Vijay Vittal Mallya is an Indian controversial business figure and former Member of Parliament. He is the topic of an extradition action by the Indian Government to return him from Britain to confront penalties of financial corruptions in India
Vijay Mallya Business
Mallya is a prior owner of the cricket team Royal Challengers Bangalore. He is the son of a businessman, and the ex-chairman of United Spirits which is the biggest spirits company in India and goes on to serve as chairman of United Breweries Group, an Indian conglomerate with interests including beverage alcohol, aviation infrastructure, real estate, and fertilizer. He has been the chairman of Sanofi India which is previously recognized as Hoechst AG and Aventis and the chairman of Bayer CropScience in India for over 20 years and the chairman of several other companies. Mallya was also the founder and former owner of bygone Kingfisher Airlines. The airline company, founded in 2005, proved to be his undoing, as its business model struggled in 2008 when a global recession and soaring fuel costs brought it to a grinding halt.
Facing heat from lenders following the downfall of the airline, Mallya escaped to the UK in 2016.
Mallya has publicly proposed to make good on his debts and said he has been doing so since 2016.
and he is also former co-owner of the Force India Formula One team before it went into administration.
At present Mallya is struggling extradition back to India from the UK.
He is charged with corruption and money laundering in India.
Vijay Mallya is an Indian businessman magnate. He is the ex-chairman of United Spirits but presently continues to serve as chairman of the United Breweries Group. Due to pending lawful procedure, his net worth is doubtful, but he fell from his billionaire status in 2012.
- Since 2012, Mallya and his firms have been involved in business frauds and controversies. Mallya moved from India on 2 March 2016 after announcing he desired to migrate to Britain to be nearer to his children. A group of 17 Indian banks is attempting to collect around ₹90 billion which is 1.3 billion in US Currency in loans which Mallya has allegedly routed to earn 100% or a partial stake in approximately 40 companies all over the world. Many agencies such as the Income Tax Department and the Central Bureau of Investigation are examining Mallya for charges including financial fraud and money laundering, and the Attorney General declared that Mallya’s assets overseas are “far in excess to loans taken by him”. The 17 banks presented a joint appeal at the Supreme Court of India in March 2016 to try to stop Mallya from leaving the country, but the Indian government indicated that he had already moved from the country.
- In March 2016, the Enforcement Directorate of India also registered a money laundering case against him for allegedly sending overseas some ₹9 billion (US$130 million) that had been loaned to his airline.
- On 24 April 2016, the Ministry of External Affairs (India) dismissed Mallya’s passport, and he resigned from the Rajya Sabha on 2 May 2016, the day before their Ethics Committee was prepared to urge for his suspension. Currently, the Enforcement Directorate is inquiring with Interpol to raise an international arrest warrant against Mallya.
- The High Court of Judicature at Hyderabad announced a non-bailable warrant against Mallya on 13 March 2016 for his failure to present in the court about an accusation of defrauding the GMR Hyderabad International Airport Ltd by giving them a dishonored cheque for ₹5 million (US$70,000).
- On 13 June 2016, the (PMLA) Prevention of Money Laundering Act court named Mallya a “proclaimed offender” on a petition by the Enforcement Directorate (ED) in connection with its money laundering inquiry against him in an alleged ₹90 billion (US$1.3 billion) loan default case.
- From 2007 to 2018, Mallya co-owned the Formula One team Sahara Force India. In 2018, in the middle of the F1 season, Sahara Force India went into administration due to the financial crisis. The assets of the team were purchased by Racing Point F1 Team, in August 2018 and continued to race under the name of Force India for the remainder of the 2018 season.
- In 2005, he is also recognized for starting Kingfisher Airlines, which later became bankrupt and was shut down in 2012.
Vijay Mallya Most Recent Happenings
The Indian government is making all attempts to arrest Mallya from the UK. In February 2019, the UK Home Secretary signed the extradition. The case is now pending in the London High Court, where Mallya filed an appeal against the order. The appeal has been listed for a three-day hearing from February 11, 2020.
Facts of Vijay Mallya
- Vijay Mallya is also known as “The King of Good Times” & “Liquor Baron”.
- UB Group’s Kingfisher Beer has 50% market share in India and is available in 52 countries.
- Mallya presented “Kingfisher” as a gift to his son on his 18th Birthday.
- Mallya holds an Honorary Degree of Doctorate of Philosophy in Business Administration
- He also makes sure that every aircraft Kingfisher airlines buys will first go to Tirupati before using it into service.
These are some of the information about an Indian Tycoon Vijay Mallya and about his controversies how he committed financial fraud and escaped from the country.
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