Friday, 30 September 2016

Mallya Bets on Judiciary for relief from Criminal Cases

A defiant liquor baron Vijaya Mallya on Thursday asserted that he would get judicial relief soon from criminal charges filed against him by a consortium of banks for defaulting on loans his defunct airline raised. "I have a great faith in the Indian judicial system and I am sure judicial relief will come our way sooner than later," Mallya said in a transcript read out in absentia at the 100th annual general meeting (AGM) here of the United Breweries (Holdings) Ltd as he is in London since March 2 when he left India. 


Terming the grounding of Kingfisher Airlines as a business failure, Mallya said actions by various government departments against his were unprecedented in the Indian corporate history. "What started as a genuine business failure of Kingfisher Airlines has turned out to be a nightmare despite the fact that the business had failed due to high fuel prices, adverse govern policies, high taxation and the failure of IAE V2500 engines," claimed Mallya addressing the shareholders as the company's chairman. V2500 engines of the International Aero Engines (IAE) power the Airbus A320 family of passenger aircraft.


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