Business

Why Vijay Mallya's arrest in London gave bankers a high

The excitement that many showed on social media and on television after Vijay Mallya was arrested by the Scotland Yard in London on April 18 was doused after news of his subsequent bail came out.

Nevertheless, as the London court hears a case to extradite him to India on several charges ranging from money laundering to tax evasion to loan default, hopes are high that at the end of it all, he will be handed over to the Indian authorities.

Those who rejoice most, would be the bankers and Mallya's exstaff, whom he owes money. After all, Indian banks have alleged he owes them Rs 9,000 crore, interest included, which he raised from them to fund his airline, which subsequently grounded, much before he fled to London on March 2 last year.

On the other hand, he reportedly owes his 3,000 strong staff Rs 300 crore in unpaid dues over several months. The real trouble for Mallya started in November, 2015, when the State Bank of India (SBI), the largest lender to Mallya who owed it Rs 1,600 crore, declared him and two of his group companies, the now defunct Kingfisher Airlines (KFA) and its holding company United Breweries Holdings, as wilful defaulters.

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