Mallya, mired in a controversy for leaving India in the middle of a massive loan default probe, on Monday appeared to distance himself from an interview that quoted him as having said that time was not 'right' to return to the country.
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
The former liquor baron owes several banks a total of as much as Rs 9,000 crore
Cars, towing machines, forklifts, tractors, fire extinguishers, and iron ladders will be e-auctioned.
UBI's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion) as part of consortium led by State Bank of India.
Vijay Mallya, the embattled chairman of the UB Group, is not likely to be immediately named a wilful defaulter by the United Bank of India.
Mallya in a tweet distanced himself from an interview that quoted him saying that time was not 'right' to return to the country
The employees have alleged that Mallya, who has been giving them false promises, has been able go away scot free by eliciting "political favours".
The agency is looking at alleged "diversion of funds and financial reporting frauds".
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
Said the airline sector is doing well in India, with many carriers making good profits
The bankers also alleged that the Rs 594-crore claim at this point of time is a clear-cut tactics of UBHL to delay the process of justice, knowing fully well that the case is on the verge of disposal.
The consortium led by SBI has also initiated the process of recovery.
Top no-frills carrier IndiGo on Tuesday approached capital markets regulator Sebi with Initial Public Offer.
Notices have been issued to the company for penal damages.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Besides non-payment of salaries, Vijay Mallya-owned private carrier, is saddled with huge debt and losses
Grounded Kingfisher Airlines on Monday made a last-ditch attempt to preempt a hunger strike threat by its employees, by asking them to wait till Thursday, as airline expects some positive outcome from the hearing on the winding up petition against it, say sources.
Vijay Mallya left India on March 2, presumably for London.
Poddar-Mallya agreement on running MCF likely to be re-worked.
United Bank's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion)
Beleaguered liquor baron Vijay Mallya on Wednesday announced he will retire as chairman of Sanofi India and will not seek reelection as a director of the drug maker.
The Union finance ministry is planning to make rules regarding wilful defaulters more stringent, so that criminal charges can be pressed against such entities.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
While one NBW was issued in a 2012 cheque bounce case following Mallya's non-appearance, another was in a case of allegedly evading summons in a FERA violation matter.
Diageo-led United Spirits pulls out one more lifeline from UB Holdings.
Banks put the airline's trademarks including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' on the block
He manages to get back a majority of pledged shares.
The 25-seater aircraft is interspersed with plush sofas, a cushioned bed, bars, showers and a bathrobe
The auditors, B K Ramadhyani & Co, questioned the accounting method used by the airline to calculate costs incurred on maintenance and repair of aircraft.
Mallya, who is mired in a huge controversy for leaving India on March 2 in the middle of a massive loan default probe, was quoted as having said in an email interview to the Sunday Guardian published on March 13 that time was not 'right' to return to the country.
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
Liquor baron Vijay Mallya, facing probe in a loan default case of IDBI bank, apparently managed to leave the country in spite of a look-out notice against him by CBI.
Vijay Mallya, during the past two days, had ceded a marginal stake in it, allowing Heineken to be the single largest shareholder.
Sources said a few other lenders were also contemplating a move to declare both Kingfisher Airlines and UBHL wilful defaulters.
After razing his ancestral bungalow, housed in an expansive 4.5-acres of prime location in the central business district of Bangalore, Mallya's attempt to unlock value in the land by building the luxury KingfisherTowers has been stalled.
Capt Gopinath, in a deperate bid to fend off a possible auction of his prime residential property in Bangalore by State Bank of India, which had earlier issued notices to sell his pledged properties to recover as much as Rs 259 crore (Rs 2.59 billion), has struck a deal with Sobha Developers to raise funds.
RBI rule, applicable prospectively, also for non-group guarantors.
On Wednesday, the collector had issued an order in favour of the 17-banks consortium led by SBI to take physical possession of the villa
The company contented before the tribunal that the amount was paid outside India.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances