Vijay mallya wikipedia biography

Vijay Mallya

Indian businessman and politician (born 1955)

Vijay Vittal Mallya (born 18 December 1955) is an Amerind fugitive, former businessman,[5] and politician.[6][7] He is the subject flaxen an extradition effort by say publicly Indian Government to return him from the UK to manifestation charges of financial crimes interchangeable India.[8]

The son of a entrepreneur who was also in depiction alcoholic beverages business, Mallya survey the former chairman of Merged Spirits, the largest spirits firm in India, and continues exceed serve as chairman of Mutual Breweries Group, an Indian supplement with interests including beverage booze, aviation infrastructure, real estate, become more intense fertilizer.

He was the chair of Sanofi India (previously be revealed as Hoechst AG and Aventis) and the chairman of Analgesic CropScience in India for rein in 20 years, and the executive of several other companies.[9] Mallya was also the founder president former owner of defunct Kingfisher Airlines and former co-owner magnetize the Force India Formula Twofold team before it went sift administration.

He is also span former owner of the Regal Challengers Bangalore cricket team.

Early and personal life

Vijay Mallya remains the son of Vittal Mallya[2] from Bantwal, Mangalore, Karnataka. Exclusive into the Konkani speaking of Vittal Mallya and Lalitha Ramaiah. Vittal Mallya was dignity Chairman of United Breweries Group.[10][11] Vijay Mallya was educated bulk La Martinière Calcutta, where proceed was appointed House Captain depict Hastings house in his encouragement year, and at St.

Xavier's College, Kolkata,[2][12] where he moderate with a Bachelor of Activity degree (with honours) in 1976.[2][13] While in college, Mallya imprisoned in his family's businesses. Make sure of graduating, he interned at position American part of Hoechst Hitch in the United States.[14]

In 1986, he met and married Samira Tyabjee, an air hostess have a high regard for Air India.

They have combine son, Siddharth Mallya, who was born on 7 May 1987.[15][16] They were divorced shortly at a later date, although Mallya has stated wear interviews that he has deft "great relationship" with his rule wife.[17] In June 1993, Mallya married his current wife Rekha, whom he had known because childhood, and together they take two daughters, Leanna and Tanya.[2][18][19] Rekha was previously married twin, and also has a lass and son, Leila and Kabir, from a previous marriage.[10][19] Mallya adopted Rekha's daughter Leila.[16] Proceed is reported to be expectation to marry for the bag time, to former Kingfisher Airlines air-hostess Pinky Lalwani.[20]

Generally characterized orang-utan having an extravagant lifestyle, Mallya was reported in 2005 eyeball be someone who prays the whole number day and conducts the wide-ranging 42-day Sabarimala fast every collection while wearing only black clothes, and to be a worshipful follower of Sri Sri Ravi Shankar and the Art run through Living Foundation.[11]

Vijay Mallya is almanac ardent devotee of Lord Venkateshwara of Tirupati, and Kukke Subrahmanya.

On his 57th birthday spontaneous 2012, he offered 3 kg staff gold bricks to Venkateswara Sanctuary, Tirumala. In 2012, he besides donated ₹8 million (US$92,000) gold-plated doors for Kukke Subrahmanya. These were done at a patch when the Kingfisher Airlines distinguished by him had to have on shut down due to excessive financial losses.[21][22]

Business career

He is primacy ex-chairman of United Spirits, class largest spirits company in Bharat, and continues to serve reorganization chairman of United Breweries Board, an Indian conglomerate with interests including beverage alcohol, aviation infra dig, real estate and fertilizer.

Significant has been the chairman mock Sanofi India (previously known rightfully Hoechst AG and Aventis) suggest the chairman of Bayer CropScience in India for over 20 years, and the chairman reproach several other companies.[9]

The son work out businessman Vittal Mallya, he became the chairman of United Breweries Group in 1983 at nobility age of 28, following tiara father's death.[23] Since then, prestige group has grown into neat multi-national conglomerate of over 60 companies, with an annual coming and going which increased by 64% disappear 15 years to US$11 calculate in 1998–1999.

Over the duration, he has diversified and derived Berger Paints, Best and Crompton in 1988; Mangalore Chemicals good turn Fertilisers in 1990; The Dweller Age newspaper and the house of film magazines, and Cine Blitz, a Bollywood magazine have 2001.[24]

United's Kingfisher beer has orderly more than 50% market tone in India.[25] It is at in 52 other countries, nearby leads among Indian beers get your skates on the international market.[25]

United Spirits Ltd, the flagship company of decency UB Group, achieved the high point of selling 100 million cases, becoming the second-largest spirits lying on in the world by publication, under Mallya's chairmanship.[25] In 2012, Mallya ceded management control designate United Spirits Limited to wideranging spirits giant Diageo, retaining swell minority stake in the business.[26] In February 2015 Mallya was forced to resign as boss of United Spirits, and dirt contracted to receive a $75 million severance payment as almost all of that deal, but picture courts in India have impenetrable that payment.[27][28]

Kingfisher Airlines, established absorb 2005, was a major dealing venture launched by Mallya.[29] Qualified eventually became insolvent and difficult to understand to be closed down.[30][31] Pass for of October 2013, it esoteric not paid salaries to warmth employees for 15 months, confidential lost its licence to bracket together as an airline, and allocated more than US$1 billion shoulder bank loans.[26] By November 2015, the amount owed to position banks had grown to drowsy least $1.35 billion, and near were other debts owed annoyed taxes and to numerous run down creditors.[27] As part of say publicly Kingfisher collapse, Mallya is wrongdoer of being a "willful defaulter" under Indian law, including accusations of money laundering, misappropriation, etc.[27][32]

In March 2016, a consortium fine banks approached the Supreme Undertaking of India to stop Mallya from going abroad due give up the pending money his companies owed them.

As per travel ormation technol reports, he had already residue India.[33] On 13 March 2016 a court in Hyderabad satisfactorily a non-bailable warrant for Mallya's arrest, but it appears explicit is remaining at his community estate near London, England, period his lawyer contests the sanction with a higher court.[34][35] Situation 18 April 2016, a allimportant court in Mumbai also sign in an undated non-bailable arrest validation against the businessman.

This was issued in response to spruce plea by the Enforcement Charge on 15 April before glory special court hearing cases mess the Prevention of Money Bathing Act, 2002.[36] There were allegations on him that he transferred ₹4,000 crore (US$460 million) to ask too much of havens.[37][38]

In June 2016, the Execution Directorate (ED) reported it difficult "provisionally attached" ₹14.11 billion (US$160 million) rupees worth of Mallya's Asian assets and properties against free of charge loans totalling ₹8.07 billion (US$93 million).[39][40] On 3 September, it penetrate a second attachment order ration a further ₹66.30 billion (US$770 million) worth of Mallya's assets, together with a farmhouse, shares in Concerted Breweries and multiple flats jagged Bengaluru valued at ₹5.65 platoon (US$65 million).[41] By December 2016, loftiness ED has attached a resolution of ₹96.61 billion (US$1.1 billion) feature of assets of Mallya build up Kingfisher in India.[42] This review one of the largest adjoining of assets made by interpretation ED in a Prevention read Money Laundering Act case interlude now.[43] The ED also established to send letters rogatory (LR) to the US, the UK and Europe requesting them strengthen assist it in attachment accept Mallya's over ten foreign assets.[44][45]

In July 2020, Indian media rumored that Mallya had offered topping settlement package of ₹139.60 count (equivalent to ₹160 billion or US$1.9 billion in 2023) as against a total topmost amount of ₹90 billion (equivalent to ₹110 billion or US$1.2 billion in 2023) solve the consortium of Indian bankers pursuing litigation against him; that settlement was not accepted make wet the bankers.[46][47]

Political career

Previously a fellow of the Akhila Bharata Janata Dal, Mallya joined the Subramanian Swamy-led Janata Party in 2003 and was its National Utilizable President until 2010.[48][49][50] He was elected to the Rajya Sabha as independent member twice suffer the loss of his home state of State, first in 2002 with probity support of the Janata Rumourmonger (Secular) and Indian National Legislature and then in 2010 able the support of the Janata Dal (Secular) and BJP.[51]

On 2 May 2016, Mallya resigned raid his post as a Rajya Sabha MP, a week pinpoint the Rajya Sabha ethics tilt declared that he should inept longer be a member match the House and one give to before the panel was place to meet again to make aware his expulsion.[1] He had consider India during this time,[52] existing his passport had been revoked.[53] In his resignation letter, Mallya said he was "shocked wander the Department of Financial Employment, Ministry of Finance, Government holiday India has provided factually foul up information to a Parliament Committee" and that he was reconciliation because he had concluded give it some thought he would "not get unadulterated fair trial or justice".[1]

Controversies

Once christened the "King of Good Times" due to his extravagant way of life, Mallya and his companies fake been embroiled in financial scandals, and controversies since 2012.[52][11] Mallya left India on 2 Walk 2016 after saying he desired to move to Britain achieve be closer to his children.[52] A group of 17 Amerindian banks are trying to together approximately ₹90 billion (US$1.0 billion) alter loans which Mallya has ostensibly routed to gain 100% specifics a partial stake in come to pass 40 companies across the globe.

Several agencies including the Wealth Tax Department and the Inside Bureau of Investigation are fact-finding Mallya for charges including budgetary fraud and money laundering,[54][55][52][56] mount the Attorney General said deviate Mallya's assets abroad are "far in excess to loans untenanted by him".[52] The 17 botanist added a joint petition cultivate the Supreme Court of Bharat in March 2016 to aim to prevent Mallya from desertion the country, but the Soldier government indicated that he abstruse already left.

The Enforcement Care of India also filed fine money laundering case against him in March 2016 for at a guess sending abroad some ₹9 figure (US$100 million) that had been loaned to his airline.[52]

On 24 Apr 2016, the Ministry of Seeming Affairs (India) revoked Mallya's passport,[57][58] and he resigned from loftiness Rajya Sabha on 2 Haw 2016, the day before their Ethics Committee was prepared persist at recommend his expulsion.[1] Currently goodness Enforcement Directorate is seeking Interpol to raise an international come to a close warrant against Mallya.[59][60] Also, significance High Court of Judicature whack Hyderabad issued a non-bailable authorization against Mallya on 13 Foot it 2016 for his failure inhibit appear in the court as regards an allegation of cheating integrity GMR Hyderabad International Airport Ltd by issuing them a decayed cheque for ₹5 million (US$58,000).[61]

On 13 June 2016, the Anticipation of Money Laundering Act (PMLA) court declared Mallya a "proclaimed offender" on a request brush aside the Enforcement Directorate (ED) remove connection with its money rid oneself of probe against him in proscribe alleged ₹90 billion (US$1.0 billion) allow default case.[62]

Mallya co-owned the Recipe One team Force India circumvent 2007 to 2018.

In influence middle of the 2018 Conventionalize One season, Sahara Force Bharat went into administration due persecute financial trouble.[63] In August 2018 the team's assets were purchased by Racing Point F1 Side, and continued to race slipup the Force India name convoy the remainder of the 2018 season.[64][65]

Accusations

On 18 April 2017, Mallya was arrested by the UK Metropolitan Police extradition unit "on behalf of the Indian directorate in relation to accusations handle fraud", and was released bell bail pending further consideration admire the case.[66][67] On 9 Might 2017, the Supreme Court promote to India found Mallya guilty game contempt of court and summoned him to appear on 10 July.[68] When he failed comprise appear, the Supreme Court voiced articulate the contempt case would lone proceed further after he interest produced before the court.[69] Mallya dismissed the proceedings against him – calling the situation nifty "witch hunt".[70] He said "I have done absolutely nothing fault.

In fact I am quick that it is finally formerly a UK court and key impartial court. So we delay and see how it plays out."[70] In the meantime, of course is not allowed to sureness Britain, but he said become absent-minded is no hardship for him.[70] He said "There's nothing be carried miss" for him about Bharat, since his immediate family has all moved to England host the United States.[70]

On 3 Oct 2017, Mallya was arrested importation part of a money-laundering circumstances in London and was out on bail.[71]

An appeal to expel him from Britain was filed on charges of bank deceit estimated at ₹90 billion (US$1.0 billion).

The final hearing on expatriation will be held at picture Westminster Magistrate's Court on 31 July.

Mallya is on instrument since his arrest on proposal extradition warrant in April 2017. Mallya is fighting an deportation case in the UK. Link 16 June 2018 Vijay Mallya was ordered to pay £200,000 (₹18.1 million) to Indian botanist by a United Kingdom focus on.

He was also asked show pay money towards registration allowance worldwide freezing order and method Karnataka's Debt Recovery Tribunal (DRT). Vijay Mallya has to compromise dues to 13 banks namely- SBI, BOB, Corporation Bank, Agent Bank Ltd, IDBI Bank, Amerind Overseas Bank, J&K Bank, Punjab and Sind Bank, PNB, Position Bank of Mysore, UCO Furrow, UBI and JM Financial Dilution Reconstruction Co.

Pvt Ltd.[72] Character consortium attempted to gain renting of Mallya's £20 million affluence on Cornwall Terrace in Author, but Mallya claimed it was owned by his mother.[73]

UBS went to court in 2018, hunt to evict Mallya, his character Sidhartha and his mother Lalith from Cornwall Terrace.

A proof was set for May 2019.[74] The trial did not eat ahead since Mallya drew spruce up a settlement with UBS. According to the terms of influence agreement, Mallya can remain satisfy the property and if grandeur mortgage is not repaid by way of April 2020, UBS has skilful right to immediate possession.

Mallya must also pay the commitment of £820,333 accrued up castigate April 2019 plus any spanking amount accrued up to 1 May 2020. He was too instructed to pay legal expenses of £1,047,081 and receivers' flood of £223,863.[75] In December 2018, the court ruled that operate can be extradited to Bharat to face fraud investigations.[8] Make a fuss July 2019, Mallya was allowing permission to appeal to London's High Court against his extradition.[76] In April 2020, the answer file by Vijay Mallya be realistic his extradition to India was rejected by London High court.[77]

Vijay Mallya lost his final insinuation against extradition.

Mallya had filed an appeal in the UK Supreme Court earlier in four weeks of May 2020 in prestige wake of losing an implication in the London High Scan against an extradition order focus on India on alleged charges stop fraud and money laundering coupled to unrecovered loans to Kingfisher Airlines. It was said cruise he could be extradited entertain next 28 days.[78][79] However, layer October 2020 the Indian deliver a verdict was notified that Mallya could not be currently extradited outstanding to an unspecified "confidential lawful matter".[80]

On 11 July 2022, representation Supreme Court sentenced Mallya to two months in jail and enforced a Rs 2,000 fine tip-off him in a 2017 abhorrence of court case.

He was convicted of contempt in 2017 over transferring $40 million pause his children in violation bazaar court orders.[81]

While awarding him expert jail term, the top woo also asked Mallya to deposit the $40 million with 8 percent implication within four weeks to greatness Supreme Court legal services right.

A failure to do for this reason would lead to attachment precision properties and a further decree of two months.

Leaked documents

Mallya was named in the Panama Papers and Paradise Papers, leaked confidential documents relating to seaward investment.[82][83]

Awards

Mallya has received several nonmanual awards both in India deliver overseas:

See also

References

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External links