Bengaluru, March 4 (IANS) The State Bank of India (SBI) on Friday moved the Karnataka High Court for arresting industrialist Vijay Mallya and impounding his passport in the multi-crore loan default case of defunct Kingfisher Airline.
“We have filed a writ petition before the single bench of Justice A.S. Bopanna for the arrest of Mallya and impounding of his passport on the basis of a statement he made recently that he would move to Britain to be with his family,” a lawyer for the bank, speaking on the condition of anonymity, told IANS here.
As a lead bank of the consortium of 17 state-run and private banks, which have a combined outstanding dues up to Rs.7,800 crore from Kingfisher, headed by Mallya, SBI moved the high court after the debt recovery tribunal (DRT) here reserved order on its four interlocutory applications filed on Wednesday.
“We have approached the high court as the tribunal had not yet acted upon our applications, which included disclosure of Mallya’s assets in India and abroad and our claim on the $75-million (Rs.516 crore) severance package British liquor major Diageo plc and its Indian arm United Spirits Ltd (USL) signed with him on February 25 here,” the counsel said.
Finally…!!!
If it isn’t for third-world standards, this guy would be sleeping in parappana agrahaara for all the financial crimes!! Oh well…
Alongside Mallya, all those SBI and other bank officials who were involved in sanctioning those big loans against his bloated falsified asset collaterals also should be locked up for 25 years. It takes two to tango. I am sure those bank officials had taken massive backhanders for this loan amount approval. PSU banks in India are run like rural moneylenders without due diligence and that’s how Mallya got away with such a massive loan just because he was famous back then. If you and I defaulted on even Rs. 50,000 loan SBI would have hounded us like criminals where as… Read more »
Finally, the corporate king of super luxury and pageantry is faced with the reality of life.
All said and done, one must first verify if Mallya has undertaken the personal liability for the repayment of the loans, apart from being the corporate executive. If he has, he must face the problem. If not he is free.
For, Mallya has neither any right to take corporate funds from the King Fisher for his personal use as per law, and as a corollary, nor he has any personal liability to pay the company’s debts from his pocket.