Fearing a decree against him by the British courts, the controversial businessman Vijay Mallya said he is ready to settle all his dues, and that his case was not of bad intention, but a bad business model, which failed.
Mallya stays in London since March 2016 after the allegations of defaulting multi-crore loans had come to surface. He has made a series of appearances in different British courts in relation to his extradition. A consortium of 13 banks is also pursuing the cases against him to recover debts of £1.145 billion from his UK assets.
The extradition case against him in the Magistrates Court is due for a final hearing on July 11. Meanwhile, Mallya has submitted a notice of appeal against a high court decision of May 2018 which upheld the banks’ bid to recover debt from his assets.
Mallya has said that he had intimated everything on his side to the Prime Minister as well as the Finance Minister even in the year 2016 itself but nothing could be heard from either of them.
He said that he was tired of relentless pursuit of him by the Indian Government and its agencies. All his efforts were either ignored or misunderstood, an ailing Mallya said.
In his six-page letter to Modi, when he left the country, Mallya had set out details of loans taken by Kingfisher Airlines and reasons which led to the company’s inability to repay the loans on time. He said that it was just a business failure.
According to Mallya, the Central Bureau of Investigation and Enforcement Directorate filed charge-sheets which are based on totally false allegations.
He said that Directorate of enforcement of the Government of India had already attached his assets which are currently valued at approximately Rs 14,000 crore.
Mallya feels bad about the way he was treated. The recovery of loans is a civil matter which has been converted into a criminal matter in my case, despite my best intentions to settle it all with the banks, he said.
Mallya has objected to his extradition on a number of issues like the absence of a prima facie case, human rights; and the abuse of process aimed at his individuality.