The time is not right for my return: Vijay Mallya

The time is not right for my return: Vijay Mallya

By KANISHKA SINGH | NEW DELHI | 12 March, 2016
Business tycoon Vijay Mallya rubbished charges that he was on the run to evade law enforcement agencies, in an email interview with The Sunday Guardian. He claimed that the banks gave him loans after evaluating all aspects. However, he also said that he was not in a hurry to return to India.
 
Q: What was the purpose of your leaving the country on 2 March? Was it related to your failure to pay back loans or a casual visit? Why haven’t you spoken out till now?
A: I left from Delhi for a personal visit with a friend. It wasn’t a business visit. Lots of people have written that I was carrying seven luggage bags. If I did or not, that’s another story. But, for two people, I don’t think that’s too much. I pack heavy. That’s how I travel. There was a lookout notice issued against me last year. But I didn’t “escape”. Why am I being portrayed as a criminal now? Loan defaults are a business matter. When the banks give out loans, they know the risk involved. They decide, we don’t. Our own business was flourishing, but plummeted suddenly. Don’t make me the villain. I have the best intentions. I’m quiet because I fear my words will be twisted like of others.
 
Q. Ironically, the time you left was just before the banks moved court? Did someone tip you off?
A: That is a matter of interpretation. It’s not the first time I’ve flown out from the country. I’ve not done anything wrong. I don’t need anyone to tip me off about anything. Most of the big media houses are running a whole lot of lies about me. Speculations rule the papers. TV channels claim to have information about me from their sources. It’s a big agenda that some people are pushing against me. I am being victimised. And if people are doubting the integrity of bank employees, then why point the finger at me? I’ve always taken things on my chin. I’ve lived grand and helped people do the same. I’ve never hidden any aspect about my life. I’m one of the most open people. I’m forced to go into hiding and that makes me sick.
 
Q: Do you plan to step back into India? If yes, when?
A: I am an Indian to the core. Of course I want to return. But I’m not sure I’ll get a fair chance to present my side. I’ve already been branded as criminal. I do not feel the time is right. I feel passions are high. People need to think rationally. They need to understand that business, whether large or small, has risks involved. I’ve seen the highest to the lowest points in this matter. But I hope that I return one day. India has given me everything. It made me Vijay Mallya.
 
Q: Where are you living currently? People claim to have spotted you near your property in Hertfordshire, near London.
A: I do not think it is wise for me to reveal my whereabouts. I’m no hardened criminal who the authorities need to hunt. For now, I want to feel safe.

There are 27 Comments

It is clear he has fled the country. Just a few days ago he said he has full faith in the Indian Judicial System. Now he says he is afraid he won't get a fair chance to explain his side of things? I was with him until he made this statement. Now it feels that this was a pre-planned escape.

Sahara shri's case is an example. Though I believe that such a person should be behind Bar but the question is under which law?

That's right.. Agree with you completely.. With his statements he clearly has spelled out the beans.. What a big loser Mallya is

Barring settling pending dues of suppliers and his employees, Mr Vijay Mallya should not repay one rupee to lenders. We all know the extent to which Indian lenders (banks) go to acquire collateral before a loan is sanctioned. Despite the long term poor financial state of AirIndia banks advanced money to the sector including KFA. The unexpected business failure would result in loans going sour, it's business.

In the interview he comes out as a bundle of contradiction. Earlier he had said he was not a absconder and believed in Indian Judiciary and now he says "..But I’m not sure I’ll get a fair chance to present my side" .Why this change ? Because of the belated media exposure after he left the country evidently. He claims "Most of the big media houses are running a whole lot of lies about me. Speculations rule the papers. ............It’s a big agenda that some people are pushing against me. I am being victimized”.Not surprisingly now he has started playing victim card and crying of media trial ! Fact of the matter is Indian media especially the TV channels have been scrupulously blacking out his bank NPAs story for over 3-4 yrs now in spite of bank employees union regularly issuing related bulletins with figures. So media if anything is to be blamed for waking up as late as just last week and indirectly helped him evade law using his clout as an MP. If anything the media should be ashamed of not bothering to project KFA employees' woes of unpaid salaries, tax problems etc. in time in 2012-13 itself? Next, he says “….And if people are doubting the integrity of bank employees, then why point the finger at me?” Why not Mr Mallya because if you get a bank loan you don’t deserve to for various reasons then you too as much as the bank are to be held responsible and law has to take its course. On the top of it you do not repay back and flee the country and you blame the media when they report it as it is their duty. Your next Gem, “ …People need to think rationally. ...understand that business,………. has risks involved.” Risk ,we understand and FM& RBI Gov. have also clarified and made distinction between business ‘risk’ and “fraud, the fund diversions…..” etc. and have emphasized they would be treated separately as they should. Investigating agencies like CBI,ED ,SFIO … and other agencies are already investigating KFA bad loans and ED has already summoned you on 18th Mar too ! The very fact that now you have changed your stand on returning to India clearly points to your ‘guilt’ and anticipation on consequences! So in a way you are indeed an absconder unless you present yourself to the law of the land.

It is really sad the way things are turning out for Vijay....I don't think he deserved it....he has never been a hypocrite. Be that as it may, I feel he is doing total disservice to himself by sounding like a fugitive who is escaping from himself and from realities....He has to take the bull by its horns and face reality squarely....It may be very difficult at the beginning, but good for him in the long run....

Smart guy! Hats off to him! Nail him if you can, if not eat crow!

Hamare papa kehte the, chor to sub hain, sirf degree ka farak hain. Bus beta chori karo par pakade na jaon

It takes years to earn your respect in your business, society and country. Very easy to damage and VM has lost his credability. The longer he leaves it to resolve, tougher it becomes. It will always stays with VM for rest of his life.

I agree business involves loss & gain, but what I can't digest is that he should have paid salaries for his employees and closed the airlines. With the wealth he posses the salary money wasn't a big chunk of his personal wealth, At least please pay now..justice will be served for those who feel the pain for their losses

Sorry to read this but its easy to poke a dead snake. a) Mallya is not Sahara Shri. Mallya ran and operated legitimate businesses. b) Like any business - his one ran in to losses which turned in to unpaid dues to the banks, businesses and employees. c) Lack of Bankruptcy law in India has highlighted this event. If there was any brankruptcy law in India - he could have used it but there is none. d) Fair enough that he needs privacy. e) News channel is portraying him as if he has pocketed those monies himself. But thats untrue. The monies went into a business that failed and even he was pushed to sell his assets and liquor businesses. f) Banks give loans then its for them to retirve it. Its not govt's duty to do banks' job. Govt didnt sanction any loans to him, banks did.

It is sad and unfair that Mr. Mallya has been targeted and hounded by the media which is evidently biased. Business loans that go unpaid due to slackness or death of a business is nothing new. A private limited company and its directors are responsible to the extent of their shares. Malaya has given security which the banks may go after for recovery of their money. Does availing of a loan prohibit you from travelling until the same is paid ?? is there a judgment against him ?? and if so, has he despite the same not satisfied such a decree ?? Businessmen travel all the time, an absconder is someone who is not represented by anybody and nobody knows where he is. A person seeking anticipatory bail cannot by any stretch of imagination be called an absconder. He is before the court, duly represented by counsel and seeking relief that the law mandates. Shame on crony capitalism. Some of the big wigs want to please the voters and hence have started this malicious campaign against him. Of course, its a different matter if TDS has been deducted and not paid to the department, even so, there is an obligation in law to hear his defence and if the same does not meet standards that are already set, then I am sure he will suffer whatever verdict that is imposed on him. Until then, let the king of good times, be left alone.

It is sad and unfair that Mr. Mallya has been targeted and hounded by the media which is evidently biased. Business loans that go unpaid due to slackness or death of a business is nothing new. A private limited company and its directors are responsible to the extent of their shares. Malaya has given security which the banks may go after for recovery of their money. Does availing of a loan prohibit you from travelling until the same is paid ?? is there a judgment against him ?? and if so, has he despite the same not satisfied such a decree ?? Businessmen travel all the time, an absconder is someone who is not represented by anybody and nobody knows where he is. A person seeking anticipatory bail cannot by any stretch of imagination be called an absconder. He is before the court, duly represented by counsel and seeking relief that the law mandates. Shame on crony capitalism. Some of the big wigs want to please the voters and hence have started this malicious campaign against him. Of course, its a different matter if TDS has been deducted and not paid to the department, even so, there is an obligation in law to hear his defence and if the same does not meet standards that are already set, then I am sure he will suffer whatever verdict that is imposed on him. Until then, let the king of good times, be left alone.

I hope he is not a criminal in times, but the views of people might change his way. Because this is not 1st time he was moved out from the country which he usually go. Secondly why people didn't question when he go previously but now? Next comes, the banks... does the bank really turned out on his loans? If yes; why only now? Just make the things in a right way so that he might turn back with a good approach.

I think all banks should post top ten defaulters and what actions they have taken so far...by target Malaya....I agree he should have paid employee dues and fired them all. Most employees would have gained employment if not their incompetence is a reason for this suitability.

Its sad to hear that its not the right time to return, may be he knows law better! if we potray our business men as criminals, what creditability we show to the world? and if Mallaya and others like Mallaya are villians/criminals in india, then where does the indian politics/politicians stand? business make profits and business makes losses, that doesnt mean someone is a criminal, if there is any personal asset that bank can attach, they will do so no matter he is in india or not, moreover a business loss to be blown out of proportion on news channels, i laugh out loud as if they know the KFA statements more than banks, who offered the loans. All i think is, if he is a defaulter, give him time and space to still work or do business, if he stays in market, u still might have a chance to recover, because no businessman is on a satyagrah to sit in jail and prove how nice a human he is, he can be smarter than banks in a case like this and hide wealth in family and stay away from law till his last breath, and then its easy to keep blaming but difficult to recover any money. Sad that our liquor baron who is also an MP feels its not the right time to return, anyways stay happy, stay wealthy wherever you are!

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People, when in power, feel that power is infinite and permanent. They don't realize that their acts pinch common people and earn their curses. Battery of lawyers and loop holes in laws may earn one a temporary reprieve, but atonement can never be put away. Such charlatans are re-born and serve a life-time on streets in abject poverty & misery. That is the power of curses of hurting the poor & the weak ! There have been many powerful dictators & despots who have bitten the dust, hence out-of-favour businessmen are easy catch if a political will is developed. Time is never too late for atonement while one is still fit & active. Repay all the pennies and add a penny more towards charity. Then one can leave a satisfying life; after all how many square meals do you require for a day ? The evenings of life can be very very painful if the curses keep mounting.

He is saying that Bank's should know the risk profile. The thing he ran a bad business model. He took over Deccan Airways and merged it in to his Kingfisher airlines. He cut rates when he should have not. His cash cows were USL and United Breweries he bought Whyte and Mackay for the Scotch inventory it held. He stretched himself everywhere. His father built the business and Vijay Mallya took it a new level. It was bad business model he was following and he had to pay the price

Why Mr Mallya persists with this ridiculous facade is beyond me. Really? You left the country at the exact time when a number of banks want you arrested? That is one hell of a coincidence. Whatever the truth may be, he should return and face his fate like a MAN (or woman of course). An "international businessman" would have nothing to fear, if there were no wrongdoing.

This matter has been in limelight because Vm is evolved and lot of employees have been left unpaid. But such things happen in India courts everyday. Vm is absolutely right that it's business up and down are part of game profit n loss are always siblings. In present case foolish were bankers who just looking into life style of Vm advanced heavy amounts without sufficient security. And if the bankers now expect that Vm will pay u bk bankers ur fool. Leave Vm such bankers should be punished who are so harsh and smart in dealing with small borrowers and so fool in advancing to ppl like Vm. Not only one bank dozen of their management ppl were either bribed or Vm had put chilies in their eyes. Catch such bank officials first else such unsecured defaults will be repeated in future too at least save that.

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Fake interview

I was totally with vijay mallya .He is a buisness man , companies go up ,companies go down.That does not make you a criminal. This shows that Indian still has a long way to go. Buisnesses will loose confidence on the judicial system of the country.I was watching the coverage on youtube .That was just pathetic.

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