How did Vijay Mallya failed?

In 2012 the company had to shut down its operation. Vijay Mallya had a loan of 9000 from different banks and he denied to pay this loan. The Company United Breweries forced Vijay Mallya to resign the post of chairman of united spirits and paid him $75M for a severance payment, but Indian courts blocked this payment.

Why did Vijay Mallya lost money?

NEW DELHI: About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya’s defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.

Who bought Kingfisher?

Kingfisher House, the erstwhile headquarters of the now-defunct Kingfisher Airlines Ltd in Mumbai, which was founded by fugitive businessman Vijay Mallya, has been sold to Hyderabad-based Saturn Realters at Rs 52.25 crore — about one-third of its reserve price of Rs 135 crore.

What is Vijay Mallya’s loan controversy?

A controversy also surfaces when it comes to the means used and collateral by the banks or their officials to provide Mallya with these loans. As shown above, BOI had lent a loan of 300 crores to Vijay Mallya on commodities like office stationery, boarding pass printers, and also folding chairs as collateral.

Who is Vijay Vittal Mallya?

Vijay Vittal Mallya, popularly known as Vijay Mallya, is an Indian businessman and an ex-Member of Parliament (Rajya Sabha). He can be commonly recalled as the former owner of the IPL cricket team of Royal Challengers Bangalore.

What happened to Vijay Mallya’s Air India?

Meanwhile, the economic environment got worse, the airline was plagued with creditor problems (it is not just banks airlines gets credit from lots of agencies). Even after the banks closed in and demanded that loan be repayed, Mallya took a definant stand that the airline was a separate entity.

Who is Vijay Mallya’s son Siddharth?

Soon after his father’s death, Mallya succeeded his father to become the chairman of the United Breweries Group at the early age of 28. Vijay Mallya married Sameera Sharma, an air hostess of Air India, in 1986, and their first son, Siddharth Mallya was born on May 7, 1987.