Not a Borrower or Judgement Defaulter, Says Mallya

Former United Breweries (UB) Group chairman Vijay Mallya on Sunday asserted that he is not a borrower or a judgement defaulter.

Published: 07th March 2016 01:26 AM  |   Last Updated: 07th March 2016 01:26 AM   |  A+A-


NEW DELHI: Former United Breweries (UB) Group chairman Vijay Mallya on Sunday asserted that he is not a borrower or a judgement defaulter.

Issuing a statement, Mallya said that the past few days have witnessed a near hysterical campaign in the media directed against him.

“I have been most pained as being painted as an absconder – I have neither the intention nor any reason to abscond. I have been a non resident for almost 28 years and the Reserve Bank of India has acknowledged this in writing,” he said.

“All the enquiries conducted have failed to find any evidence of misappropriation of funds by Kingfisher Airlines or myself – for the simple reason that the allegations and the innuendo to this effect are plainly false. My Group directly invested over Rs. 4000 crores into Kingfisher Airlines itself which investment stands fully impaired – it is not as though it is only the bank debt that has suffered. The banks will recover a substantial part of their debt – my group’s loss is permanent,” he added.

Recognising that the media was indulging in sensationalism, he said that it was best to let the drama play out and never spoil a sensational story with the truth.

“However I feel that the time has come to clarify my position in order to avoid this relentless attack on my reputation,” the statement added.

“My statement as to my personal future after quitting Diageo/USL - that I want to spend more time in England closer to my children - has been grossly distorted and misportrayed. I wish to reduce my business commitments gradually and devote more time to my family, and that my resignation from United Spirits was a step in this direction,” he said.

Earlier, the Karnataka High Court issued a notice to Mallya and his defunct Kingfisher Airlines and nine other respondents on a petition filed by bankers, including SBI, seeking his arrest and impounding of his passport for defaulting on loans.

Thirteen bankers, including SBI approached the high court seeking arrest of Mallya and impounding of his passport along with two other pleas after they moved the DRT to take up their pleas on a priority basis.

Meanwhile, employees of defunct Kingfisher Airlines have written an angry letter to Mallya saying that he has "blood on his hands."


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