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After sparking a nation-wide furore and in the latest setback for beleaguered business baron Vijay Mallya, the government has suspended his passport after he delayed presenting himself before authorities for weeks over the mammoth debt cases (Rs 9,000 cr) he is involved in and accused of being a 'wilful defaulter'. Mallya is currently facing several court cases against him for loan defaults. The Enforcement Directorate is probing charges of money laundering against him. Take a look here, blow by blow over the last few months, how things went from bad to worse for the 'King of Good Times': (Express Photo)
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1. SBI seeks Vijay Mallya's arrest in Kingfisher loan default case (March 3, 2016): Top state-run lender SBI sought arrest of Vijay Mallya, and also impounding of his passport, as the bank approached Debt Recovery Tribunal seeking action against the UB Group promoter for defaulting on loans. State Bank of India (SBI), that heads the consortium of 17 lenders to the grounded Kingfisher Airlines, moved the Debt Recovery Tribunal in Bengaluru against the airline's chairman Mallya in its bid to recover over Rs 7,000-crore dud loans from him. According to sources, SBI moved four applications at the DRT in Bangalore, seeking impounding of Mallya's passport, getting him arrested, securing the lenders' first right on the payout from Diageo and getting full disclosure of his assets in the country and abroad. (Express Photo)
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2. Verdict on Vijay Mallya default case (March 7): The Reserve Bank of India recently revealed that bad debts of the 29 public sector banks aggregated Rs 1.14 lakh crore between 2013 and 2015. A large portion of these bad loans could be falling within the 'wilful default' category. Vijay Mallya is in a soup as lenders have filed case of wilful default against the industrialist for debts of Rs 7,800 crore owed to them by him and Kingfisher Airlines (airlines promoted by him), there are many others borrowers on the wilful defauters list of lenders. Figures of SBI and Punjab National Bank, the two banks which have initiated action against Mallya, are startling. According to reports, the 1,164 borrowers categorised as wilful defaulters by SBI owe the bank nearly Rs 11,700 crore, while Punjab National Bank has Rs 10,869 crore locked with 904 borrowers categorised as wilful defaulters. (Express Photo)
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3. ED registers money laundering case against Vijay Mallya (March 7): Enforcement Directorate registered a money laundering case against Vijay Mallya and others in connection with the alleged default of over Rs 900 crore loan from IDBI bank. Official sources said the agency recently filed charges under the Prevention of Money Laundering Act (PMLA) based on an FIR registered last year by CBI in the same case. "Mallya and others will soon be questioned. The agency has collected relevant documents from concerned authorities and the bank in question," they said. The ED has pressed charges under various sections of the PMLA against Mallya and others named in the CBI complaint. The CBI had booked Mallya, director of Kingfisher Airlines, the company, A Raghunathan, Chief Financial Officer of the airlines, and unknown officials of IDBI Bank in its FIR alleging that the loan was sanctioned in violation of norms regarding credit limits. (Express Photo)
4. Plea made to restrain Vijay Mallya from leaving India (March 8): Keen to recover loans to the tune of over Rs 9,000 crore, a consortium of 13 banks led by the State Bank of India (SBI) moved the Supreme Court seeking to restrain liquor baron Vijay Mallya from leaving the country. Earlier, the Debt Recovery Tribunal in Bangalore on Monday (March 7) blocked a $75 million settlement Mallya agreed with Diageo Plc at the request of the SBI and other creditors. Even Mallya on Sunday said that he had no plans to run away from his creditors and was in talks over a one-time settlement to resolve Kingfisher's debt. Apprehending that that Mallya may flee without paying the dues, the creditor banks want impounding of Mallya's passport, saying it was “very urgent” in view of the fact that if he succeeds in going to London and settling there, the banks would not be able to recover their dues and this may adversely impact the economy of the nation. (Express Photo) -
5. ED summons Vijay Mallya, questions senior executive in IDBI fraud case (March 11): The Enforcement Directorate(ED) today issued summons for appearance to liquor baron Vijay Mallya besides questioning a senior executive of Kingfisher airlines as part of its money laundering probe in the alleged default in payment of Rs 900 crore dues to IDBI bank. Mallya was summoned to appear before investigators of the ED here on March 18. "The summons have been issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case," they said. The sources said Mallya has also been asked to furnish documents related to his personal finances. (Express Photo)
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6. Vijay Mallya flies to London, but tweets, 'I did not flee from India' (March 12): Controversial business tycoon Vijay Mallya, in a series of tweets, tried to clarify that he had not fled from the country. He said that he fully respects and will comply with the law of the land. “I am an international businessman. I travel to and from India frequently. I did not flee from India and neither am I an absconder” he tweeted. The former chairman of United Spirits (USL), who left the country on March 2 the day when State Bank of India and other banks filed a case in debt recovery tribunal (DRT) in Bengaluru, said he is an Indian MP (Member of Parliament) and fully respects the law of the land. “Our judicial system is sound and respected. But no trial by media,” he said. (Express Photo)
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8. Vijay Mallya group denies he diverted loan money to buy property abroad: Embattled liquor baron Vijay Mallya's UB Group today "strenuously denied" the allegation by the Enforcement Directorate that he siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad. Rejecting the charge that he diverted Rs 430 crore for purchase of an overseas property from the Rs 950 crore IDBI loan to his now defunct Kingfisher Airlines, the group said he would provide full details of foreign exchange remittances in the next few days. It said the audited accounts of Kingfisher Airlines show that the money was borrowed for legitimate business purpose and that the allegation was "shocking". (Express photo)
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Mallya, whose now-defunct group company Kingfisher Airlines owes over Rs 9,000 crore to 17 banks, had left the country on March 2 and is in the UK. (Express Photo)
9. Vijay Mallya seeks more time to appear before ED (March 17): Liquor baron Vijay Mallya sought more time from Enforcement Directorate(ED) in IDBI money laundering probe. The probe agency had summoned Vijay Mallya to appear on March 18 as part of its money laundering probe in the alleged default in payment of Rs 900 crore dues to IDBI bank. Officials said the Mallya has informed the Enforcement Directorate's investigating officer that he would not be able to keep Friday's date and sought time till April. (Express Photo) -
10. ED issues fresh summons to Vijay Mallya to appear on April 2 (March 18): Enforcement Directorate (ED) today issued fresh summons to liquor baron Vijay Mallya to make a personal appearance before its investigating officer here on April 2 in connection with its money laundering probe in the over Rs 900 crore IDBI loan fraud case. The new summons came after the United Breweries (UB) group Chairman had sought more time from the agency to present himself on a later date instead of the scheduled time. Official sources said the agency accepted his plea and gave Mallya the new date of April 2 to "join investigations in person." (Express Photo)
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11. Give fair chance to Vijay Mallya, stop media trial: Kiran Mazumdar Shaw (March 20): Noted entrepreneur Kiran Mazumdar-Shaw says beleaguered businessman Vijay Mallya should be given a fair opportunity to settle the loan default issues with banks, and maintained media trial against him would not help matters. Resolution of debt and financial disputes take a long time in the country due to lack of a bankruptcy law, she said in an interview and noted Mallya has himself clarified he is willing to settle the loan default case and hence he needs to be given a fair opportunity to do so. She expressed confidence Mallya would return to India. Pointing that the case was pending before the Debt Recovery Tribunal for some years, the Chairperson and MD of biotechnology major Biocon, said: "It (settlement) does not happen overnight" and said media exerting pressure on Mallya to settle the dues instantly does not make it easy. (Express Photo)
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Vijay Mallya also raised a bill of Rs.1.73 lakh on calls from his official phone number. Upto 50,000 local calls are free for a Rajya Sabha MP. However, he did not raise any bills against water and power consumptions and medical expenses. (Express Photo)
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13. FM Arun Jaitley says, pay dues honourably or face coercive action (March 28): In a stern warning to wilful defaulters like Vijay Mallya, Finance Minister Arun Jaitley said they should settle their dues honourably with the banks or else be ready to face "coercive action" by lenders and investigative agencies. "I don't want to make any comments on individual cases but I think it's a responsibility of large groups like his (Vijay Mallya's) to honourably settle their dues with the banks," he said. He further said that banks have certain collaterals of group companies of Vijay Mallya and will take legal action to recover dues that are in excess of Rs 9,000 crore. "Banks have some securities. Banks plus other agencies have also coercive methods available with them through legal enforcement…these are all being investigated by relevant agencies," he said. (Express Photo)
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14. Vijay Mallya offers to pay Rs 4,000 crore to settle case (March 30): Vijay Mallya informed the Supreme Court through a sealed envelope his willingness to repay Rs 4,000 crore to an SBI-led consortium by September. A bench comprising Justices Kurian Joseph and R F Nariman allowed the consortium of banks a week’s time to respond to the proposal and posted the matter for further hearing on April 7. In an emailed statement, SBI said, “In respect of dues of Kingfisher Airlines to the consortium of Banks, State Bank of India has received an offer for settlement of dues on Wednesday which is being examined.” It was earlier reported that Mallya offered to pay Rs 2,000 crore to settle all claims. However, the consortium of lenders led by State Bank of India (SBI) turned down the offer saying they were not willing to take a haircut. Kingfisher Airlines (KFA), now declared a wilful defaulter by multiple banks, owes lenders Rs 6,963 crore. (Express Photo)
15. Vijay Mallya not to appear before ED; seeks time till May (April 1): Liquor baron Vijay Mallya will not present himself before Enforcement Directorate investigators in Mumbai even as he sought time till May to depose before the agency which is probing his role in a money laundering case in the over Rs 900 crore IDBI loan fraud case. The investigating officer of the case at ED's Mumbai zonal office, officials said, has been informed by Mallya that he will not be able to keep the scheduled date of April 2 and that he should be given a fresh date, sometime in the month of May. It is understood that Mallya has informed the IO that cases related to bank loans are currently ongoing in the Supreme Court and he is trying to settle these loans with the help of his legal and corporate team and, hence, would require some more time. The agency, by and large, has two options, either to agree and issue him a third date or undertake steps to possibly take legal action for revoking his passport. (Express Photo) -
16. ED issues third summons to Vijay Mallya; asks him to appear on April 9 (April 2): Enforcement Directorate (ED) today issued the third and possibly the last summons to liquor baron Vijay Mallya to present himself before its investigators on April 9 in Mumbai in connection with money laundering probe in the over Rs 900 crore IDBI loan fraud case. Mallya had sought time till May to depose before the agency, expressing his inability to keep the scheduled date for today at the ED's zonal office in Mumbai. Official sources said the investigating officer (IO) at ED's Mumbai office today issued fresh summons to the United Breweries (UB) group Chairman to personally appear before him on April 9. ED officials hinted that this could possibly be the last summons to Mallya as the IO had allowed his plea to postpone his appearance till now, both on technical and legal grounds. They said, under Prevention of Money Laundering Act (PMLA), usually a maximum of three summons are sent and that would be completed by the fresh date on Saturday next. They also added that the IO had turned down Mallya's request for giving him time till May as his joining the probe was important and hence he only gave him a week's time, till Saturday next. If he again fails to appear on April 9, sources said, the ED could initiate legal action for revoking his passport and also get a non-bailable warrant against him issued by a court. (Express Photo)
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CBI may file multiple charge sheets against Vijay Mallya: CBI is planning to file multiple charge sheets against former liquor baron Vijay Mallaya as it has brought under its one FIR the cases of his alleged loan default, of now defunct Kingfisher Airlines, with various banks of over Rs 9,000 crore. CBI sources said the agency has registered the case of alleged loan default of Mallya with IDBI Bank which was about Rs 900 crore on the basis of source information cultivated by the agency as no affected bank had filed any complaint with it. They said any investigation agency is capable of filing such a case but it involves much more work in terms of collecting evidence which could have been made easy if any of the affected bank had filed an FIR against Mallya. (Express photo)
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18. Vijay Mallya skips ED again; seeks time till May (April 9): Beleaguered businessman Vijay Mallya will not be presenting himself before ED investigators for the third time as he sought time till May to depose before it in connection with a money laundering probe in the over Rs 900 crore IDBI loan fraud case. Officials said Mallya has informed the Investigating Officer (IO) of the case in Mumbai that he will be unable to depose personally as scheduled today citing the ongoing legal proceedings going in the Supreme Court over settlement of loans. (Express Photo)
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Kingfisher Villa, owned by UBHL, was mortgaged as collateral for loans given to Kingfisher Airlines.(Express Photo)
20. Govt suspends Vijay Mallya's passport on ED's request (April 15): External Affairs Ministry on Friday suspended liquor baron Vijay Mallya's passport on Enforcement Directorate's (ED) request in connection with its money laundering probe in over Rs 900 crore IDBI loan fraud case, sources said. Mallya left the country for UK on March 2 using a diplomatic passport issued to him by virtue of him being a sitting Rajya Sabha Member of Parliament. (Express Photo)
