In Vijay Mallya’s fairy tale, bewitched lenders are the actual and only victims

[V.Balasubramani]

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In Vijay Mallya’s fairy tale, bewitched lenders are the actual and only victims

Vijay Mallya’s rise and fall ever since he became the chairman of UB Group in 1983, taking over the business empire from his father Vittal Mallya, and growing to become the head of a Rs 9,000 crore business empire to the point of his current exit does sound like a fairly tale. On Thursday, Mallya stepped down as the chairman of United Spirits—the company his family build over years. He also resigned from his post as a director of Royal Challengers Sports and Four Seasons Wines.

Read more at: http://www.firstpost.com/business/i...-are-the-actual-and-only-victims-2644834.html

 

[V.Balasubramani]

[h=1]Vijay Mallya walks into the sunset with $75-mn retirement fund[/h][h=1] [/h]Late Thursday evening, the critics of crony capitalism were offered most powerful ammunition, that too on a silver platter.
In what may be the final chapter of the larger-than-life and unapologetic lifestyle of liquor-to-airline baron Vijay Mallya, UK-based liquor company Diageo agreed to pay him $75 million (Rs 515 crore) to get him out of their hair.

The enthusiasm with which Diageo announced the deal was hard to miss, despite the message being delivered via telephone.

A Diageo spokesperson late on Thursday in Mumbai told reporters across the country that the company was “pleased” -- a term usually reserved to welcome an executive in the corporate world -- to announce the exit of Mallya from the chairmanship of United Spirits Ltd (USL), in which the UK company holds a controlling stake now.

Since mid-last year, Diageo had demanded Mallya’s resignation as chairman of USL after an internal audit claimed to have unearthed financial irregularities in the company that took place prior to the purchase of its controlling stake. Mallya had refused to step down.
[h=1]Read more at: http://www.hindustantimes.com/busin...rement-fund/story-c2m9P4quJKQoQI0Ph4Ip2L.html[/h]

 

[yesmohan]

Vijay Mallyya has walked out jolly well.
He would argue that he was only a lucratively / attractively well paid Chairman of the Company and his liability is limited to the extent of the shares he holds in the company.

His personal properties,could be attached if and only it is proved beyond doubt, that he did a lot of irregularities he had committed. There would be a long legal battle ahead.
A person who could buy IPL teams, would try to buy buy courts also.

Moreover, by this time, Mallayya would have diverted most of the properties in the names of his 3 wives (2 ex and one current)

Mallayya, incidentally, being a Kongu Brahmin is with full of wits to face the situation!!
Banks, now, could have realised .........all that glitters are not gold!!