Vijay Mallya Again Offers 100 Percent Principal Amount to Banks

Businessman Vijay Mallya once again offered to repay 100 per cent of the principal amount owed to banks. Banks got the fresh petition after a three-day British High Court appeal concluded against a deportation order to India.

On February 13, outside the Royal Court of Justice, Vijay Mallya said to media, "I request banks with folded hands, take 100 per cent of your principal back, immediately."

Vijay Mallya, 64-year-old, while defending himself also said the Enforcement Directorate (ED) attached his assets on complaints filed by a consortium of banks about non-payment of fees. Anyhow he denied having committed crimes under the Prevention of Money Laundering (PMLA) Act.

He said, "Enforcement Directorate attached the assets on the complaint by the banks that I was not paying them. I have not committed any offences under the PMLA (Prevention of Money Laundering Act) that the Enforcement Directorate should suo moto attach my assets."

Vijay Mallya, who is wanted in India for deceiving an association of banks for the amount of Rs 9,000 crore, was present during the three-day hearing, which was heard by a two-bench counsel of Lord Justice Stephen Irwin and Judge Elisabeth Laing.

The appeal against the extradition order depended on whether there is a prime case of fraud and deception against Mallya. But his lawyer insisted that Kingfisher was a "business failure," while the prosecution claimed that his intentions were not to honour the loan.

Mark Summers, who leads the case for the Indian government from The Crown Prosecution Service (CPS), said, "Mr Mallya always intended to never honour his personal guarantee."

"We submit that he lied to get the loans, and then did something with the money he wasn't supposed to and then refused to give back the money. A jury could perceive all this as patently dishonest conduct," Summers further added.

During the three-day hearing, Mallya kept providing suggestions and details to his legal team. While speaking to India Today TV, he said, "I am saying, please banks take your money."

Mallya also criticized the ED and CBI for being irrational and said, "If the CBI and the ED are going to be reasonable, it's a different story. What all they are doing to me for the last four years is totally unreasonable." During the three-day hearing to take notes a team of ED, CBI and the Indian High Commission were present too.

After a few weeks, the bench encompassing Lord Justice Stephen Irwin and Justice Elisabeth Laing is likely to give a verdict in the case.

Vijay Mallya has been released on bail since his arrest for an extradition order in April 2017 involving a bail worth 650,000 pounds and other restrictions on his travel while he is challenging that decision.