|  |  |  |  | 

Business Exclusive Headlines News

KingFisher grounded but Vijay Mallya and son globetrot

New Delhi, Oct 21 () : Vijay Mallya,the liquor baron and owner of Kingfisher Airlines is at Korea to watch his team take part in the FI formula race. His son Siddharth is playing beach volleyball with bikini girls in London and looking out calendar girls.

Kingfisher airlines staff and lenders are left in the lurch. With the license being suspended, the staff have no clue of their future as Vijay Mallya did not turn up to meet the aviation minister or DGCA. He was last seen at the shareholders meeting. His personal staff say that he left India in his private jet almost 20 days back. His Airbus ACJ licence is intact even though his Kingfisher operation has been suspended. His private jet has four air hostesses and two pilots.

The employees hope that he turns up for the Grand Prix in Delhi so that they can corner him. A wife of an employee of the aircraft carrier earlier committed suicide due to financial crunch.

Mallya’s son is in London and keeps posting his activities on Twitter. He tweeted about the post 5 pm rush in pubs and released the promo for the upcoming calendar featuring bikini girls and his beach volleyball (again with bikini girls).

Banks have around Rs 7000 crore to get from Kingfisher airlines. Right from the start, the aviation carrier did not make any profit and situation reached the peak in November 2010. The banks infused more money to keep it afloat.

Even last month, some banks released some money which was to be used for paying salaries. Airports and aviation fuel suppliers had long back put the airline on cash and carry mode since it defaulted on payments. Mallya’s clout and also that the collateral offered for the Rs 7000 crore is much lower has the banks in a spot if they initiate a legal recovery because they will have to write off several thousand crores.

kingfisher-grounded-but-vijay-mallya-and-son-globetrot

ABOUT THE AUTHOR