Vijay Mallya discloses letter written to Narendra Modi in 2016: 'Fall of Kingfisher Airlines caused by circumstances'
Mallya said he has been accused by politicians and the media alike of having stolen and run away with Rs 9,000 crore that was loaned to Kingfisher Airlines
Tired of "relentless pursuit" by "the government and its criminal agencies", Vijay Mallya on Tuesday said he had written letters to both Prime Minister Narendra Modi and the then finance minister Arun Jaitley, on 15 April, 2016, to explain his side of the story.
"No response was received from either of them," he said in a statement, in which he sought to state 'factual position' in response to the controversy surrounding him.
Mallya said he has been accused by politicians and the media alike of having stolen and run away with Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA).
"As you will see, I made every possible effort to save Kingfisher Airlines including investing more than Rs 4000 crores which, sadly has been lost. This was a genuine business failure caused by circumstances beyond control", the KFA founder said in his letter to Modi.
The fugitive liquor baron also released a letter written by the State Bank of India (SBI) to the Reserve Bank of India (RBI). Mallya highlighted the SBI's view from the letter, which said that the lender believed "Kingfisher Airlines had been making every effort to achieve satisfactory performance operations through the infusion of substantial funds and keep the airline as a going concern, despite facing severe constraints."
Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply
The tactical step of a limited agreement that seeks only to calm the borders and lessen shelling and artillery exchanges has been imbued with such lofty goals that the move is likely to get crushed under the weight of expectations
Get around 5% rebate from automakers on purchase of new car under Vehicle Scrapping Policy, says Nitin Gadkari
The policy announced in the 2021-2022 Union Budget by Nirmala Sitharaman mandates a fitness test after 20 years for personal vehicles and 15 years for commercial vehicles
"Not so sasti anymore," Taapsee Pannu responds to the IT raids at her place, referring to Kangana Ranaut's "sasti copy" remark from 2019