Liquor baron Vijay Mallya said he has made and will continue to make every effort to settle dues with public sector banks. In a media statement, Mallya said he has become a "poster boy" of bank default and a lightning rod of public anger.
Liquor baron Vijay Mallya said he has made and will continue to make every effort to settle dues with public sector banks. In a media statement, Mallya said he has become a "poster boy" of bank default and a lightning rod of public anger.
Mallya claimed that he wrote letters to the Prime Minister Narendra Modi and Finance Minister Arun Jaitley in April 2016 to which he received no response from either of them. He goes on to add that he is making these letters public to put things in the right perspective.
He said bulk of the claim of Indian banks is on account of interest. "Recovery of loans is a civil matter which has been criminalised in my case," Mallya said.
In his statement, Mallya claims to have made settlement offers to the consortium of 17 banks led by the State Bank of India in 2016 after the banks had filed for proceedings in the Supreme Court. He also claimed that recoveries of more than Rs 600 crores have been made through sale of pledged assets and a further Rs 1,280 crore has been lying with the Karnataka High Court.
He also said that he sympathises with Kingfisher Airline (KFA) employees over non payment of salaries and United Breweries had made an application to the Supreme Court in 2014 to pay a part of the salaries to the KFA employees since KFA was in no financial position to do so.
"I would be very happy if the courts would permit utilisation of the substantial interest accruing on deposits of Rs 1,280 crores made with the Hon'ble Karnataka High court since 2013 for payment to eligible erstwhile KFA employees of their legitimate dues," Mallya said.
Mallya claimed that he wrote letters to the Prime Minister Narendra Modi and Finance Minister Arun Jaitley in April 2016 to which he received no response from either of them. He goes on to add that he is making these letters public to put things in the right perspective.
He said bulk of the claim of Indian banks is on account of interest. "Recovery of loans is a civil matter which has been criminalised in my case," Mallya said.
In his statement, Mallya claims to have made settlement offers to the consortium of 17 banks led by the State Bank of India in 2016 after the banks had filed for proceedings in the Supreme Court. He also claimed that recoveries of more than Rs 600 crores have been made through sale of pledged assets and a further Rs 1,280 crore has been lying with the Karnataka High Court.
He also said that he sympathises with Kingfisher Airline (KFA) employees over non payment of salaries and United Breweries had made an application to the Supreme Court in 2014 to pay a part of the salaries to the KFA employees since KFA was in no financial position to do so.
"I would be very happy if the courts would permit utilisation of the substantial interest accruing on deposits of Rs 1,280 crores made with the Hon'ble Karnataka High court since 2013 for payment to eligible erstwhile KFA employees of their legitimate dues," Mallya said.