Finance Minister warned Mallya to pay debts otherwise legal actions may taken

By | March 29, 2016

Finance Minister warned Mallya to pay debts otherwise legal actions may taken

Arun Jaitly, central finance minister has made a statement against Mallya .he asked Mallya to pay the bank debts gentle otherwise legal actions should be taken by lenders. He said that I don’t made any comments, criticizes against any individual person. I don’t have any rancor on him (Vijay Mallya). But it is responsibility of group(Mallya) to settle his borrowings with the banks, he added. The above words are spoken out by Arun Jaitly in an interview.

Banks will recover the money from the collaterals of companies of Vijay Mallya. The dues are nearly Rs.9000 crores. Banks have their security, Banks have connection with some agencies. They have their forcefully (violent) methods with some legal proceedings. All these type of matters being examined by relevant agencies, he added.

The promoter of Air India kingfisher went to London on 2nd march and he had left Bharat (India).supreme court heard that the banks wants to recover his debt money from his group firms.

Finance Minister warned Mallya to pay debts

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Kingfisher Airlines Debts from Various Banks

Kingfisher airlines had taken an amount of Rs.7800 crores from various banks including state bank. And these banks have’ exposure about his debts. Other banks i.e. Punjab national bank, IDBI bank, Bankof India, Bank of Baroda and central banks also exposure on his debts. Punjab national bank, IDBI bank, Bank of India, Bank of Baroda, central bank of India banks are waiting to recover 800 crores, 790crores, 650 crores,550 crores,410 crores respectively from the Vijay Mallya.UCO bank need to recover Rs.320 crores, Corporation bank around Rs.310 crores, Sate bank of Mysore has to recover Rs.150 crores, Indian overseas bank need to recover rs.140Crores,federal bank Rs.90 crores ,axis bank 50 crores and Punjab-Sind bank rs.60 crores.

Finance minister also commented on the NPA’s (non-performing assets).steel, textile, highways and infrastructure sectors are having very low economic conditions. We will work out on this NPA’s, he concluded finally.

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