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 Rs 7,000 crore to different banks :
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
2. His valuation in India and International :
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 become Rich ( Dream to reality ) :
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.
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 Bowled Out :
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. Mallya's heart is Impure :
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. Did he loos his empire ? :
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.
Source: Indiatimes