Kingfisher Employees May Finally Get Their Dues, As Vijay Mallya Draws Up Fresh Plans To Clear His Debts

Vijay Mallya and his advisers are working to revise a debt repayment offer that has been rejected by banks to make it more acceptable to them, people aware of the development said. He's conducting a review of his assets in consultation with a legal firm that has financial expertise and may make an offer of staggered payments or a one-time settlement, they said.

This has been prompted by a realization, according to the people cited above, that he needs to be personally accountable as a business leader about employee welfare. Most employees were left high and dry when the airline promoted by Mallya stopped flying in 2012 even as he remained in the public eye for throwing lavish parties and owning stakes in cricket and Formula 1 teams.
"He has hated the term absconder and wants to show that he would have sat down with the banks so that he can revisit the country whenever he wishes peacefully rather than be compared to swindlers," said a person close to him. There was no response to an email sent to Mallya on the subject. Bankers who are seeking more than Rs 9,000 crore in loans and interest from Kingfisher Airlines say a revised offer of some kind should be forthcoming.
To Read the News in Full 21/03/16 Kala Vijayraghavan & Saloni Shukla/India Times