| Welcome to The Pit Lane. We hope you enjoy your visit. You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free. Join our community! If you're already a member please log in to your account to access all of our features: |
- Pages:
- 1
- 2
| Vijay Mallya Arrest Warrant | |
|---|---|
| Tweet Topic Started: Oct 12 2012, 09:18 PM (739 Views) | |
| Lord Tau | Oct 12 2012, 09:18 PM Post #1 |
![]()
|
http://uk.eurosport.yahoo.com/news/arrest-...-132624203.html |
![]() |
|
| H16 BRM | Oct 12 2012, 10:05 PM Post #2 |
|
Refueller
![]() ![]() ![]() ![]() ![]()
|
Maybe the airport should have impounded some of his planes when they had the chance. |
![]() |
|
| TheCompleteGuitarist | Oct 13 2012, 01:50 AM Post #3 |
|
Driver
![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
So I wonder if they will go to the Indian GP? |
![]() |
|
| everythingoes | Oct 13 2012, 06:26 AM Post #4 |
![]()
|
The warrant is for a rubber cheque his airline issued. The Force India team as such isn't affected by this, not at the moment anyway. The Sahara group have a large holding in it. Now if they too come under the scanner for dubious activity, then the F1 team is up poo-poo creek. It could happen, so keep the cash handy, you could buy yourself an F1 team. |
![]() |
|
| everythingoes | Oct 13 2012, 06:29 AM Post #5 |
![]()
|
Mallya is a clever man. he doesn't own the aircraft, they are leased, so there'd be no use grabbing them. Right now, they're all parked at various airports for free The airline has been ordered not to take any new passenger bookings, so it will grind to a complete halt pretty soon anyway. |
![]() |
|
| Norbert | Oct 17 2012, 09:32 AM Post #6 |
![]() ![]()
|
Isn't it funny how billionaires can have billions while their companies have debts of billions? I wonder where the money goes.....
|
![]() |
|
| TheCompleteGuitarist | Oct 17 2012, 11:09 AM Post #7 |
|
Driver
![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
I think Mallya's problem was he wanted to play with his toys rather than look after his business affairs. I saw my (former)brother in law get mega rich in a very short space of time because he designed a fuel cap cover that made saxos look sexy, he was kind of lucky, and when he actually tried to be a proper business man owner and invest his money in further projects he lost the lot and went bankrupt. I think Mallya might also be suffering from the waining economies. |
![]() |
|
| everythingoes | Oct 18 2012, 07:14 AM Post #8 |
![]()
|
The thing is that for Mallya, the Airline business and F1 foray are small part of his business. His main earning is from his huge liquor business (UB). The others are whims and indulgences. Because he was/ is on such strong financial ground, he was able to borrow heavily from financial institutions for the airline. But the anticipated payback never happened. Now the debt on the airline has risen so high that the creditors are asking for their money back. At that time, in order to placate the banks, he pledged some of his personal shares in UB as collateral. The banks are now calling it in. He might still remain very rich even after all this because the UB shares are spread among other family members, so even if Mallya loses his own shares, they'll collectively still have plenty. If anything, all this is sullying his reputation. But the application of money-cream will assuage the pain. |
![]() |
|
| P1 | Oct 19 2012, 03:08 PM Post #9 |
|
Chief Engineer
![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
Mallya has already settled the outstanding payments. So the arrest warrant which was issued against Vijay Mallya has been withdrawn, meaning he is no longer under threat of being detained. A court case was in the process of being organised, but lawyers have confirmed that it has been cancelled. |
![]() |
|
| TheCompleteGuitarist | Oct 19 2012, 04:16 PM Post #10 |
|
Driver
![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
His most expensive race of the season, I imagine he will want some points from the race to make up for the loss of funds |
![]() |
|
| Pasta | Oct 20 2012, 07:07 PM Post #11 |
|
Chief Engineer
![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
In many jurisdictions with somewhat outdated laws, it is a criminal offense to write a bad cheque/check. We have that in the Philippines as well. If you cover the cheque, then typically the problem goes away. It is not a big deal, really. In fact I suspect it was an administrative oversight rather than an intent to write a bad cheque. I think an issue of the media making a mountain out of a mole hill. |
![]() |
|
| P1 | Oct 20 2012, 07:49 PM Post #12 |
|
Chief Engineer
![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
There is more to it than just media-hype Pasta. As a matter of fact, then also staff salaries have not been paid out as supposed to for several months now. Many departures just cancelled in last minute without warning or any technical issues of such, leaving travelers stranded. And today the Indian aviation authorities suspended Kingfisher's license to fly! That said, Vijay has his money from the liquor/beer company, not the airline. From India Times today:
|
![]() |
|
| Pasta | Oct 21 2012, 04:12 AM Post #13 |
|
Chief Engineer
![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
You are correct P1. I erroneously took the very narrow perspective of the criminality of a bad cheque. |
![]() |
|
| Steelstallions | Oct 25 2012, 10:17 PM Post #14 |
![]()
Driver
![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
Is he another Maxwell millionaire? When that clown bought Derby County the city thought exciting new players, tropheys etc, all he did was make a prat of himself on TV and then pissed off Mossad so they would drown him at sea after he stole the Mirrors pension!!! |
![]() |
|
| P1 | Nov 22 2012, 08:39 PM Post #15 |
|
Chief Engineer
![]() ![]() ![]() ![]() ![]() ![]() ![]()
|
Appears that Vijay Mallya & Co are still flush with cash, as the board just approved a £50 million cash injection into Force India for the 2013 season! Vijay Mallya:
|
![]() |
|
| Go to Next Page | |
| « Previous Topic · Formula 1 · Next Topic » |
- Pages:
- 1
- 2









![]](http://z6.ifrm.com/static/1/pip_r.png)


1:04 AM Jul 11