Vijay Mallya’s large accusation towards Pranab Mukherjee: ‘I used to be informed…’
Fugitive businessman Vijay Mallya, who’s going through fraud and cash laundering fees amounting to ₹9,000 crore, has opened up concerning the downfall of Kingfisher Airways in a podcast interview with Raj Shamani.
Reflecting on the demise of Kingfisher Airways, Mallya pointed squarely to the 2008 international monetary meltdown. “So agreed then it labored in your favour until 2008. What occurred then? Easy. You ever heard of Lehman Brothers? You ever heard of the worldwide monetary disaster, proper? Did it not influence India? After all, it did,” he mentioned.
He continued, highlighting the broader financial fallout: “Each sector was hit. The cash stopped. It received dry. The worth of the Indian rupee additionally took a success.”
Kingfisher Airways’ rise and fall
Kingfisher Airways, launched with a lot fanfare in 2005, rapidly gained a status for luxurious service however struggled financially as financial circumstances worsened. Mallya claimed that he had approached then finance minister Pranab Mukherjee with a plan to downsize operations. “I went to Shri Pranab Mukherjee… and mentioned I’ve an issue. Kingfisher Airways must downsize, reduce the variety of plane, and lay off workers, as I can’t afford to function underneath these depressed financial circumstances,” he mentioned.
In accordance with Mallya, his plea was met with resistance. “I used to be informed to not downsize. You proceed, banks will help you. That’s how it began. Kingfisher Airways has been compelled to droop all of its flights. Kingfisher Airways has been struggling. On the time whenever you requested mortgage, the corporate was not doing that nice,” he mentioned.
Mallya left India in 2016 and has since been residing in the UK. He’s presently combating extradition to India.
Additionally learn: Vijay Mallya requested if he would return to India on podcast. His ‘truthful trial’ reply
Full Vijay Mallay interview with Raj Shamani
Mallya on being known as a ‘chor’
On the podcast, Mallya additionally addressed the label of “fugitive” and challenged the general public notion of him as a thief. “Name me a fugitive for not going to India post-March (2016). I didn’t run away, I flew out of India on a prescheduled go to. Truthful sufficient, I didn’t return for causes that I contemplate are legitimate, so if you wish to name me a fugitive, go forward, however the place is the ‘chor’ coming from… the place is the ‘chori’?” he requested.
Earlier this 12 months, Mallya informed the Karnataka Excessive Courtroom that the ₹6,200 crore he owes to Indian banks has been “recovered a number of instances over.” He requested a full accounting of the quantities recovered from him, United Breweries Holdings Restricted (UBHL, now underneath liquidation), and different related events.
