We don’t think Vijay Mallya would ever stop making the buzz. His recent money laundering scam has cornered the businessman and has all the strong public and private banks of the country literally on his head to get their loaned money back.
After getting a stumping total of Rs 9,000 crore as debt, Mallya has been the target of the nation’s economics and it was very recently when he offered to pay back Rs, 2,000 crore as a settling amount which for obvious reason the banks rejected. Anyone can see what is Rs 2,000 crore in front of Rs 9,000 crore? Quite less isn’t it?
So after his settlement proposal being rejected and getting orders against cancellation of his diplomat passport, Mallya came back with a new deal. He is giving out an offer to pay back Rs 6,868 crore to the banks he owes money. He stated that, “The fresh offer is being made “in the interest of overall settlement” though the validity of the corporate guarantee of UB Group and my personal guarantee is under challenge in the Bombay high court.”
On Thursday the businessman told the Supreme Court that “I am ready to deposit Rs 6,868 crore to a consortium of banks as settlement against a demand of Rs 9,000 crore.”
He added to the above statement saying, “I am ready to clear the debts through a negotiated settlement but it could not be held in a conducive atmosphere given the coercive tactics employed by the government by unilaterally suspending my passport and issuance of NBW. From its inception of KFA, the UB group and its associates had infused large sums of money in it by way of loans, equity participation and liquidation of securities totaling to Rs 6,107 crore, all of which has been lost.”
Now the ball is in the allegationist’s court, the banks in this case. We have to wait to hear what they decide regarding the money they are being offered as the last resort by their culprit Mallya. Will it be enough, or will they still fight to get each penny back?
