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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

As told earlier, India’s liquor baron <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">Vijay Mallya</a> who owes thousands of crores to several <keyword id="488657" type="UNKNOWN" weightage="100" keywordseo="state-run-banks">state-run banks</keyword>, has fled the country. The legal battle in the Supreme Court and Debt Recovery Tribunal against Mallya is being led by SBI. 
 
 
Here is the breakdown of Mallya’s journey from a businessman to a wilful defaulter. 
 
1) Mallya owes nearly Rs 7,000 crore to bankers. Here's how it stacks up 
 
Rs 1,600 crore - SBI 
 
Rs 800 crore - PNB 
 
Rs 800 crore - IDBI 
 
Rs 650 crore - Bank of India 
 
Rs 550 crore - Bank of Baroda 
 
Rs 430 crore - United Bank of India 
 
Rs 410 crore - Central Bank of India 
 
Rs 320 crore - UCO Bank 
 
Rs 310 crore - Corporation Bank 
 
Rs 150 crore - State Bank of Mysore 
 
Rs 140 crore - Indian Overseas Bank 
 
Rs 90 crore - Federal Bank 
 
Rs 60 crore - Punjab &amp; Sind Bank 
 
Rs 50 crore - Axis Bank 
 
He, however, claims that out of these 7000 crores, Rs 1,200 crore have been recovered by these banks. 
 
2. A look at his holdings in his companies 
 
33% in United Breweries, which is worth Rs 7,000 crore. But more than half of the stake is pledged. 
 
22% interest in Mangalore Chemicals &amp; Fertilisers, which is worth Rs 140 crore. One-third of the shares are pledged. 52%of UB Holdings, a shell company, which has some real estate in Bangalore and other places, but the rentals have already been pledged. 
Under 1% stake in Bayer Corp Science, but Mallya remains its chairman. 
 
3. How Mallya became Mallya 
 
1983 | After his father's death, Mallya becomes UB group chairman at 28. 
1999 | Launches Kingfisher Strong, which changes beer consumption nationally, is still the largest selling brand. 
2002 | Nominated to Rajya Sabha. 
 
4. Mallya's shopping list 
 2005 | Launches <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> (KFA). Buys Shaw Wallace, gaining whisky brands such as Royal Challenge 
2006 | Buys Herbertsons, makers of Bagpiper whisky and Romanov vodka. 
2007 | Buys F1 team Spyker, renames it Force India. Acquires Air Deccan. Buys British whisky maker Whyte and Mackay for £595m. 
2008 | Buys IPL team Royal Challengers Bangalore for $111.6m. UB City comes up in Bangalore. 
 
5. And, how it got ruined 
2012 | KFA staff strike work for nonpayment of salaries, income-tax dept freezes KFA accounts, airline grounds flights. In Oct, govt suspends KFA licence. British alcoholic beverages firm Diageo agrees to buy majority stake in United Spirits 
2013 | Diageo acquires 27% stake in USL for Rs 6,500 crore, but KFA lenders do not get any funds. 
2014 | United Bank identifies United Breweries Holdings as wilful defaulter. 
2015 | Diageo asks Mallya to step down as chairman of the Indian liquor firm but he refuses. 
2016 | Banks move debt recovery tribunal, which restrains Mallya from accessing Rs 515 crore he was to receive from Diageo as settlement after agreeing to quit. 
 
6. The pain of Kingfisher’s employees 
Over 1,500 staffers, still on the firm's payrolls after it stopped operation, not paid? On March 5, employees write an open letter to Mallya, saying his 'heart is impure' and he has blood on his hands. They seek PM Narendra Modi's help to get their dues. 
 
7. Despite whatever he says, Mallya isn’t a broke bloke 
 
Mallya owns homes in Trump Towers, New York City, and in San Francisco. Game resort in South Africa. A beachfront villa in Goa. He also has a fleet of over 200 luxury vintage cars, a 95m "mega yacht" with a helipad, a Gulfstream private jet. 
 
<a href="http://clientimages.teamtalk.com/14/11/800x600/Vijay-Mallya_3228444.jpg">Image source</a>

Vijay Mallya’s journey from a businessman to a fraudster

On Tuesday, a group of 13 banks, which India’s biggest lender State Bank of India was heading, approached the Supreme Court so that an order could be passed to prevent liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> from flying out of the country. However, Mallya, who owes huge amounts to these banks in the form of unsettled loans, is believed to have already left India a few days ago. 
 
The amount that Mallya owes to these banks runs up to over Rs 9,000 crore, the reason why the banks wanted him to be in the country under their watchful eyes, especially after he had claimed a few days back that he wants to make London his home now. 
 
When contacted by ET, Mallya's spokesperson said that since he was communicating through mails, his present location remains unknown. 
 
<a href="https://churumuri.files.wordpress.com/2009/09/09sept29kpn99.jpg">Image source</a>

A little too late! Mallya flew out of India before banks could take a stay order against him

It’s been a few days that Punjab National Bank declared <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> a 'wilful defaulter', but the liquor tycoon Vijay Mallya has said that "PNB is not the only bank and he will do what he has to do". 
 
The man who is known for his flamboyance and hosting lavish parties even when his companies have been declared to be defaulters by lenders, Mallya said that he won’t comment on people’s "perception" about his lifestyle. 
 
He, however, said that he does want to settle his accounts with banks. 
 After United Bank of India and SBI, PNB is the third public sector bank to declare now defunct <keyword id="79245" type="COMPANY" weightage="100" keywordseo="Kingfisher-airline">Kingfisher Airline</keyword> and its two guarantors - United Breweries (Holdings) Ltd and Mallya - as wilful defaulters. 
 
He also refused to comment on RBI Governor Raghuram Rajan's recent comment on lavish birthday parties thrown by loan defaulters. 
 
<a href="http://www.sportstarlive.com/multimedia/dynamic/02604/31_SSLIVE_MALLYA_2604266b.jpg">Image source</a>

PNB not the only bank to declare me a defaulter, will do what I have to do: Mallya

<keyword id="113653" type="COMPANY" weightage="80" keywordseo="United-Bank-of-India">United Bank of India</keyword> has become the first bank to declare <keyword id="6373962" type="CITY" weightage="80" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>, it's promoter <keyword id="14678" type="PERSON" weightage="80" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> as well as three directors on the board of <keyword id="6583397" type="COMPANY" weightage="100" keywordseo="KFA">KFA</keyword> as wilful defaulters. 
 According to a source close to the development, " the action comes after KFA officials did not show up for the meeting with United Bank's grievance redressal cell this morning at 10:30 AM." The grievance redressal committee of United <keyword id="6355303" type="CITY" weightage="80" keywordseo="Bank-of-India">bank of India</keyword> is headed by the bank's executive director D Narang. The bank is also in the process of sending formal notices to the company. Sources say the bank will also inform the Reserve Bank of India about its decision. 
 
"Yes, we have declared Vijay Mallya and three directors as wilful defaulters," UBI executive directors Deepak Narang told ET. 
 
Wilful defaulters are prohibited to borrow money from banks and cannot continue as a director in any company. 
 
"We had requested them to appear before our panel at 10.30 am on Monday. They did not come. So, we have declared them as wilful defaulters on the basis of a letter furnished by them on July 4th," Narang said. 
Sources in the know indicate that the three directors along with Vijay Mallya include, AK Ganguly, Subhash R Gupte and R Nedungadi. 
 
This follows the Calcutta High Court dismissing KFA's plea against United Bank of India last week. KFA and United Bank of India have been entangled in a legal tussle for a few months now after UBI moved to declare the grounded airline as a wilful defaulter. 
 
However, sources also indicate that KFA has approached the Supreme Court in this case, in an attempt to challenge the Calcutta High Court order. KFA has been insisting to be represented by an external lawyer in front of the GRC of United Bank of India which was refused by Calcutta High court. 
 
There are serious repercussions of a company being declared a wilful defaulter which include restricting any future access to bank finance for the company as well as all directors of the company who are associated with other companies. 
 Other lenders like <keyword id="13222" type="CITY" weightage="80" keywordseo="SBI">SBI</keyword> and PNB are also in the process of declaring KFA and management as wilful defaulters. 
 
(With inputs from ET Bureau)

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SBI wants Vijay Mallya arrested

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Vijay Mallya’s journey from a businessman to a fraudster

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A little too late! Mallya flew out of India before banks could take a stay order against him

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PNB not the only bank to declare me a defaulter, will do what I have to do: Mallya

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United Bank Of India First Bank To Declare KFA And Vijay Mallya As Wilful Defaulter

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