Vijay Mallya did not have any intention to honour personal guarantee he had given to IDBI Bank, even before his now defunct Kingfisher Airlines allegedly got involved in a loan default worth Rs 900 crore, claims CBI.
Fugitive businessman Vijay Mallya did not have any intention to honour personal guarantee he had given to IDBI Bank, even before his now defunct Kingfisher Airlines allegedly got involved in a loan default worth Rs 900 crore, as per a supplementary chargesheet filed by the CBI, Indian Express said. The chargesheet which was filed by the probing agency last week in a Mumbai court against Vijay Mallya as also officials of Kingfisher Airlines and IDBI Bank, the CBI supported its charge with a copy of an email, which was allegedly sent by the businessman on January 6, 2012, to P A Murli, a senior official of United Spirits Limited (USL).
“I have been receiving mails from IDBI regarding the KFA account becoming a Non-Performing Asset or NPA. They may do suddenly something. Take the 10 crore out of my account into USL tomorrow itself,” saqid a purported email from Vijay Mallya, which is referred to by the CBI in its supplementary chargesheet. In a previous chargesheet filed by the agency in January, the agency had had claimed that IDBI officials did not obtain any legal opinion on keeping the Kingfisher Airlines brand, an “intangible asset”, as a security for the loan.
The CBI, in its supplementary chargesheet, has claimed that that it was Vijay Mallya himself, who came out with the idea of using the brand value of Kingfisher Airlines as security for the loan. He wrote to State Bank of India (SBI) in 2009 offering the brand value of the airlines Airlines, which was pegged at Rs 3,365 crore as security for the loan, the agency said.
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Probe also revealed that the favourable report was obtained by exaggerating financial indicators deliberately, which are different from the ones supplied to banks, the supplementary chargesheet said. It further alleged that Mallya had told the IDBI Bank while seeking for loan that his company would would submit brand valuation reports. However, he submitted only one, which was favourable to his company.