As the banks closed in on Vijay Mallya and urged his arrest, the Indian liquor magnate’s penchant for ‘good times’ has brought the bad times upon him, say some of his closest friends.
Weeks after the State Bank of India , India’s biggest lender, had labeled him as a “wilful defaulter” for the more than $1 billion owed by his now-defunct Kingfisher Airlines, Mallya hosted the mother of all bashes to celebrate his 60th birthday in the beach resort town of Goa last December.
The 2-day party, attended by more than 200 people, featuring a fireworks display and performances by Spanish pop star Enrique Iglesias and Bollywood singer Sonu Nigam, is estimated by his friends to have cost the former billionaire more than $2 million. (Mallya had, however, claimed that Nigam performed for free)
The celebrations took place at Kingfisher Villa, the iconic beachfront mansion in North Goa named after his UB Group’s popular beer. Guests were put up in style at the adjoining Taj hotel resort. In attendance was Mallya’s only son Siddhartha, who had quit his business career a couple of years ago to follow his passion for acting. In 2005, Mallya had launched Kingfisher Airlines with much fanfare on his son’s 18th birthday.
The Goa extravaganza earned Mallya, who is also a nominated member of parliament, the ire of Raghuram Rajan, the much-respected governor of the Reserve Bank of India . “If you flaunt your birthday bashes even while owing the system a lot of money, it does seem to suggest to the public that you don’t care. I think that is the wrong message to send. If you are in trouble, you should be cutting down your expenses,” said Rajan in a January television interview.
09/03/16 Naazneen Karmali/Forbes
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Weeks after the State Bank of India , India’s biggest lender, had labeled him as a “wilful defaulter” for the more than $1 billion owed by his now-defunct Kingfisher Airlines, Mallya hosted the mother of all bashes to celebrate his 60th birthday in the beach resort town of Goa last December.
The 2-day party, attended by more than 200 people, featuring a fireworks display and performances by Spanish pop star Enrique Iglesias and Bollywood singer Sonu Nigam, is estimated by his friends to have cost the former billionaire more than $2 million. (Mallya had, however, claimed that Nigam performed for free)
The celebrations took place at Kingfisher Villa, the iconic beachfront mansion in North Goa named after his UB Group’s popular beer. Guests were put up in style at the adjoining Taj hotel resort. In attendance was Mallya’s only son Siddhartha, who had quit his business career a couple of years ago to follow his passion for acting. In 2005, Mallya had launched Kingfisher Airlines with much fanfare on his son’s 18th birthday.
The Goa extravaganza earned Mallya, who is also a nominated member of parliament, the ire of Raghuram Rajan, the much-respected governor of the Reserve Bank of India . “If you flaunt your birthday bashes even while owing the system a lot of money, it does seem to suggest to the public that you don’t care. I think that is the wrong message to send. If you are in trouble, you should be cutting down your expenses,” said Rajan in a January television interview.
09/03/16 Naazneen Karmali/Forbes
