The clean-up process begun by the Reserve Bank of India runs the risk of spiralling out of control.
'As he goes down, he will almost certainly drag a few others down with him.' 'Once the mutual mudslinging has died down, collateral damage will probably include more bankers than politicians, given the nature of how things work in India,' says T N Ninan.
RPG Enterprises Chairman Harsh Goenka thinks aloud about what Vijay Mallya could or should do to get out of the current mess.
A spokesperson in the UK high commission said the issue is "confidential" and added: "We cannot estimate how long this issue will take to resolve." "Vijay Mallya last month lost his appeal against extradition, and was refused leave to appeal further to the UK Supreme Court. However, there is a further legal issue that needs resolving before Mr Mallya's extradition can be arranged," the spokesperson said.
That such a deal can be greeted with celebration in the camps of both buyer and seller speaks volumes about the airline and its recent history, explains T N Ninan.
'Lending to Mr Mallya was the bankers' season ticket to corridors of power and glamour. Borrowing from them was like a favour Mallya did to them,' says Shekhar Gupta.
Royal Challengers Bangalore captain Virat Kohli remembered 'controversial' former franchise director Vijay Mallya for picking him in the team and providing an opportunity to rub shoulders with the world's best players. "My association with RCB has been special as it has been exciting from the first season. I was chosen to play for RCB by Mr Mallya. I have learnt so much and getting to play with the world's best players. "I am welcomed here warmly, I love this franchise, the city, fans, deep connection," he told reporters on the eve of his team's face-off with Sunrisers Hyderabad at Chinnaswamy stadium in Bengaluru. Mallya, who has defaulted in loans in excess of Rs 9000 crore, is facing probe by various investigative agencies. The 60-year-old bought RCB in 2008 but the popular franchise has not been able to win a single Indian Premier League title in eight attempts.
Aviation Minister said that the UB group did not say they are going to give money to the ailing airline.
Several of his lenders have a lot to answer for.
In a meeting later this week, bankers will insist on a commitment on funds. But many say Kingfisher better not fly again under a promoter who just blew money trying to run a glamorous airline.
Though FDI is allowed in the sector, foreign carriers cannot acquire stakes in Indian airlines.
It was perhaps over-enthusiasm that prompted the Indian investigative agencies to take a private jet to Dominica to bring back fugitive diamantaire Mehul Choksi. Predictably, the eight-member team had to return empty-handed after almost a week-long wait. The agencies were banking too much on the "state-less" status of Mr Choksi, as Antigua, which had given him citizenship in 2017, wasn't willing to take him back. Thus, the calculation was that Mr Choksi would be whisked away from the Dominican courtroom to the waiting plane. The reason for the optimism was also because Antigua is friendly territory for India.
Mr Mallya's United Spirits, the third-largest spirits group in the world, acquires both a global footprint and a quality label.
Congress chief Sonia Gandhi's son-in-law said that he was a political victim but never misused his position or ran away with anyone's money.
I don't disown my past association with Vijay Mallya but that does not mean I endorse his monetary misdemeanours, a feisty Divya Spandana tells Subhash K Jha.
The last few days have been hectic for Congress president Rahul Gandhi, addressing various conclaves in London and in Germany. And, as is to be expected, not everyone is too pleased with what he's had to say.
'Somehow, I don't see the Modi government shutting down Air India.' 'So, Mallya may prove to be luckier than the government; at least his financial clock has stopped ticking,' says T N Ninan.
Russian fertiliser group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India - Mallya's Orange India Holdings Sarl - which is subject to a freezing order issued by the UK's High Court in favour of his 13 creditor Indian banks, led by the State Bank of India.
Lauding the contribution of non-resident Indians in the development of the country, he said, 'Mahatma Gandhi, Sardar Patel, B R Ambedkar, Jawaharlal Nehru were all NRIs. They travelled the world and helped India with new perspectives.'
The BJP threw a counter punch, claiming that the Gandhi family tried to help Mallya's floundering Kingfisher Airlines in 2011-12.
High fiscal deficits raise inflation which hits the lowest income and salaried classes.
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