On a day when reports surfaced of former Prime Minister Manmohan Singh "helping" Vijay Mallya secure loans from public sector banks, the embattled businessman blamed external factors for the grounding of debt-laden Kingfisher Airlines (KFA).
The now-defunct KFA lost its flying licence after the Directorate General of Civil Aviation (DGCA) refused to renew its Air Operator Permit on December 31, 2012.
"KFA collapsed with oil at $140/barrel and State sales tax on top Rupee devaluation No FDI Engine failures. Economic depression need more?", he tweeted on Friday.
Vijay Mallya, along with KFA, is accused of defaulting on loan repayments to banks, most of whom are public sector lenders, including the State Bank of India and IDBI Bank. Besides, employees and vendors of KFA have also made claims that they have not been their salaries/supply bills, respectively.
News18 reported that Manmohan Singh allegedly bailed out KFA during 2011, citing correspondence between Mallya and his employees.
"Thank you for sparing time to meet me on September 8th to explain the... difficulties being faced by Kingfisher Airlines. I had also informed your goodself that we had approached our consortium of Banks, led by State Bank of India to grant us additional financial support urgently. You had asked me to follow up with Mr TKA Nair, which I did and I am deeply appreciative of the fact that Mr Nair immediately spoke to the concerned people in the Ministries involved... (sic)," the channel reported, referring to letter written by Mallya to Singh on October 4, 2011.
28/01/17 S V Krishnamachari/IBTimes
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The now-defunct KFA lost its flying licence after the Directorate General of Civil Aviation (DGCA) refused to renew its Air Operator Permit on December 31, 2012.
"KFA collapsed with oil at $140/barrel and State sales tax on top Rupee devaluation No FDI Engine failures. Economic depression need more?", he tweeted on Friday.
Vijay Mallya, along with KFA, is accused of defaulting on loan repayments to banks, most of whom are public sector lenders, including the State Bank of India and IDBI Bank. Besides, employees and vendors of KFA have also made claims that they have not been their salaries/supply bills, respectively.
News18 reported that Manmohan Singh allegedly bailed out KFA during 2011, citing correspondence between Mallya and his employees.
"Thank you for sparing time to meet me on September 8th to explain the... difficulties being faced by Kingfisher Airlines. I had also informed your goodself that we had approached our consortium of Banks, led by State Bank of India to grant us additional financial support urgently. You had asked me to follow up with Mr TKA Nair, which I did and I am deeply appreciative of the fact that Mr Nair immediately spoke to the concerned people in the Ministries involved... (sic)," the channel reported, referring to letter written by Mallya to Singh on October 4, 2011.
28/01/17 S V Krishnamachari/IBTimes
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