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Former liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, in a series of <a href="http://www.businessinsider.in/Vijay-Mallya-takes-to-Twitter-to-reveal-what-made-him-escape-the-country-without-paying-loan-amount/articleshow/56831457.cms">tweets</a>, said that he is ready to <keyword id="71039" type="UNKNOWN" weightage="100" keywordseo="negotiate">negotiate</keyword> with banks to pay a <keyword id="139241" type="UNKNOWN" weightage="100" keywordseo="one-time-settlement">one-time settlement</keyword>. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallya-out-of-India-while-banks-seek-stay-order/articleshow/51323634.cms">A little too late! Mallya flew out of India before banks could take a stay order against him</a> 
 Here are the <keyword id="4277112" type="UNKNOWN" weightage="100" keywordseo="Tweets-from-Mallyas-account">tweets from Mallya’s account</keyword>: 
 
<blockquote class="twitter-tweet" data-lang="en">
	 The allegations against me by the Attorney General before the Honourable <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword> only prove the attitude of the Government against me
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839968907251372033">March 9, 2017</a></blockquote>
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-aircraft-to-be-auctioned-expected-to-fetch-around-Rs-535-crore/articleshow/55094451.cms">Vijay Mallya’s aircraft to be auctioned; expected to fetch around Rs 535 crore</a> 
 
He went on to say that he has followed all court orders, and deserves a fair trial. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		I have humbly obeyed every single Court Order without exception. Seems as if Government is bent upon holding me guilty without fair trial
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839969673286389761">March 9, 2017</a></blockquote>
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Public Sector Banks have policies for One Time Settlements.Hundreds of borrowers have settled. Why should this be denied to us ?
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839981387843284992">March 9, 2017</a></blockquote>
 
Also read: <a href="http://www.businessinsider.in/13-of-vijay-mallyas-properties-to-be-auctioned-including-his-palatial-mumbai-house/articleshow/57310868.cms">13 of Vijay Mallya's properties to be auctioned, including his palatial Mumbai house</a> 
 
He added: 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Our substantial offer before the Hon'ble Supreme Court was rejected by Banks without consideration.Am ready to talk settlement on fair basis
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839982944706035712">March 9, 2017</a></blockquote>
 
He ended the series by saying that an intervention from the <a href="http://www.businessinsider.in/Vijay-Mallya-foreign-assets/articleshow/51994174.cms">Supreme Court</a> would end the matter quickly. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Wish the Hon'ble Supreme Court would intervene and put an end to all this by directing Banks and us to negotiate and settle.We are ready.
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839985116650831872">March 9, 2017</a></blockquote>
 
(Image source: OhMyIndia)

Ready to talk one-time settlement, says Vijay Mallya

<ul><li>The UK’s Home Secretary, <keyword id="6448687" type="PERSON" weightage="20" keywordseo="sajid-javid">Sajid Javid</keyword>, has finally signed off on the extradition of <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>. </li><li>This comes two months after the Westminster Magistrates’ Court ruled that the liquor baron could be extradited to India in order to answer for his alleged crimes. </li><li>Mallya now has 14 days to appeal the ruling.</li></ul>The UK’s Home Secretary, Sajid Javid, has finally signed off on the extradition of Vijay Mallya, nearly a month after he was declared a <a href="https://www.thehindu.com/news/national/vijay-mallya-declared-as-fugitive-economic-offender-under-new-law/article25919274.ece">“fugitive economic offender” </a>after a special court in India on charges of fraud and <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword>. He has defaulted on nearly ₹90 billion worth of loans made to his now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. The case was sent to the UK Home Office In December 2018 after the Westminster Magistrates’ Court ruled that liquor baron Vijay Mallya <a href="https://www.businessinsider.in/the-extradition-of-vijay-mallya-the-indian-government-has-secured-a-key-victory-but-a-lot-more-work-remains/articleshow/67041778.cms">could be extradited to India</a> in order to answer for his alleged crimes. It took the full two months it had to make a decision. Javid’s verdict is an important victory for India. In addition to the severity of Mallya’s financial crimes, it was asked to guarantee that he would be subjected to a fair trial and humane living conditions while in jail. Mallya now has 14 days to appeal the ruling. For his part, he has vehemently denied reports that he fled India to prevent imprisonment and even said that he had made offers to pay back his loans. He took to Twitter shortly after the UK’s Home Office announced his decision. 
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 Given that Mallya now has the all-clear to appeal his extradition, it could be still be a few months before his extradition takes place. However, the Modi administration will likely do its best to secure his return before general elections in May, which will give it an important symbolic victory and bolster its anti-corruption stance. Separately, a special court set up under the Prevention of Money Laundering Act is expected to take a decision this week on a plea filed by a consortium of lenders led by the State Bank of India on whether ₹125 billion worth of confiscated assets belonging to Mallya can be liquidated at the earliest. SEE ALSO: <a href="https://www.businessinsider.in/the-extradition-of-vijay-mallya-the-indian-government-has-secured-a-key-victory-but-a-lot-more-work-remains/articleshow/67041778.cms">The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains</a> <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</a>

India just moved a step closer to securing the extradition of Vijay Mallya

The <keyword id="48510" type="ORGANIZATION" weightage="100" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> Ethics Committee has rejected former liquor baron <a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms">Vijay </a><a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms">Mallya</a>'s resignation, saying that because of him not fulfilling what was expected from his end, he needs to be <a href="http://www.businessinsider.in/These-are-the-14-MPs-that-have-ever-been-expelled-from-the-Parliament-Know-why/articleshow/52026584.cms">expelled with immediate effect</a>. 
 
"Since I do not want my name and reputation to be further dragged in the mud and since <a href="http://www.businessinsider.in/Vijay-Mallya-safe-in-UK/articleshow/52041381.cms">recent events</a> suggest that I will not get fair trial or justice, I am hereby resigning as a member of Rajya Sabha with immediate effect," Mallya had written in his resignation. 
 
Not only this, he had also said that he has been targetted by the media and is disappointed by fellow colleagues. 
 
"That I am facing trial by media and a lynch mob mentality is all too apparent," he wrote. "I have no faith that in the current climate prevailing in the country that I will get any justice even at the hands of my colleagues." 
 
Also read: <a href="http://www.businessinsider.in/Indian-wants-Vijay-Mallya-deported/articleshow/52027466.cms">India formally asks UK to deport Vijay Mallya</a> 
 
This is what he tweeted about him being called a ‘<a href="http://www.businessinsider.in/Vijay-Mallya-makes-another-attempt-this-time-he-is-offering-Rs-6000-crore-settlement/articleshow/51822342.cms">defaulter</a>.’ 
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Agree Kingfisher Air owes money to Banks.I am neither a borrower or a judgement debtor.Why am I a defaulter inspite of a settlement offer ? — <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/727245283734786048">May 2, 2016</a></blockquote>
The resignation, however, was rejected by the panel, stating that it was required by their end to expel him, so that an example is set. Moreover, since Mallya never declared his liabilities in the past 10 years, which a RS member is supposed to do annually, he deserves to be handled with strictness. 
 
"Having considered the whole matter, including Mallya's letter, the Committee of Ethics unanimously decided to recommend to the House that Vijay Mallya be expelled with immediate effect. The committee adopted draft report to that effect. The panel hopes that by taking such a stern action, a message would reach to the general public that Parliament is committed to take such steps as are necessary against erring members to uphold the dignity and prestige of this great institution," the panel wrote in a letter to the Rajya Sabha. 
 
Mallya's <a href="http://www.businessinsider.in/These-are-the-14-MPs-that-have-ever-been-expelled-from-the-Parliament-Know-why/articleshow/52026584.cms">second term as a Rajya Sabha member</a> would have ended on July 1. 
 
<a href="http://images.financialexpress.com/2016/04/mallya-EP.jpg">Image source</a>

Expel Vijay Mallya, Parliament’s Ethics Committee says on receiving his resignation

(Photo source: IANS) <ul><li><keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, an <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n liquor tycoon and the former boss of Kingfisher Airlines, will be extradited to India by order of a <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court. </li><li>The allegations leveled against him include fraud, money laundering, and conspiracy. </li><li>He left India in 2016 in the middle of the investigation for the UK, a country where he is also a citizen. </li><li>He now has 14 days to file a appeal against the judgement but Central Bureau of Investigation has stated that they ‘hope to see him soon’. </li></ul>A UK court has approved the extradition of India’s liquor tycoon, Vijay Mallya, to India two years after he left India amid charges of fraud and money laundering. The former boss of the Kingfisher Airlines has 14 days to make an appeal against the judgement. The Central Bureau of Investigation (CBI) has released a statement following the order: “We hope to bring him soon and conclude the case. CBI has its own inherent strengths. We worked hard on this case. We are strong on law and facts and we were confident while pursuing extradition process.” The judgement was passed by the Chief Magistrate, Judge Emma Arbuthnot who stated that prima facie (on first impression) there is a case to be made against Mallya for fraud, conspiracy and money laundering. In recent weeks, Mallya has ‘offered’ to pay back what he owes to Indian banks. The allegations against fraud and money laundering amount to an estimated ₹90 billion. He maintains that these charges against him are ‘politically motivated’ and that he has done nothing wrong. According to the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/mallya-extradition-case-arthur-road-jail-keeps-high-security-cell-ready/articleshow/67023180.cms">Economic Times</a>, there is a ‘high-security’ cell kept ready at the Arthur Road prison for Mallya. The same prison housed the 26/11 Mumbai attack terrorist, Mohammad Ajmal Kasab. See also: <a href="https://www.businessinsider.in/vijay-mallaya-wants-to-pay-back-100-public-money-that-he-embezzled-pleads-for-banks-to-take-it/articleshow/66950116.cms">Vijay Mallya wants to pay back '100% public money' that he embezzled, pleads for banks to take it</a> <a href="https://www.businessinsider.in/indias-corporate-fraud-investigation-agency-and-the-ceos-of-state-owned-banks-can-now-directly-prevent-scamsters-from-leaving-the-country/articleshow/66846397.cms">India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country</a> <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</a>

Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

Yesterday, we told you how <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has been slammed with a <a href="http://www.businessinsider.in/Another-woe-for-Mallya-Hyderabad-court-issues-non-bailable-warrant/articleshow/51392100.cms">non-bailable warrant</a> in connection with a lawsuit by GMR Hyderabad International Airport Ltd. 
 
Now, the local court has slammed the former liquor baron with four more non-bailable warrants (NBWs) after he failed to appear in a court for bounced cheques worth Rs 2 crore to GMR Hyderabad International Airport Ltd. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
The warrants were issued by 11th Special Magistrate at Erramanjil Courts complex yesterday, and have to be executed by March 29. 
 
GMR counsel G Ashok Reddy had earlier said that a total of 11 cases involving Rs eight crore payment to GMR are pending. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
<a href="http://blogs-images.forbes.com/kenrapoza/files/2014/06/vijay-not-happy.jpg">Image source</a>

Four more NBWs against Mallya in Hyderabad court

<ul><li>A <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court has said that liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> should be extradited to India in order to answer for his alleged crimes, most of which relate to the default on loans made to the now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. </li><li>Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether not he should be extradited. </li><li>Meanwhile, Mallya has the option of filing appeals in both the UK High Court and Supreme Court. </li><li>The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved.</li></ul>Yesterday, a UK court ruled that liquor baron Vijay Mallya could be <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">extradited to India</a> in order to answer for his alleged crimes, most of which relate to the default on thousands of crores worth of loans made to his now-defunct Kingfisher Airlines. Mallya is suspected to have misled the executives of several Indian banks, including the government-owned State Bank of India, about the financial struggles of the airline and diverted a lot of those funds to his other ventures. After waiting since February 2017, when it made a formal request to the UK for Mallya’s <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword>, India’s government was obviously <a href="https://www.ndtv.com/india-news/centre-deeply-satisfied-with-uk-courts-verdict-on-vijay-mallya-1960750">happy</a> with the verdict. However, a lot more work and judicial procedures remain to bring Mallya back to India and subsequently pay for his crimes. Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether or not he should be extradited. A decision is expected within two months. Meanwhile, Mallya has two weeks to lodge an appeal in the UK High Court against the lower court’s recommendation to extradite him as well as the home secretary’s decision, as and when it's made. If the appeal, which will only be heard if the home secretary allows it, is rejected, Mallya can then seek recourse in the UK Supreme Court within two weeks of the high court’s verdict. The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved. Also, given that so much of this is dependent on the discretion of the home secretary, the Indian government will need to consistently make its case for extradition to the UK government. In addition to the severity of his financial crimes, it will have to prove repeatedly that Mallya will be subjected to a fair trial and humane living conditions while in jail. Meanwhile, India’s investigative and law enforcement agencies, primarily the <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED), will get to work on having Mallya declared a “fugitive economic offender.” The designation will allow them to <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">seize his assets</a>, both domestic and international. Last week, India’s Supreme Court <a href="https://www.livemint.com/Industry/UU8sXq3IsKGTpA4TS6DmjJ/Supreme-Court-refuses-to-stay-ED-proceedings-against-Vijay-M.html">dismissed a plea</a> by Mallya seeking a suspension on proceedings against him by the ED. In addition to securing the “fugitive economic offender” label for Mallya from a special anti-corruption court, the agency is also looking to confiscate ₹125 billion worth of his assets. SEE ALSO: <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</a> <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance</a> <a href="https://www.businessinsider.in/vijay-mallya-wants-to-sell-his-assets-to-pay-back-loans-but-it-might-be-too-little-too-late/articleshow/64760900.cms">Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late</a>

The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains

The long list of assets owned by <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who has been in news constantly since the past few days for <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms" target="_BLANK￿￿￿￿">fleeing away from the country</a> even though he owes state-run banks some 9000 crore rupees, has not been able to avoid the Indian government’s hawk eyes. 
 
Apparently, the government is all set to auction off Vijay Mallya's assets, which include his personal Airbus ACJ 319, so that his service tax dues of Rs 812 crore can be recovered. 
 
Mallya’s other assets that are about to be auctioned include five smaller ATRs and three helicopters belonging to Mallya's <a href="http://www.businessinsider.in/Govt-Rejects-Vijay-Mallya-As-Kingfisher-Airlines-Director/articleshow/45345410.cms" target="_BLANK￿￿￿￿">Kingfisher Airlines</a>. 
 
Also read: <a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms" target="_BLANK￿￿￿￿">Vijay Mallya - the escapee who didn't escape, apparently</a> 
 
"We are going ahead with the auction," a senior Central Board of Excise &amp; Customs (CBEC) official told ET. 
 
Even though the tax department wanted to arrest Mallya last year, it was rebuffed by a Mumbai metropolitan magistrate on the execution of a personal recognisance bond of Rs 50 lakh. Ecen then, the tax department had argued that Mallya could leave the country and had asked the court to ask him to surrender his passport, but that didn’t happen and as a result, <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms" target="_BLANK￿￿￿￿">Mallya has fled the country</a>. 
 
The news has come just a day after <a href="http://www.businessinsider.in/Another-woe-for-Mallya-Hyderabad-court-issues-non-bailable-warrant/articleshow/51392100.cms" target="_BLANK￿￿￿￿">Hyderabad court had issued a non-bailable warrant</a> against Mallya after he failed to appear in court in connection to a lawsuit by GMR Hyderabad International Airport Ltd. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/5/54/Vijaymallya.jpg">Image source</a>

Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

In a bid to recover more than Rs 9,000 crore, the lenders have now put <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines&amp;sortorder=effectivedate">Kingfisher Airlines’ logo</a> on sale with a base price of Rs 366.7 crore. 
 
The lenders have scaled up their efforts to recover the corpus amount from <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">Vijay Mallya.</a> The bids for the logo have to be submitted by April 30 and SBI Cap Trustee Co is in-charge of the auction process. 
 
“This is part of the 'sale of trademarks including the brand value of 'Kingfisher logo,” it stated. 
 
READ MORE: <a href="http://www.businessinsider.in/Vijay-Mallya-debt-fiasco-comes-to-some-good-use-for-Indian-business-schools/articleshow/51496588.cms">Vijay Mallya debt fiasco comes to some good use for Indian business schools</a> 
 
Also, brands and trademarks relating to the label mark of Kingfisher, Fly Kingfisher, the logo of the Flying Bird Device and the word mark 'Fly the Good Times' associated with KFA have been pledged with banks and will be for e-auction on April 30. 
 
However, there is a small catch as it is unclear how <a href="http://www.businessinsider.in/searchresult.cms?query=Heineken&amp;sortorder=effectivedate">Heineken</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=UNITED+BREWERIES&amp;sortorder=effectivedate">United Breweries</a> would take up the logo auction issue. As per reports, the trademarks and other promotional material surrounding the brand 'Fly the Good Times' belong to KFA and it is not clear how another beer company could use it. 
 
"There may not be any legal challenge in selling the brand, but there could be commercial challenges in terms of who would want to buy the brand," Prem Rajani, managing partner at Rajani Associates, a law firm, told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
Till now, banks have attempted to <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">sell Kingfisher House in Mumbai</a> but did not receive any bids since the base price of Rs 150 crore, too high for many. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
(Image: Indiatimes)

To recover dues, Kingfisher Airlines’ logo will also go under hammer

Ex-chairman of United Spirits Ltd, <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, has been in news for all the wrong reasons recently. Firstly, it was him fleeing out of the country, and then deciding not to come back even for ED hearings. However, <keyword id="612463" type="UNKNOWN" weightage="100" keywordseo="indian-business-schools">Indian business schools</keyword> have found something worthwhile in his whole debt fiasco, using his success-to-failure story as rich material for discussions of ethics, corporate governance, brand management, entrepreneurship and families. 
 "The Vijay Mallya case could most certainly be the subject of a case study," Debashis Chatterjee, professor at <keyword id="56716" type="COMPANY" weightage="100" keywordseo="IIM-Lucknow">IIM Lucknow</keyword>, told ET. "It should be a subject of discussion in classes on strategy across business schools and the IIMs are no exception. It's about the downfall of a high-profile brand and there's an ethical connotation as well." 
 Not only at IIM-L, IIMs from Bangalore and Indore, <keyword id="565228" type="ORGANIZATION" weightage="100" keywordseo="XLRI-Jamshedpur">XLRI Jamshedpur</keyword>, Indian School of Business (ISB) Hyderabad and Management Development Institute (MDI), Gurgaon are also using Vijay Mallya’s story to explain to its students, the future managers of the industry, the aspects of business and lessons that they should learn. 
 
"This is a live case study for us and we have to build our arguments based on limited resources. A similar 'live' case study discussed earlier was during Satyam," said Kavil Ramachandran, executive director, Thomas Schmidheiny Centre for Family Enterprise, ISB. 
 
Mallya’s strategy of pampering customers at the cost of other stakeholders, including owners, employees, suppliers and society proved to be hard on his business and honour, an example which can teach a lot about organisational behaviour and human resources management to these students. "It also leads to discussion on the obsession in many companies to meet the interests of 'owners' at the cost of other stakeholders," said Abhoy Ojha of ISB. 
 
<a href="http://indiainf1.com/wp-content/uploads/2014/03/Vijay-Mallya-file-2013-SFI-pic-7mar2014.jpg">Image source</a>

Vijay Mallya debt fiasco comes to some good use for Indian business schools

India’s liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has been in a good <a href="http://www.businessinsider.in/Govt-Rejects-Vijay-Mallya-As-Kingfisher-Airlines-Director/articleshow/45345410.cms">few controversies</a> in the recent past, and being <a href="http://www.businessinsider.in/PNB-not-the-only-bank-to-declare-me-a-defaulter-will-do-what-I-have-to-do-Mallya/articleshow/51054600.cms">declared as a wilful defaulter by Punjab National Bank</a> and <a href="http://www.businessinsider.in/United-Bank-Of-India-First-Bank-To-Declare-KFA-And-Vijay-Mallya-As-Wilful-Defaulter/articleshow/41419364.cms">United Bank of India</a> might just be one of them. 
 However, <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword>, country's largest lender, has decided to deal with him hands on. <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> has reportedly approached the Debt Recovery Tribunal (DRT) seeking the arrest of Vijay Mallya so that <a href="http://www.businessinsider.in/SBI-Sends-Letter-to-Kingfisher-Airlines-May-declare-Vijay-Mallya-As-A-Wilful-Defaulter-Soon/articleshow/41707004.cms">loans to Kingfisher Airlines</a>, which was once promoted by the liquor baron can be recovered. 
 
Not only an arrest, SBI also wants his passport to be impounded and a complete disclosure of his personal assets. The move has come after Mallya struck a $75-million deal with Diageo to exit United Spirits and relocate to the UK. 
 
The CBI has charged on lenders for not taking timely action against the defaulter, which helped the company "divert funds and destroy evidence". 
 "Despite our repeated requests, the banks did not file a complaint with the CBI. We had to register the case on our own." Regretting that only "one among the 17 lenders" had declared Kingfisher a "wilful defaulter", CBI Director <keyword id="235651" type="PERSON" weightage="100" keywordseo="Anil-Sinha">Anil Sinha</keyword> said. 
 
<a href="http://s3.india.com/wp-content/uploads/2016/02/vijay-mallya.jpg">Image source</a>

SBI wants Vijay Mallya arrested

<a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay Mallya</a> is reportedly in advanced talks with <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> to exit <a href="http://www.businessinsider.in/searchresult.cms?query=United+Spirits">United Spirits</a> completely. Mr. <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> is set to sell his entire stake (around 5%) in USL to <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> at the current market value. Post that, he will step down from the board of his company. 
 
This might end Mr. <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>’s scuffle with <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> on grounds of alleged fund diversion. He has also promised to settle his dues in <a href="http://www.businessinsider.in/searchresult.cms?query=Kingfisher+Airlines">Kingfisher Airlines</a> by the end of this fiscal. This deal would give him enough cash to settle a large chunk of the Rs. 6200 Crore debt. 
 
When contacted <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay </a><a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>'s spokesperson said, "We have no immediate plans to sell our stake in <a href="http://www.businessinsider.in/searchresult.cms?query=United+Spirits">USL</a> as we believe it is an excellent portfolio to retain." <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a>'s official statement is, "Do not comment on market speculations." 
 
Image credit: Indiatimes

Vijay Mallya no more the ‘King of Good Times’, to exit
United Spirits

Indian government is set to face a stretched legal battle with the British courts before it can convince them for the <a href="http://www.businessinsider.in/india-asks-british-high-commission-for-extradition-of-vijay-mallya/articleshow/57064887.cms">extradition</a> of erstwhile liquor baron <a href="http://www.businessinsider.in/small-business/people/13-of-vijay-mallyas-properties-to-be-auctioned-including-his-palatial-mumbai-house/articleshow/57310868.cms">Vijay Mallya</a>. These court proceedings could last up to a year, even as the government prepares a strong defence of its case. Also read: <a href="http://www.businessinsider.in/breaking-news-vijay-mallya-arrested-in-london-to-be-extradited-soon/articleshow/58240032.cms">Breaking News: Vijay Mallya arrested in London; to be extradited soon</a>It’s for the first time that a special team of investigators, senior bureaucrats, lawyers and consultants has been created, especially to make sure that this extradition goes through well. "India will also rope in some Queen's Counsels (QCs). The government had already planned this and you will see the lawyers being finalised within the next few days," a person in the know told <a href="http://m.economictimes.com/news/politics-and-nation/india-to-press-before-uk-court-for-vijay-mallyas-extradition/articleshow/58243592.cms">ET</a>. However, it won’t be easy for the government to bring <a href="http://www.businessinsider.in/latest/ready-to-talk-one-time-settlement-says-vijay-mallya/articleshow/57576873.cms">Mallya</a> back.Also read: <a href="http://www.businessinsider.in/indian-authorities-have-no-grounds-to-extradite-me-i-wont-leave-britain-vijay-mallya/articleshow/57306002.cms">Indian authorities have no grounds to extradite me, I won’t leave Britain: Vijay Mallya</a>"It is going to be a long-drawn battle between the Indian government and <a href="http://www.businessinsider.in/small-business/people/vijay-mallya-reveals-faulty-pw-engines-led-to-kingfisher-airlines-collapse/articleshow/57446858.cms">Vijay Mallya</a>," said Zulfiquar M Memon, managing partner, MZM Legal. "Formal arrest and bail at the Westminster Magistrates' Court is just a formality to kick-start the process. The case for extradition will begin now, which will be contested till the end by Mallya's lawyers." In the past, India was unable to extradite music director Nadeem Saifee as well as former IPL chief <a href="http://www.businessinsider.in/sports/Sacked-IPL-commissioner-preparing-blueprint-of-breakaway-cricket-body-to-rival-ICC/articleshow/48424201.cms">Lalit Modi</a> from London, both of which cases saw involvement from MZM Legal.Also read: <a href="http://www.businessinsider.in/how-does-ipl-make-money-lets-find-it-here/articleshow/58111135.cms">How does IPL make money? Let's find it here</a>"Scotland Yard is involved in the arrest as the Indian police have no jurisdiction in the UK. The English courts will now decide on extradition, applying English laws and the extradition treaty with India. The Indian government will have to establish the case against him for extradition, but obviously, the actual criminal trial will be conducted in India," said Anand Desai, managing partner, DSK Legal.

It won’t be an easy task to get Mallya back from British Courts

<a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya&amp;sortorder=effectivedate">Vijay Mallya</a>, the head of <a href="http://www.businessinsider.in/searchresult.cms?query=Kingfisher+Airlines&amp;sortorder=effectivedate">Kingfisher Airlines</a> suffered a major blow today when his passport was suspended by the government. It has threatened to even revoke it. 
 Mallya’s diplomatic passport, was suspended by the <keyword id="193522" type="ORGANIZATION" weightage="60" keywordseo="External-Affairs-Ministry">External Affairs Ministry</keyword> on the recommendation of the ED. He has been in Britain for over a month and has refused to appear before the agency. 
 "On the advice of the Enforcement Directorate, the Passport Issuing Authority in the MEA has today suspend the validity of <keyword id="14678" type="PERSON" weightage="80" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>'s diplomatic passport with immediate effect for a period of 4 weeks, under Section 10 A of the Passports Act, 1967. 
 
"<a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya&amp;sortorder=effectivedate">Mallya</a> has been asked to respond within one week as to why his passport should not be impounded or revoked under section 10(3)(c) of the Passports Act, 1967. If he fails to respond within the stipulated time, it will be assumed that he has no response to offer and the MEA will go ahead with the revocation," MEA Spokesperson Vikas Swarup said. 
 
Image credit: Indiatimes

Government suspends Vijay
Mallya's Passport, may revoke it

The Indian government has formally asked the United Kingdom to deport <a href="http://www.ndtv.com/topic/Vijay-Mallya">Vijay Mallya</a>, the former Indian liquor baron who owes state-run banks over Rs 9000 crores of unpaid loans, but <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">fled to London</a> on March 2nd. 
 
The 60-year old <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">businessman</a> inherited a fortune from his father at the age of 28, and took it to new heights with his vision and successful brands like Kingfisher beer. As per reports, he would also be expelled from his <a href="http://www.businessinsider.in/Vijay-Mallya-asked-for-Rs-20000/articleshow/51943521.cms">post of a Member of Parliament</a> next week, after the government cancelled his passport a few days back. 
 "As of today, the ministry has written to the High Commission of the UK in Delhi requesting the deportation of Sri <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>," Foreign Ministry spokesman Vikas Swarup said, adding that the British authorities are yet to respond. 
 
The Supreme Court recently granted banks the access to <a href="http://www.businessinsider.in/Vijay-Mallya-foreign-assets/articleshow/51994174.cms">his foreign assets</a>, and an arrest <a href="http://www.businessinsider.in/Four-more-NBWs-against-Mallya-in-Hyderabad-court/articleshow/51412039.cms">warrant</a> has also been issued against him by a Mumbai court. 
 
<a href="https://d.ibtimes.co.uk/en/full/1497796/vijay-mallya.jpg">Image source</a>

You Searched For "Vijay Mallya" and got 14 results

Ready to talk one-time settlement, says Vijay Mallya

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India just moved a step closer to securing the extradition of Vijay Mallya

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Expel Vijay Mallya, Parliament’s Ethics Committee says on receiving his resignation

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Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

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Four more NBWs against Mallya in Hyderabad court

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The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains

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Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

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To recover dues, Kingfisher Airlines’ logo will also go under hammer

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Vijay Mallya debt fiasco comes to some good use for Indian business schools

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SBI wants Vijay Mallya arrested

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Vijay Mallya no more the ‘King of Good Times’, to exit United Spirits

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It won’t be an easy task to get Mallya back from British Courts

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Government suspends Vijay Mallya's Passport, may revoke it

BI India Bureau

India formally asks UK to deport Vijay Mallya

BI India Bureau

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