
the
banks
would
be
able
to
recover
the
full
amount
especially
given
the
current
scenario,
where
the
value
of
his
assets
have
dropped
considerably
after
the
controversy
broke.
And
these
have
made
the
attempts
to
extradite
him
more
important
than
just
to
get
the
amount
owed
by
him
back.
It
is
seen
as
a
fight
to
send
a
signal,
which
his
arrest,
extradition
and
punishment
would
give,
to
big
defaulters.
A
message
that
all
banks
seem
to
want
to
give
out.
This
is
why
a
victory
in
the
case
for
Mallya's
extradition
would
mean
a
lot
to
not
only
those
who
are
owed
by
him
but
also
to
the
whole
country
where
the
narrative,
that
while
the
common
man
has
to
pay
the
price
for
his
every
mistake,
the
rich
and
powerful
get
away
even
after
committing
serious
crimes,
still
holds
strong.
Whether he ever comes back to India, either by choice or force, the fact that his high-flying days in India are over is widely accepted. But with institutions and banks owed by him and his companies still trying to get a sense of justice if not the money, the long drawn out battle that the legal recourse in the UK and later in India, if extradition attempts succeed, are expected to take, are a clear signal of a long fight ahead.
OneIndia News