The man who launched the now-defunct Kingfisher Airlines (IT, Mumbai Int'l) has been charged by the Indian Central Bureau of Investigation (CBI). Authorities have charged Vijay Mallya with criminal conspiracy and corruption and are now hoping to extradite him from the United Kingdom.
Mallya launched Kingfisher in 2005, and it offered domestic and international flights until its financial collapse in 2014. CBI's charges relate to the extension of a USD134 million loan from state-owned IDBI bank to Kingfisher which, at the time, did not meet the bank's approval criteria. The former chair of IDBI, Yogesh Aggarwal, has been arrested in connection with the case, along with eight other bank executives.
In a separate case, Mallya has been banned by the Indian regulator Sebi from the securities market due to an investigation into another of his companies, United Spirits Ltd.
28/01/17 ch-aviation
To Read the News in full at Source, Click the Headline
Mallya launched Kingfisher in 2005, and it offered domestic and international flights until its financial collapse in 2014. CBI's charges relate to the extension of a USD134 million loan from state-owned IDBI bank to Kingfisher which, at the time, did not meet the bank's approval criteria. The former chair of IDBI, Yogesh Aggarwal, has been arrested in connection with the case, along with eight other bank executives.
In a separate case, Mallya has been banned by the Indian regulator Sebi from the securities market due to an investigation into another of his companies, United Spirits Ltd.
28/01/17 ch-aviation
0 comments:
Post a Comment