Latest news with #KingFisherAirlines
India.com
4 days ago
- Business
- India.com
Ex RCB owner Vijay Mallya makes SHOCKING claim on Kingfisher issue: ‘Reached out to then…,
Head of the defunct Kingfisher Airlines, Vijay Mallya, who is facing trial for alleged fraud and money laundering of Rs 9,000 crore first time opened up about all the controversies in a podcast with Raj Shamani. The full episode of around 4 hours was released on Thursday wherein Mallya spoke about various things including the downfall of Kingfisher Airlines. He attributed its collapse largely to the 2008 global financial crisis. While talking about Kingfisher Airlines he said, 'So agreed then it worked in your favour till 2008. What happened then? Simple. You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did,' he said. He added that the crisis had impacted many sectors like aviation and said, 'Every sector was hit. The money stopped. It got dry. The value of the Indian rupee also took a hit.' He also mentioned his efforts to save Kingfisher and shared that he approached then-Finance Minister Pranab Mukherjee. 'I went to Shri Pranab Mukherjee… and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can't afford to operate under these depressed economic circumstances,' he said. 'I was told not to downsize. You continue, banks will support you. That is how it all started. King Fisher Airlines has been forced to suspend all of its flights. King Fisher Airlines has been struggling. At the time when you asked loan, the company was not doing that great,' He added.
Mint
4 days ago
- Business
- Mint
Vijay Mallya's BIG claim on Kingfisher crisis: 'Reached out to then FM Pranab Mukherjee, he rejected downsizing'
Chief of the defunct Kingfisher Airlines, Vijay Mallya, who is facing trial for alleged fraud and money laundering amounting to ₹ 9,000 crore, sat down for a candid conversation with podcaster Raj Shamani. Released on Thursday, the episode featured Mallya opening up about the downfall of Kingfisher Airlines, attributing its collapse largely to the 2008 global financial crisis. Speaking about the period, Mallya said, 'So agreed then it worked in your favour till 2008. What happened then? Simple. You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did.' He elaborated that the crisis had a widespread impact across all sectors, not just aviation, saying, 'Every sector was hit. The money stopped. It got dry. The value of the Indian rupee also took a hit.' Read | Vijay Mallya on unpaid salaries of Kingfisher staff: 'There was money, banks objected' Recounting his efforts to save Kingfisher, Mallya shared that he approached then-Finance Minister Pranab Mukherjee. 'I went to Shri Pranab Mukherjee... and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can't afford to operate under these depressed economic circumstances,' he said. 'I was told not to downsize. You continue, banks will support you. That is how it all started. King Fisher Airlines has been forced to suspend all of its flights. King Fisher Airlines has been struggling. At the time when you asked loan, the company was not doing that great,' Fugitive liquor baron said. Vijay Mallya, speaking on the podcast, said it's 'fair' to call him a 'fugitive' for not returning to India after March 2016. However, he questioned why people are calling him a 'chor' (thief) and asked where the 'chori' (theft) is. 'Call me a fugitive for not going to India post-March (2016). I didn't run away, I flew out of India on a prescheduled visit. Fair enough, I did not return for reasons that I consider are valid, so if you want to call me a fugitive, go ahead, but where is the 'chor' coming from… where is the 'chori'?' he said. The Indian government has not yet responded to Mallya's comments made in the podcast. Vijay Mallya is accused of defrauding a consortium of Indian banks of over ₹ 9,000 crore (approximately $1.2 billion), primarily through loans granted to his now-defunct Kingfisher Airlines. In February this year, Mallya informed the Karnataka High Court that the ₹ 6,200 crore debt he owes to the banks has been recovered 'multiple times over,' and requested a detailed statement of accounts showing the amounts recovered from him, United Breweries Holdings Limited (UBHL, now in liquidation), and other certificate debtors.
Hindustan Times
4 days ago
- Business
- Hindustan Times
‘Call me a fugitive… but I am not a chor': Vijay Mallya addresses charges against him
Vijay Mallya, wanted in India on charges of fraud and money laundering involving over ₹9,000 crore, spoke about the cases against him in a four-hour podcast conversation with entrepreneur Raj Shamani. The former Kingfisher Airlines chief addressed his controversial exit from India, legal battles, the downfall of his airline and his problem on being called a 'chor'. 'Call me a fugitive for not going to India post-March (2016). I didn't run away, I flew out of India on a prescheduled visit. Fair enough, I did not return for reasons that I consider are valid, so if you want to call me a fugitive, go ahead, but where is the 'chor' coming from… where is the 'chori'?' Mallya said on the podcast. Mallya, who has lived in the UK since 2016, also commented on whether staying abroad worsened his legal troubles. 'If I have assurance of a fair trial and a dignified existence in India, you may be right, but I don't,' he said. When asked directly if he would return to India under assurances of fairness, Mallya replied, 'If I am assured, absolutely, I will think about it seriously.' He also cited a UK High Court of Appeal ruling in another extradition case, stating that Indian detention conditions had been found to violate Article 3 of the European Convention on Human Rights. 'Therefore they can't be sent back,' Mallya said, implying that he had similar concerns. The Indian government has not yet responded to Mallya's comments made during the interview. Revisiting the downfall of Kingfisher Airlines, Mallya said the 2008 global financial crisis was a major trigger. 'You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did,' he told Shamani, adding, 'Every sector was hit. The money stopped. It got dry. The value of the Indian rupee also took a hit.' According to Mallya, he approached then-finance minister Pranab Mukherjee with a restructuring plan. 'I went to Shri Pranab Mukherjee... and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can't afford to operate under these depressed economic circumstances,' he said. However, he claimed he was advised against downsizing and was promised support from banks. 'I was told not to downsize. You continue, banks will support you. That is how it all started. King Fisher Airlines has been forced to suspend all of its flights. King Fisher Airlines has been struggling. At the time when you asked loan, the company was not doing that great,' Mallya recounted. Mallya's legal troubles continue to mount. On April 9 this year, he lost an appeal against a bankruptcy order issued by a London High Court in connection with a ₹11,101 crore debt to a consortium of Indian lenders, including the State Bank of India. In February, Mallya approached the Karnataka High Court, arguing through his legal counsel that banks have already recovered ₹14,000 crore - well above the ₹6,200 crore originally due. He requested the court to direct lenders to provide a detailed breakdown of the recovered amount. Acting on the plea, a bench led by Justice R Devadas issued notices to the concerned banks and debt recovery officers. Despite this, Indian authorities continue to pursue Mallya's extradition to face trial for financial crimes related to Kingfisher Airlines, which ceased operations in 2012.
