Vijay Mallya
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Mallya, was declared as 'wilful defaulter' by lenders following huge debts on his Kingfisher Airlines. He was ranked at 84th position in 2013, with a net worth of USD 800 million. Earlier, in March 2013, Mallya was dropped from Forbes global rich list, while he had moved out of the billionaire league way back in 2012. Amid huge debt burden and mounting losses at Kingfisher Airlines, Mallya's fortunes has been declining continuously over the recent years. The airline owes Rs 7,600 crore to 17 banks. | Mallya, was declared as 'wilful defaulter' by lenders following huge debts on his Kingfisher Airlines. He was ranked at 84th position in 2013, with a net worth of USD 800 million. Earlier, in March 2013, Mallya was dropped from Forbes global rich list, while he had moved out of the billionaire league way back in 2012. Amid huge debt burden and mounting losses at Kingfisher Airlines, Mallya's fortunes has been declining continuously over the recent years. The airline owes Rs 7,600 crore to 17 banks. | ||
Revision as of 20:37, 25 September 2014
This is a collection of articles archived for the excellence of their content. |
Mallya, was declared as 'wilful defaulter' by lenders following huge debts on his Kingfisher Airlines. He was ranked at 84th position in 2013, with a net worth of USD 800 million. Earlier, in March 2013, Mallya was dropped from Forbes global rich list, while he had moved out of the billionaire league way back in 2012. Amid huge debt burden and mounting losses at Kingfisher Airlines, Mallya's fortunes has been declining continuously over the recent years. The airline owes Rs 7,600 crore to 17 banks.
In February 2012, the banks had formally declared loan recall on KFA and began recovery process. They have recovered around Rs 2,000 crore by selling pledged shares. Already, United Bank of India has won a legal backing on its decision to declare Mallya and other top executives of the airline as "wilful defaulters".
India's largest bank SBI has also sent a notice to tag them as "wilful defaulters". State-run PNB and IDBI Bank, and private lenders Federal Bank and Axis Bank are also in the process of doing the same. Burdened with huge losses and large debts, Kingfisher Airlines stopped flying in October 2012 and its flying licence also lapsed about two months later. About Mallya Forbes India in October 2012 had said that the 'king of good times' is having nothing but bad times lately.
