Wednesday, August 01, 2018

Kingfisher loan case: Is embattled liquor baron Vijay Mallya finally saying goodbye to his defiant self?

Early this month, even as the Indian Parliament was preparing to pass the Fugitive Economic Offenders Bill, there was a dramatic change in Vijay Mallya’s approach to the Kingfisher loan default case. The liquor king finally seemed to say goodbye to his defiant self in the battle with banks and Indian investigators and appeared more cooperative.

Mallya sent feelers indicating his willingness to return to his homeland and face the law and settle with banks. Remember, this was the same man who openly challenged the investigators saying “By taking my passport or arresting me, they are not getting any money.”

Of course, the reason for this change wasn’t hard to understand, Mallya knows that his options are now limited with the new legislation coming to effect, which will ostracise an offender from any civil rights to make his case legally and gives the power to local authorities to attach his assets and initiate proceedings. Mallya has high chances of being declared as an economic offender.
01/08/18 Dinesh Unnikrishnan/First Post