Latest news with #TheVijayMallya
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First Post
2 days ago
- Business
- First Post
THIS Bollywood couple owns Vijay Mallya's iconic Kingfisher Villa & renamed it King Mansion
Vijay Mallya's Kingfisher Villa in Goa was sold at auction in 2017 due to his alleged default on a Rs 900 crore loan with IDBI Bank and various other financial misconducts read more Vijay Mallya, the flamboyant businessman, recently grabbed attention after his team, RCB, won the IPL trophy (Royal Challengers Bangalore), which he established 18 years ago. During this period, Mallya congratulated the team for their dedication on social media. His palatial Kingfisher Villa in Goa was sold at auction in 2017 due to his alleged default on a Rs 900 crore loan with IDBI Bank and various other financial misconducts. When I founded RCB it was my dream that the IPL trophy should come to Bengaluru. I had the privilege of picking the legendary King Kohli as a youngster and it is remarkable that he has stayed with RCB for 18 years. I also had the honour of picking Chris Gayle the Universe Boss… — Vijay Mallya (@TheVijayMallya) June 3, 2025 STORY CONTINUES BELOW THIS AD RCB are IPL Champions finally after 18 years. Superb campaign right through the 2025 tournament. A well balanced team Playing Bold with outstanding coaching and support staff. Many congratulations ! Ee sala cup namde !! — Vijay Mallya (@TheVijayMallya) June 3, 2025 The property was purchased by the Bollywood couple, Sachin Joshi and Urvashi Sharma, at Rs 73.01 crore, who renamed it King Mansion. The estate with a sprawling 12,350 square feet of built-up space on a three-acre plot was acquired by Joshi and his wife in 2017 before being owned by Kingfisher Airlines' parent company United Breweries Holdings. STORY CONTINUES BELOW THIS AD Sachin Joshi is also involved in the liquor business, with one of his products named Kings Beer. He is the son of the JMJ Group of Industries owner Jagdish Joshi. He made his acting debut in Bollywood with Aazaan followed by Mumbai Mirror and Jackpot He played Aditya Roy Kapur's role in the Telugu version of Aashiqui 2 titled Nee Jathaga Nenundali. On the other hand, Urvashi Sharma is seen in movies like Naqaab, Khatta Meetha, Baabarr, Three, Chakradhaar and Aakrosh. She was also the first runner-up of Khatron Ke Khiladi season 1. STORY CONTINUES BELOW THIS AD
Time of India
06-06-2025
- Business
- Time of India
Vijay Mallya calls 'ease of doing business' a myth in India, says extreme rules are rooted in Indian DNA, regardless of who is in power
I had to be in the good books of 29 CMs: Mallya — TheVijayMallya (@TheVijayMallya) Declines to comment on bribe in India — TheVijayMallya (@TheVijayMallya) Claims of unfair treatment in India — TheVijayMallya (@TheVijayMallya) Says he may return if promised fair trial Live Events — TheVijayMallya (@TheVijayMallya) Says former associates distanced themselves Apologises to Kingfisher staff Blames 2008 crisis, recalls talks with Pranab Mukherjee Approached finance minister to downsize operations Sought layoffs due to financial pressure Willing to return if assured fair trial (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Fugitive businessman Vijay Mallya , currently in the UK and facing extradition, has criticised India's business environment, calling it heavily bureaucratic and politically influenced. Speaking on Raj Shamani's podcast Figuring Out, Mallya said, 'There is no ease of doing business in India. It's in the Indian DNA. No matter what a state or federal government may say, there are bureaucratic and political hurdles all along the way.'Mallya explained that operating his liquor business in India required coordination with all 29 state governments, each with its own liquor laws. 'I had to be in the good books of 29 chief ministers,' he said. He also shared that during elections, political parties demanded campaign funds from the liquor industry. 'Sometimes these aspirations were completely unreasonable and impractical,' he said, adding, 'During elections, I would leave the country to avoid being accessible.'When asked about unofficial payments or bribes, Mallya said, 'I'm not going to confirm or deny that… I think you know India as much as I know India.'Mallya left India in 2016 after his passport was revoked amid charges of financial misconduct. 'My freedom ended the day they took my passport,' he said. He also questioned the government's recovery of funds, claiming that more than double the Rs 6,203 crore debt tribunal judgment was recovered. 'If I defrauded the banks, how did the government recover so much?' he said he would consider returning to India if he is guaranteed a fair trial. 'If I am assured absolutely [of a fair trial], I will think about it seriously,' he said most of his political and business contacts cut ties with him after he left India. 'One politician told me, 'If we're seen with you, this government will come after us,'' he said. He mentioned Biocon founder Kiran Mazumdar-Shaw as someone who stayed in touch and called her 'like a sister.' Mallya added, 'In tough times, you learn who your real friends are.'Vijay Mallya issued a public apology to former employees of Kingfisher Airlines over unpaid salaries and explained why he was unable to clear their dues. Mallya, who is facing charges of bank loan fraud in India, claimed that court restrictions prevented him from releasing the funds. Vijay Mallya said he deeply regrets the hardship caused to Kingfisher Airlines staff due to unpaid dues. 'I would say, I am deeply sorry for what happened… I am deeply sorry that some of them didn't get paid their salaries, I have no excuses to offer, I take full responsibility but for those who care to listen, there was money lying in the deposit with the Karnataka High Court,' he former airline boss also said that he had applied to the court seeking permission to use the funds to pay the employees. However, the banks objected, and the court denied his request. 'I specifically applied to court to pay the salaries of Kingfisher Airlines staff, the banks objected, and the court refused the permission. There was really nothing I could do beyond that,' Mallya the podcast, Mallya also spoke about the economic challenges his airline faced during the 2008 global financial crisis. He said he had approached then Finance Minister Pranab Mukherjee to downsize operations, but the government did not agree.'I was told not to downsize King Fisher at that time and yes the banks did support,' Mallya said. He added that he was unable 'to operate under these depressed economic circumstances' but was still asked to maintain full operations to ensure air Mallya said he had met the then finance minister Pranab Mukherjee during the 2008 financial crisis to discuss the financial stress faced by Kingfisher Airlines. He explained that the airline was struggling to stay afloat and needed to reduce its fleet size and workforce to manage to Mallya, he told the finance minister that he could not sustain operations in the weak economic environment without reducing the scale of the airline. He said, '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.'Mallya left India in 2016 amid allegations of defaulting on loans worth over Rs 9,000 crore. In the same podcast, he said he is open to returning to India if given an assurance of a fair trial.
