India’s business tycoon Vijay Mallya on Wednesday (5) asked various Indian banks to accept his offer to repay 100 per cent of the principle loan sum he is liable to repay them.
Mallya’s offer has come just a few days ahead of UK court’s judgement on his petition not to extradite him to India.
Mallya also added that his extradition from the UK to India will take its own legal course, while offering to repay 100 per cent of loan obtained from Indian banks.
The former liquor baron who is on bail in the UK on an extradition warrant after his arrest in April 2017 and is on his legal battle against efforts undertaken by India investigators to extradite him to India on charges of fraud and money laundering worth Rs 90 billion.
The business tycoon in his series of tweets said that the huge sum of loans he took from the banks moved to maintain presently grounded Kingfisher Airlines amid rising air-fuel prices.
“I see the quick media narrative about my extradition decision. That is separate and will take its own legal course. The most important point is public money and I am offering to pay 100 per cent back. I humbly request the Banks and Government to take it. If payback refused, WHY ?,” said Mallya in a tweet.
"For three decades running India’s largest alcoholic beverage group, we contributed thousands of crores to the State exchequers. Kingfisher Airlines also contributed handsomely to the States. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it", Mallya said.
"Airlines struggling financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that’s where Banks money went. I have offered to repay 100 % of the Principal amount to them. Please take it," Mallya added.
Mallya’s latest offer appeared on his Twitter account hours after AgustaWestland VVIP chopper deal agent Christian Michel was brought to India from UAE. The extradition of Michel is the first case after India started same legal proceedings against economic offenders including Vijay Mallya, Nirav Modi, and others.
Westminster Magistrates' Court is expected to pass its judgement on Mallya’s extradition trial in London on December 10.
The extradition case was started at the London court last year with an objective at laying out a prima facie case of fraud against Mallya and establishing there are no hurdles to him being extradited to face legal proceeding in India over the allegations related to loans made out to his Kingfisher Airlines.
Yet another court case in the UK, Mallya had also lost his appeal in UK’s Court of Appeal against a High Court order in favour of 13 Indian banks to recover loans nearly £1.145bn.
The incident occurred on the same day Labour leader Sir Keir Starmer addressed the audience at London Tech WeekGetty Images