Mallya inches a step closer to Indian jail?

Vijay_Mallya
Vijay Mallya (Image credit: India TV)

Fugitive businessman Vijay Mallya on Monday lost his written plea in the UK high court seeking permission to appeal against extradition to India. He had filed the application after UK government signed an order to extradite him in February this year, following the ruling by Westminster Magistrates Court in December last.

According to reports, Justice William Davis had passed the order denying permission to appeal against extradition on April 5. Now Vijay Mallya has five business days to apply for an oral hearing in the UK high court.

The former liquor baron and the owner of Kingfisher Airlines, Vijay Mallya is wanted in India the Rs 9,000 crore loan default case with a consortium of 31 banks. He fled the country on March 2, 2016.

On January 5, he was declared as a fugitive economic offender by a special court under Prevention of Money Laundering Act (PMLA). Subsequently, the government has attached his properties, the value of which is reportedly surpasses the loan amount.

In the meanwhile, Vijay Mallya is accused of leading a lavish life in London. He is still, reportedly, spending about 18,300 pounds a week. Recently, his lawyers said that he was willing to cut down his spending to 29,500 a month. He is still holding 258,000 pounds in his UK’s ICICI Bank account.

A glance back at the fall of the man, who was once described as “the king of good times” by Indian media.

  • 2005: Mallya, who had already owned multiple businesses along with his flagship company United Breweries (UB), launched Kingfisher Airlines, a luxury brand
  • 2007:  He acquired Air Deccan, with UB paying Rs 550 crore for 26% stake. The deal proved to be a disastrous step.
  • 2008: Mallya secured a loan of Rs 934 crores to keep Kingfisher Airlines afloat.
  • 2009: The debt of Kingfisher went up to Rs 7,000 crore. Still Mallya was successful in getting more loan of Rs 900 crore from IDBI.
  • 2011: The license of the Kingfisher airlines was revoked.
  • 2013: Banks approached United Breweries Holdings Ltd(UBHL) seeking repayment of Rs 6,493 crore. The amount went up to Rs 9,091 crore by 2015.
  • 2016: In March, the consortium of banks moved the Supreme Court to stop Mallya from fleeing the country. But he had already fled and taken refuge in London. In November, PMLA special court declared him an absconder.
  • 2017: In February, India sent extradition request to the UK. In April, Mallya was arrested by Scotland Yard in the UK, but granted bail within hours. In December, his extradition trial began.
  • 2018: On March 16, the judge observes that Indian banks had broken the rules to sanction the loans to the Kingfisher Airlines.
  • In July, in response to Mallya’s complaints over Indian jails, the court asked for a video of Arthur Road Jail in Mumbai to verify its suitability to house Mallya.

    On December 2018, Westminster Magistrates’ Court judge ordered the extradition of Mallya. The UK Home Secretary signed the extradition order in February 2019.

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