Of this, the banks — which recalled the loans in February 2013 — could recover only about Rs 1,100 crore after selling pledged shares of Mallya’s UB Group companies. Mallya owes a Rs 9,000 crore from 17 Indian banks and is accused of fraud and money laundering cases in the country. A controversial tycoon, nicknamed the 'King of the Good Times', has lost a High Court challenge against his extradition to India to face fraud allegations. But his dream project the Kingfisher Airlines business sloshed. He is the son of industrialist Vittal Mallya 4. Kingfisher Company Overview Kingfisher is an Indian brand owned by United Breweries Holdings Limited (UBHL) or UB Group Bangalore based Indian Company. On 9 th May 2005, Vijay Mallya launched the Kingfisher Airlines (KFA). Kingfisher Airlines era una aerolínia amb seu a Bangalore, l'Índia.Les seves bases principals eren l'Aeroport Internacional Bengaluru, l'Aeroport Internacional Chhatrapati Shivaji, l'Aeroport Internacional Rajiv Gandhi i l'Aeroport Internacional Indira Gandhi. We are no longer accepting comments on this article. File photo of Vijay Mallya. During that hearing, Mr Mallya, denied allegations of money laundering and fraud and branded them a 'witch-hunt'.Â. [1], Once called the "King of Good Times" due to his extravagant lifestyle, Mallya and his companies have been embroiled in financial scandals, and controversies since 2012. However, the value of shares fell from 2400 crore to a mere 6 crore leaving the bank with a huge loan which is impossible to recover! After graduating, he interned at the American part of Hoechst AG in the United States. But, in a ruling at the High Court on Monday, Lord Justice Irwin and Mrs Justice Elisabeth Laing rejected his appeal. Kingfisher Airlines had taken loans of Rs 6,900 crore from the consortium in early 2010 after a second round of debt restructuring. They said: 'It is clear beyond any doubt that the senior district judge directed herself properly. After its launch in 2005, Kingfisher Airlines soon became a status symbol airline. ED seizes Vijay Mallya's assets worth €1.6 million in France Forex reserves down $469 million to $574.82 billion This K12 Bangalore school is … Drinks tycoon Vijay Mallya is wanted in his native country over allegations of fraud relating to his now-defunct Kingfisher Airlines. Vijay Mallya has to pay dues to 13 banks namely- SBI, BOB, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, J&K Bank, Punjab and Sind Bank, PNB, State Bank of Mysore, UCO Bank, UBI and JM Financial Asset Reconstruction Co. Pvt Ltd.[70] The consortium attempted to gain possession of Mallya's £20 million property on Cornwall Terrace in London, but Mallya claimed it was owned by his mother. 2. Personal Life Born on Dec 18th 1955 Educated at La Martiniere College, Kolkata He is married twice & has 1 Son & Two daughters. [8][17] Mallya adopted Rekha's daughter Leila. Mallya co-owned the Formula One team Force India from 2007 to 2018. [50], On 24 April 2016, the Ministry of External Affairs (India) revoked Mallya's passport,[55][56] and he resigned from the Rajya Sabha on 2 May 2016, the day before their Ethics Committee was prepared to recommend his expulsion. An appeal to extradite him from Britain was filed on charges of bank fraud estimated at ₹90 billion (US$1.3 billion). Mr Mallya, once hailed as India's version of British entrepreneur Sir Richard Branson, was in court throughout the hearing in February. Mallya is a former owner of the Royal Challengers Bangalore cricket team. UB group has several businesses but its core business is beer, aviation, and investment. It was part of Vijay Mallya's vision of having a five-star world-class airline in India. Vijay Mallya is an Indian businessman Credit: ... Of all his businesses, Mallya's name is most closely associated with now defunct Kingfisher Airlines. Mr Mallya, who denies any wrongdoing, was made the subject of an extradition request from the Indian government to the UK government in 2017. ($1 = … Kingfisher Airlines was led by One of the most successful Businessman in India -Vijay Mallya. [39] By December 2016, the ED has attached a total of ₹96.61 billion (US$1.4 billion) worth of assets of Mallya and Kingfisher in India. Drinks tycoon and former billionaire Kingfisher Airlines boss Vijay Mallya, 64, loses High Court challenge against his extradition from UK to face fraud charges in India Tycoon Vijay Mallya, … Pictured: Mr Mallya at the Monza Grand Prix in 2009, Mr Mallya has the right to pursue and appeal against the ruling. Â. [25][30], In March 2016, a consortium of banks approached the Supreme Court of India to stop Mallya from going abroad due to the pending money his companies owed them. Vijay Mallya is the chairman of United Spirits. It was a completely new experience for him to have a business in the aviation industry.He had the same ambition of expanding KFA to a global level as his initial business. The case of Kingfisher Airlines has been known to all. They have one son, Siddharth Mallya, who was born on 7 May 1987. The case of Kingfisher Airlines has been known to all. "These (allegations against me) are false, fabricated and baseless," Mallya told reporters outside the court ahead of the hearing. On 18 April 2017, Mallya was arrested by the UK Metropolitan Police extradition unit "on behalf of the Indian authorities in relation to accusations of fraud", and was released on bail pending further consideration of the case. Mallya has repeatedly offered to settle his dues and debts through United Breweries Holdings, the previous holding company of Kingfisher Airlines of which he … Pictured: Mr Mallya at the Silverstone Grand Prix in 2017. Kingfisher Airlines was established in 2003. The CBI, in its charge sheet, alleged Mallya diverted 2.54 billion rupees intended for Kingfisher Airlines from India. [71], UBS went to court in 2018, seeking to evict Mallya, his son Sidhartha and his mother Lalith from Cornwall Terrace. He is the ex-chairman of United Spirits, the largest spirits company in India, and continues to serve as chairman of United Breweries Group, an Indian conglomerate with interests including beverage alcohol, aviation infrastructure, real estate and fertilizer. Kingfisher's head office was located in the Kingfisher House in Vile Parle (East), Mumbai, but later moved to The Qube in Andheri (East), Mumbai. The two have often been spotted together at various events and were reportedly in a live-in relationship, ever since they started dating. [23] It is available in 52 other countries, and leads among Indian beers in the international market. 2007: Vijay Mallya acquires Air Deccan, which was a low-cost airline, from owner Capt. The former adman recalls his Kingfisher Airlines pitch and credits Vijay Mallya for creating what he terms as the only real surrogate in the liquor … The comments below have been moderated in advance. Kingfisher is also named as a defendant in the case. 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