Industrialist Vijay Mallya, at the centre of a controversy in India over an alleged loan default of Rs90bn, has termed the charges against him as “preposterous” and said he was in “forced exile” here from which he would like to return to his country.
“I’m absolutely not guilty of any of the preposterous charges of diverting funds from Kingfisher Airlines and buying properties,” Mallya said in an interview to the Financial Times. “I’m in a forced exile, willing to reach reasonable debt settlement,” he said
Questioning the amount of Rs90bn attributed as wilful debt against him, the 60-year-old industrialist said by taking away his passport or arresting him, the Indian government and banks would not be able to get any money out of him.
“I definitely would like to return to India. Right now things are flying at me fast and furious. My passport’s been revoked. I don’t know what the government will do next. I’ve always said I will like to reach out to the bankers of Kingfisher and make a settlement,” he said.
“Notwithstanding the legal proceedings, my offer for settlement stands. The filings before the debt recovery tribunal indicate some £500mn. The rest is toward unapplied interest. I’ve never been able to understand where this Rs90bn figure came from,” he said.
Mallya said he has issued a sworn affidavit to the Supreme Court and the right position will come to light if a proper probe is conducted. “If the government decides to audit the accounts of Kingfisher airlines, they are not going to find anything – because that is the truth.”
Mallya said “extraordinary pressure” was being exerted on him, but he could not give preference just to banks since there were other creditors as well.
“All I can say is that the manner in which my passport was revoked and then suspended was unprecedented and was done in extraordinary haste. I came to know of the facts by e-mail,” he said, adding the notice of suspension of his passport came on a holiday and his reply was ignored.
Mallya pointed out if he has proposed a settlement offer to the apex court, then the offer had to be serious. He said he had tried all that was possible to save Kingfisher Airlines, but in vain. “I currently have businesses in India, and I wish to continue with them. They are doing very well. I’m currently in forced exile.”
As for his lifestyle, often termed as flamboyant, the industrialist said he was a rather simple man. “There is nothing wrong in wearing colourful piece of clothing,” he said.
“I think those who need to know certainly know that I have been the brand ambassador. The king of good times was the label for Kingfisher Airlines. I was, for whatever reason, known as the king of good times – but now obviously, the king of bad times.”
Meanwhile, the Debt Recovery Tribunal (DRT) yesterday questioned liquor major Diageo for not yet submitting the specifics of the $75mn severance package committed to Mallya.
“In my earlier ruling as well, I had directed the company (Diageo) to furnish the details of the severance package. Why has it not been placed before this court yet?” said DRT presiding officer C R Benakanahalli
Related Story