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Vijay Mally's Kingfisher Airlines loan case has acquired strident urgency with banks looking to recover the huge dues that are spoiling their balance sheets. While a defiant Vijay Mallya has rejected all accusations, the banks have been pursuing the case in court, but with Diageo giving Mallya a $75 mn exit payout, the case has come to the front-burner of their, and public, perception again. The money adds up to over Rs 500 crore and will go a long way in filling the current vacuum and give banks a breather. With things in turmoil, here we take a look at how Vijay Mallya perceives the humongous numbers: (AP)
Vijay Mallya's Kingfisher Airlines numbers: Clarifying his position in the loan owed by KFA, Mallya said after the closure of the airline, since April, 2013, the banks and their assignees have recovered, in cash, an aggregate of Rs 1,244 crore from sale of pledged shares. "In addition an aggregate of Rs 600 crore is lying deposited in the Karnataka High Court (since July, 2013) and a further sum of Rs 650 crore belonging to United Breweries Holdings has been deposited in the Karnataka High Court since early 2014, being sums realized from the sale proceeds received by United Breweries Holdings from the sale of shares in United Spirits to Diageo Plc in July, 2013. Thus, the aggregate cash recovery/security available is Rs 2,494 crores," Mallya said. (AP) -
Vijay Mallya's Kingfisher Airlines numbers: "Legal proceedings apart, I have been making efforts to reach a one-time settlement with the Banks, and to that end I have had three meetings and follow up calls in the recent past and my efforts will continue – this settlement would be based on additional payments to the Banks. Personally I am not a borrower or a judgement defaulter," Mallya added. (AP)
According to MDRA terms and conditions, KFA was to get the working capital fund from the lenders to continue their airline business, which the lenders violated and eventually the company faced further financial problems. (AP) -
Vijay Mallya's Kingfisher Airlines numbers: “My Group directly invested over Rs 4,000 crore into KFA 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 groups loss is permanent," Mallya concluded. (AP)
