Vijay Mallya agrees to pay Rs 13,000 Crore to Indian Banks

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Vijay Mallya agrees to pay Rs 13,000 Crore to Indian Banks

Business Tycoon Vijay Mallya who has been several criticized by Indians for running away with Rs 9,000 crores has finally agreed to pay back the sum. Today, he released a letter written by him to Prime Minister Narendra Modi which dates two years back. While releasing the letter, he said, “I wrote letters to both the Prime Minister and the Finance Minister on 15th April 2016 and am making these letters public to put things in the right perspective. No response was received from either of them.”

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In the letter, he wrote about what happened went wrong with then flourishing Kingfisher. The letter read, “Kingfisher Airlines was truly a world class airline and the recipient of numerous National and International Awards. Unfortunately, the macro economic environment and then government policies conspired against us and Kingfisher Airlines was forced to shut down operations in October 2012. ”

In a statement, Mallya said that he was making all efforts to clear the dues but he was made ‘Poster Boy’ of bank default exposing him to public anger. He stated, “I have been accused by politicians and the media alike of having stolen and run away with Rs. 9,000 crores that was loaned to Kingfisher Airlines. Some of the lending Banks have also labelled me a wilful defaulter”.

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“I respectfully say that I have made and continue to make every effort, in good faith to settle with the Public Sector Banks. If politically motivated extraneous factors interfere, there is nothing that I can do,” he said.

The letter read, “I have made a one time settlement offer amounting to Rs 4400 crores to State Bank of India which they have rejected, ignoring the important fact that several other secured and unsecured creditors have to be settled and paid as well. I believe that I am being discriminated against and not being given an equal opportunity that other borrowers and Asset reconstruction companies have been given by Public sector banks.

Published by Kanika Saini on 26 Jun 2018

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