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Vijay Mallya Arrest Warrant
Topic Started: Oct 12 2012, 09:18 PM (739 Views)
Lord Tau
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http://uk.eurosport.yahoo.com/news/arrest-...-132624203.html
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H16 BRM
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Maybe the airport should have impounded some of his planes when they had the chance.
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TheCompleteGuitarist
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So I wonder if they will go to the Indian GP?
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everythingoes
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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.
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everythingoes
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H16 BRM,Oct 13 2012
03:35 AM
Maybe the airport should have impounded some of his planes when they had the chance.

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 <thumbsup>

The airline has been ordered not to take any new passenger bookings, so it will grind to a complete halt pretty soon anyway.
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Norbert
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Isn't it funny how billionaires can have billions while their companies have debts of billions? I wonder where the money goes.....

<peek>
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TheCompleteGuitarist
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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.
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everythingoes
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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.
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P1
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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.

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TheCompleteGuitarist
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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
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Pasta
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P1,Oct 19 2012
03:08 PM
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.

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.
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P1
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Pasta,Oct 20 2012
09:07 PM
P1,Oct 19 2012
03:08 PM
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.

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.

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:
Quote:
 
Aviation regulator DGCA today suspended the flying licence of beleaguered Kingfisher Airlines for failing to come up with a viable plan for its financial and operational revival and resolve the impasse with its employees over payment of their salary dues.

The Directorate General of Civil Aviation (DGCA) has suspended the Scheduled Operator Permit of Kingfisher Airlines till further orders, Civil Aviation Ministry officials said.

Suspension of flying licence implies an immediate halt to all bookings on the entire Kingfisher network as well as through travel agents, the officials said.
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Pasta
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P1,Oct 20 2012
07:49 PM
Pasta,Oct 20 2012
09:07 PM
P1,Oct 19 2012
03:08 PM
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.

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.

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:
Quote:
 
Aviation regulator DGCA today suspended the flying licence of beleaguered Kingfisher Airlines for failing to come up with a viable plan for its financial and operational revival and resolve the impasse with its employees over payment of their salary dues.

The Directorate General of Civil Aviation (DGCA) has suspended the Scheduled Operator Permit of Kingfisher Airlines till further orders, Civil Aviation Ministry officials said.

Suspension of flying licence implies an immediate halt to all bookings on the entire Kingfisher network as well as through travel agents, the officials said.

You are correct P1. I erroneously took the very narrow perspective of the criminality of a bad cheque.
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Steelstallions
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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!!!
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P1
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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:
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We had a board meeting in India after the Abu Dhabi Grand Prix and the board has approved a 50 million-pound capital investment programme for the team.  We are going to invest heavily in new technology and give more tools to our design team to try and move further up the grid.

Looking back at the season so far, we have every reason to feel proud.  We have scored more points than in any previous season and every year we have demonstrated that we have gone up the ladder; and we have taken fairly significant steps - not just baby steps.  Given the tools that we have, which are mostly of the Jordan era, we have done exceptionally well.
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