[blackwasp]

The United Kingdom High Court Monday dismissed a plea filed by liquor baron Vijay Mallya against his extradition to India. The case will now go to UK home secretary, Priti Patel, for a final decision on his extradition. Mallya is facing charges of fraud and money laundering amounting to Rs 9,000 crore by a consortium of Indian public sector banks led by the State Bank of India.

Source

[blackwasp]

Indian fugitive business tycoon and founder of the now defunct Kingfisher Airlines Vijay Mallya can be extradited to India in the coming days "anytime" as all the "legal process" has been completed, top sources in the government said on Wednesday.

The development comes in the wake of Mallya losing his appeal in the UK top court on May 14 against his extradition to India.

A top Enforcement Department source related to the development told IANS, "We will soon bring back Mallya to India anytime in the coming days."
However, he remained tight-lipped on the date of the extradition.

Source

Mallya’s personal assistant told TOI she was unaware of any developments relating to his extradition. "I am not aware of him going back tonight," she said late Wednesday.

Mallya's lawyer, Anand Doobay, from Boutique Law, avoided calls. When asked whether media reports he was being deported on Wednesday night, or any time soon. "There is no extradition happening as of now. The media have picked up an old statement of the CBI," he said. "The situation has not changed. There are delays."

Source

[srini1785]

Sun in my window..
Jail below..
Take me home..
Don't let me go...

[ABHI_1512]

Just remembered a movie by the name of Gangajal by Prakash Jha. There was this line in the movie which when translated to English would sound something like this- Use the pawn is such a way that both the pawn and his master benefits !!

P.S- Any resemblance to the thread is purely coincidental

[alpha1]

My question: ok, so he is extradited, found guilty of financial fraud.
What would be his punishment? Repay the loans that have been defaulted?
What if he proves that he is bankrupt and has no capacity?

Also weren't all his companies with limited liabilities?

[ABHI_1512]

Originally Posted by alpha1

My question: ok, so he is extradited, found guilty of financial fraud.
What would be his punishment? Repay the loans that have been defaulted?
What if he proves that he is bankrupt and has no capacity?

Also weren't all his companies with limited liabilities?

You will be surprised to know that Mallya has been repeatedly tweeting from London to repay the loans he owed in full. No body has responded to him, in public at least !!

[Shreyans_Jain]

Originally Posted by ABHI_1512

You will be surprised to know that Mallya has been repeatedly tweeting from London to repay the loans he owed in full. No body has responded to him, in public at least !!

Very true.

Mallya has made many appeals offering to pay back in full. These got zero traction, at least in mainstream Indian media. Seems the powers at be are more interested in making a spectacle and generating publicity than actually recovering any money.

Regardless, it was the fault of the banks who actually lent huge sums against insufficient and flimsy collateral. How many bankers have prosecuted?

[somspaple]

Originally Posted by alpha1

My question: ok, so he is extradited, found guilty of financial fraud.
What would be his punishment? Repay the loans that have been defaulted?
What if he proves that he is bankrupt and has no capacity?

Also weren't all his companies with limited liabilities?

He'll be prosecuted not (just) for failing to repay but wrt misappropriation of funds for which he'll have to serve prison time along with repayment

[StarrySky]

Mallya's extradition case has been on-going in the British courts for some time. Of course, he would make offers to "pay back in full" while the case is on-going to strengthen his defence (that he is being unfairly prosecuted in India). If he was ready to "pay back in full" while he was still in India, he would've been in far less trouble. But, he chose to flee.

[harry10]

Originally Posted by StarrySky

Mallya's extradition case has been on-going in the British courts for some time. Of course, he would make offers to "pay back in full" while the case is on-going to strengthen his defence (that he is being unfairly prosecuted in India). If he was ready to "pay back in full" while he was still in India, he would've been in far less trouble. But, he chose to flee.

The main contention is Mallaya offering to pay the sum in full which he borrowed, not the interest on it And banks are refusing to accept citing they want the interest too. So, back and forth it goes without any resolution.

[alpha1]

Originally Posted by StarrySky

Mallya's extradition case has been on-going in the British courts for some time. Of course, he would make offers to "pay back in full" while the case is on-going to strengthen his defence (that he is being unfairly prosecuted in India). If he was ready to "pay back in full" while he was still in India, he would've been in far less trouble. But, he chose to flee.

Oh but you underestimate the power of politics in our country:

Originally Posted by Shreyans_Jain

Very true.

Mallya has made many appeals offering to pay back in full. These got zero traction, at least in mainstream Indian media. Seems the powers at be are more interested in making a spectacle and generating publicity than actually recovering any money.

Absolutely true, not just the power but also the public attitude reminds me of the image of villagers in medieval ages running after alleged criminal with pitchforks raised!

Regardless, it was the fault of the banks who actually lent huge sums against insufficient and flimsy collateral. How many bankers have prosecuted?

Somehow the bankers always escape with minimal penalties, remember the global financial "meltdown"?

[moralfibre]

Originally Posted by alpha1

What if he proves that he is bankrupt and has no capacity?

Also weren't all his companies with limited liabilities?

I am not a lawyer but he cannot raise his hands and claim he can't repay. The govt very well knows that they can liquidate his collaterals and recover the principal amount.

Kingfisher was a public company and not a LLC.

Originally Posted by ABHI_1512

You will be surprised to know that Mallya has been repeatedly tweeting from London to repay the loans he owed in full. No body has responded to him, in public at least !!

Originally Posted by Shreyans_Jain

Very true.

Mallya has made many appeals offering to pay back in full. These got zero traction, at least in mainstream Indian media. Seems the powers at be are more interested in making a spectacle and generating publicity than actually recovering any money.

Financial irregularities are not as simple as: "Hey, I committed a mistake of not paying you Rs. 100/- I owed you a decade ago. Let's just forget everything, here's a Rs. 100/- bill".

From what I have heard (in my limited knowledge):

- He has had his loans restructured several times for failure to repay.
- He could not even service his loan interest but kept borrowing more with restructuring plans.
- Diverted funds to shell companies and thereafter to offshore entitites.
- There's a penalty over non-payment which has surmounted to some 12000 crores!
- He had pledged his holdings in UB which during the start of the proceedings was worth a mere Rs. 2000 crores. Over the years it has hit 15000 crores and therefore banks can manage to recover their dues by liquidating his assets.

Regardless, it was the fault of the banks who actually lent huge sums against insufficient and flimsy collateral. How many bankers have prosecuted?

Bankers have been questioned and are a part of the chargesheet.


Looks like there is some affection left for a criminal who:

- Did not pay his employees their salaries!
- Kept going down a spiralling hole while blowing money on his personal fancies.
- Did not deposit PF collections that he deducted from his employee salaries.
- Did not deposit taxes that he held as a part of TDS.

This alone is a mere 300 crores. How about him getting past his tweets and crediting these dues to his employees with interest first as a moral responsibility? And then let's talk about the remaining 9000+ crores he owes a consortium of banks.

Please don't fall for this virtue signalling. If he had the intent to pay, he should have simply wired the money across and not flashed a cheque on Twitter!

[NPV]

Originally Posted by ABHI_1512

You will be surprised to know that Mallya has been repeatedly tweeting from London to repay the loans he owed in full. No body has responded to him, in public at least !!

Tweets don't result in payments/money transfers ; they're just part of his feel-good PR activity.
I read somewhere that he may still try options like using the health grounds saying he fears contracting COVID if lodged in a Mumbai jail or the mercy petition in the UK which I guess he's not pursuing now and hence the talk about him actually being deported soon is making the news. I've heard from some folks that this man's ego is too big and if he decides to get back at someone he will go to any extent. Anyways, for now it feels like the king of good times is finally in bad times. I will still not write him off, anything can happen in such high profile cases.

[aravind.anand]

Originally Posted by NPV

Tweets don't result in payments/money transfers ; they're just part of his feel-good PR activity.
I read somewhere that he may still try options like using the health grounds saying he fears contracting COVID if lodged in a Mumbai jail

Ah well, remember how Nirav Modi was complaining about rats and insects and the lack of hygiene in Mumbai jail to avoid extradiction?

On moral grounds, these guys should be sentenced to life-time imprisonment to teach them a lesson. Flamboyance beyond limits, led to him losing focus on the business IMHO.

[ABHI_1512]

Originally Posted by moralfibre

Please don't fall for this virtue signalling. If he had the intent to pay, he should have simply wired the money across and not flashed a cheque on Twitter!

Originally Posted by NPV

Tweets don't result in payments/money transfers ; they're just part of his feel-good PR activity.

What I said was in jest ! Of course, the man knows pretty well how to hoodwink the authorities. The list of irregularities that he has engineered is long enough which will not be set straight just by paying back the loans.

He is a defaulter for the banks but he is also liable under many acts which are not highlighted by the mainstream media. He may tweet as much for moral propriety but authorities always had the option to stop him from fleeing India at the first place. That he has the gall to actually fight the extradition case itself tells the story. This story will drag on until someone decides to capitalise on it to gain something out of it !