London, October 3: Embattled Liquor baron Vijay Mallya was arrested in London on Tuesday in relation to money laundering cases by Scotland Yard. Mallya is wanted in India after he refused to pay different loans worth Rs 9000 crores. The consortium of banks led by State Bank of India had sued Mallya in the Supreme Court for the recovery of loans.
Mallya had left India in March 2016 after failing to appear before courts. The Enforcement Directorate is also investigating a case under Prevention of Money Laundering Act. Here’s the timeline of actions taken against the beleaguered baron.
2006: Kingfisher Airlines approached IDBI Bank for a loan, bank’s committee declined his proposal after review its plea.
May 2007: Kingfisher Airlines decided to purchase debt-ridden Air Deccan. The acquisition increases the burden of the airlines facing a debt of petroleum companies.
March 2008: The debt of Kingfisher Airlines reached Rs 934 crore after oil prices soar.
October 2009: IDBI reconsiders its decision to provide a loan of Rs 900 crore to the airlines. The bank officials allegedly took bribe to sanction the loan
December 2011: Service tax department suspends 11 bank accounts for non-payment of Rs 70 crore by Kingfisher Airlines
September 2012: Mallya gives guarantees worth Rs 5,904 crore for carrier’s loan. Guarantees provided by Kingfisher’s holding and associate companies rose from R8,863 crore to R8,926 crore in 2011.
September 2014: United Bank of India recognises Union Beverages Holdings Limited, guarantor of Kingfisher Airlines as a wilful defaulter for non-payment of Rs 400 crore of dues.
February 2016: SBI led bank consortium took possession of Kingfisher House in Vile Parle. The banks took possession of the over 17,000 sq ft property at Vile Parle estimated to be worth Rs. 100 crores
March 2016: SBI led consortium moved debt recovery tribunal (DRT) to attach Vijay Mallya’s passport. The consortium said that funds Mr. Mallya will receive from Diageo must be kept in an escrow account till Mallya pays the loan.
March 2016: On March 9, Mallya flee India after failing to appear before the Enforcement Directorate.
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