How Vijay Mallya became king of bad times

How Vijay Mallya became king of bad times

NEW DELHI: Vijay Mallya, the former chairman of United Spirits, owes over Rs 7,000 crore to 17 banks. SBI is leading the legal battle in the Supreme Court and Debt Recovery Tribunal against liquor baron. From a flamboyant billionaire to a man who watched his empire go bust, here's how the journey unfolded for Mallya:

1) Mallya owes nearly Rs 7,000 crore to bankers. Here's how it stacks up

Rs 1,600 crore — SBI

Rs 800 crore — PNB

Rs 800 crore — IDBI

Rs 650 crore — Bank of India

Rs 550 crore — Bank of Baroda

Rs 430 crore — United Bank of India

Rs 410 crore — Central Bank of India

Rs 320 crore — UCO Bank

Rs 310 crore — Corporation Bank

Rs 150 crore — State Bank of Mysore

Rs 140 crore — Indian Overseas Bank

Rs 90 crore — Federal Bank

Rs 60 crore — Punjab & Sind Bank

Rs 50 crore — Axis Bank

He, however, claims banks have recovered Rs 1,200 crore.

2. What Mallya owns in India

33% in United Breweries, which is worth Rs 7,000 crore. But more than half of the stake is pledged.

22% interest in Mangalore Chemicals & Fertilisers, which is worth Rs 140 crore. One-third of the shares are pledged. 52%of UB Holdings, a shell company, which has some real estate in Bangalore and other places, but the rentals have already been pledged.
Under 1% stake in Bayer Corp Science, but Mallya remains its chairman.

3. How Mallya became Mallya

1983 | After his father's death, Mallya becomes UB group chairman at 28.
1999 | Launches Kingfisher Strong, which changes beer consumption nationally, is still the largest selling brand.
2002 | Nominated to Rajya Sabha.

4. Mallya's shopping list

2005 | Launches Kingfisher Airlines (KFA). Buys Shaw Wallace, gaining whisky brands such as Royal Challenge
2006 | Buys Herbertsons, makers of Bagpiper whisky and Romanov vodka.
2007 | Buys F1 team Spyker, renames it Force India. Acquires Air Deccan. Buys British whisky maker Whyte and Mackay for £595m.
2008 | Buys IPL team Royal Challengers Bangalore for $111.6m. UB City comes up in Bangalore.

5. How he ruined it all

2012 | KFA staff strike work for nonpayment of salaries, income-tax dept freezes KFA accounts, airline grounds flights. In Oct, govt suspends KFA licence. British alcoholic beverages firm Diageo agrees to buy majority stake in United Spirits
2013 | Diageo acquires 27% stake in USL for Rs 6,500 crore, but KFA lenders do not get any funds.
2014 | United Bank identifies United Breweries Holdings as wilful defaulter.
2015 | Diageo asks Mallya to step down as chairman of the Indian liquor firm but he refuses.
2016 | Banks move debt recovery tribunal, which restrains Mallya from accessing Rs 515 crore he was to receive from Diageo as settlement after agreeing to quit.

6. Kingfisher adds to more pain

Over 1,500 staffers, still on the firm's payrolls after it stopped operation, not paid? On March 5, employees write an open letter to Mallya, saying his 'heart is impure' and he has blood on his hands. They seek PM Narendra Modi's help to get their dues.

7. Mallya's pearls of wisdom

The only regret is Kingfisher Airlines is not flying today when the oil price is so low.

The past few days have witnessed a near hysterical campaign in the media directed against me. All I can say is I hope some sobriety and sense will prevail and truth will not be held hostage to TRPs.

8. Did he say he was broke?

Mallya owns homes in Trump Towers, New York City, and in San Francisco. Game resort in South Africa. A beachfront villa in Goa. He also has a fleet of over 200 luxury vintage cars, a 95m "mega yacht" with a helipad, a Gulfstream private jet.

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