Vijay Mallya’s fall seems to be sealed by the Supreme Court’s decision
to uphold the United Bank of India’s (UBI) decision to declare him a
willful defaulter.
What this means is that Mallya, who is believed to owe Rs 7,000 cr to 17 banks, cannot float new ventures for the next five years. This is a huge blow for the man who once held the Midas touch.
Credit loans too will now be near impossible to come by.It was so different a few years ago. From buying Scotch whiskey maker Whyte and Mackay to F-1 team Force India, to the Royal Challengers Bangalore (RCB) team, Mallya’s name signified flamboyance and success.
But his Achilles heel remained Kingfisher Airlines, one that may bring his empire down – once and for all.
Kingfisher has done enough to ensure Mallya’s image of success has taken a battering.
From non-payment of salaries to employees to the loss of the airline’s license in 2012, that image may never be restored, even if he does survive.
Today, the ‘King of Good Times’ has become a laughing-stock, and what’s even worse for any business tycoon – a man to be pitied – as his numerous assets – yacht, cars, stud farm etc. – are now up for grabs by those not willing to tolerate his shenanigans any longer.
Read news in full 03/09/14 Ashwin Ahmad/Daily Mail
What this means is that Mallya, who is believed to owe Rs 7,000 cr to 17 banks, cannot float new ventures for the next five years. This is a huge blow for the man who once held the Midas touch.
Credit loans too will now be near impossible to come by.It was so different a few years ago. From buying Scotch whiskey maker Whyte and Mackay to F-1 team Force India, to the Royal Challengers Bangalore (RCB) team, Mallya’s name signified flamboyance and success.
But his Achilles heel remained Kingfisher Airlines, one that may bring his empire down – once and for all.
Kingfisher has done enough to ensure Mallya’s image of success has taken a battering.
From non-payment of salaries to employees to the loss of the airline’s license in 2012, that image may never be restored, even if he does survive.
Today, the ‘King of Good Times’ has become a laughing-stock, and what’s even worse for any business tycoon – a man to be pitied – as his numerous assets – yacht, cars, stud farm etc. – are now up for grabs by those not willing to tolerate his shenanigans any longer.
Read news in full 03/09/14 Ashwin Ahmad/Daily Mail
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