About Vijay Mallya
Vijay Vittal Mallya, also known as ‘The Person with Golden Times’ was born in 1955. Vittal Mallya was Popularly known as the director of United Breweries (UB) Group which he achieved at the age of 24. Following his father’s sudden met with an sudden death and the Vijay Mallya became chairman of the UB Group. Like shown in movies Vijay Mallya also like a lavish lifestyle by through parties on big hotel, yacht or New Year Parties at his Kingfisher Villa in Goa.
Vijay Mallya achievements will makes a completely different story. After Becoming the chairman of the UB Group at the age of 28 in 1983, he changed the beverage company into a revolutionary multi national combination of over 60 companies.
By 1998- 1999 the estimated annual turnover had increased by 65% over 15 years to 844 Billion Rupees. The UB Group boasted a national market share in excess of 50% and also controlled 60% of the total manufacturing capacity for beer in India.
Vijay Mallya also acquire
- Crompton, Berger Paints, Best in 1988;
- Mangalore Chemicals and Fertilizers in 1990,
- The Asian Age newspaper and the publisher of the film magazine,
- and Cine Blitz (Hindi and English film magazine),
- a Bollywood magazine in 2001.
Vijay Mallya Kingfisher Airlines
This domestic airline also had a first class Passenger Seats where domestic flights were not allowed to serve alcohol in India, Kingfisher had served free liquor in the lounges for first class passengers. This made Kingfisher the first choice of business travellers .
He planned on expanding the airline globally. As per Indian rules, airlines that have been in existence for only 5 years are not allowed to fly overseas routes. Vijay Mallya decided to bypass this law by obtaining an existing airlines.
He started to make bid for Air Sahara in 2006 but lose to Jet. Later on He was successfully buyed Air Deccan. In 2008, Kingfisher finally received permission to operate on international routes with its first flight to successfully being from Bangalore to London. By 2008, Kingfisher Airlines started carrying 11 Million passengers with a fleet of 77 aircraft operating 412 domestic flights daily. In 2009 Kingfisher airlines has became the Indian market leader with a market share of 23%.
Vijay Mallya Scam
Loans associated with Kingfisher amounted to Rs. 7000 crores. The table below shows the loans taken by Kingfisher from various banks
What Were the Loans Used For?
This was planned to done with the help of shell companies. Vijay Mallya would have received the loan from banks transferred to these shell companies where dummy directors were placed for this purpose.These companies were not active companies and also did not even have an independent source of income.
The directors who were placed here would act as per the directions received from the UB group at the command of Mallya. These companies were located in seven countries including the United Kingdom, the USA, Ireland, and France.
Finally
Vijay Mallya has also made an offer to banks where he would pay them Rs. 4,000 crores in order to settle all his accounts. But as per the news reports lenders together have decided that they need a minimum of Rs.4900 crores to be paid
