King of Good Times Falls on Bad Days
Shortly after the arrest of liquor baron and Indias one of the biggest defaulters Vijay Mallya, Westminster Magistrate Court granted him bail. Vijay Mallya tweeted, Usual Indian media hype. Extradition hearing in court started today as expected.
Soon after the arrest internet started trending with the hashtags of #VijayMallya.
Loans from Banks, Rupees in crore:
State Bank of India- 1600 Punjab National Bank- 800 IDBI- 800Bank of India- 650United Bank of India- 430Central Bank of India- 410UCO Bank- 320Corporation Bank- 310State Bank of Mysore- 150Indian Overseas Bank- 140Federal Bank 90Punjab & Sindh Bank- 60Axis Bank- 50
Downfall of Kingfisher Airlines
Kingfisher Airlines was founded in 2003 under the parent company of United Breweries Group. It made its maiden commercial flight on May 9th 2005. In June 2009, Mallya bought Air Deccan and in November it recorded a net loss of 418.77 crore. This loss laid off more than 100 pilots of Kingfisher. In 2011, Mumbai International Airport sent notice to the Mallya to pay 90 crore outstanding amount. Later on, Vijay Mallya repeatedly asked the government for a bailout package to pay the debt of the banks. The then government denied any such package and then he fled to London after failing to pay the loan to banks. Finance Minister Mr. Arun Jaitley had also appealed to British Prime Minister Theresa May in February 2017 to give access to extradite Mallya. It looks like the consistent effort of the NDA government behind the arrest of Vijay Mallya. Now, Central Bureau of Investigation (CBI) will appeal in the British court to extradite Mallya to India.