Vijay Mallya arrested

S#!t happens!

 

Exactly what I was thinking. Kingfisher just seems to go perfectly with a nice curry.

 

Tikka Masala Curry & Kingfisher... & Pouri... that is a good dinner!

 

I gave up trying to find Kingfisher here.


And I continue to wonder, with ALL the things they are involved in, to the extent they are - where does Red Bull get ALL that money?

 

Doubtful, and sad. They were one of the few times I liked to keep up on.

 

Who knows, maybe they can self-support with earnings from last year's 4th place and money from Perez's Mexican sponsors, what Merc pays for Ocon, sponsors and their new title sponsor.

Force India is about the only thing he ended up managing properly in the long-run.

 

selling a 1cent product for 3 euro a can. infinite profit. their expense is marketing, not production. Same as Nike shoes. Cost is next to zero, still they sell them for ridiculous amounts.

 

Producing a successful soft drink is a license to print money.

It used to be the same for the tobacco industry.

That's how they can spend so much in promotion, advertising and sponsorship.

 

So much of the world these days says: "Hey, he's rich, he MUST be a criminal."

 

If you treat tax avoidance as a crime, then many are !!

 

Well, we could argue for ever about those definitions, but this forum isn't really the place for that.

Lets say that what is tax avoidance by some is considered tax evasion by others.
Many countries are chasing both !!

 

Best post of thread.

 

Mallya's problems weren't tax avoidance initially - Joe Saward has covered his issues in some detail over the years.

Super-abbreviated summary - Mallya was a member of the Lucky Sperm Club, his father built an alcohol distilling and brewing empire that Mallya inherited. Mallya's downfall came when he decided to start an airline, and over-leveraged his family inheritance as collateral for huge, crippling loans for the airline.

Given that Mallya was a terrible business man, the airline was almost doomed to failure, and when it began to fail, creditors began to call in the loans and Mallya began to default on the loans and refuse to turn over collateral. It's those loan defaults that ultimately led to the current situation.

Mallya is genuinely guilty of pretty much all the charges - even though he might be a fun party guy, he has proven himself to be a terrible businessman.

 

Vijay's partner Subrata Roy (Sahara India) too is serving time in an Indian prison/jail:

Since March 2014 he is under judicial custody with a bail amount of 100 Billion Indian Rupees, Sahara India Pariwar - Issuance of Optionally Fully-Fully-Convertible Debentures, by his two group companies, Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing & Investment Corporation Ltd. (SHICL)

On 26 February 2014, the Supreme Court of India ordered the arrest of Subrata Roy for failing to appear before it in connection with the Rs. 24,000 crore deposits his company has not refunded to investors. He was eventually arrested on 28 February 2014 by Uttar Pradesh police on Supreme Court's warrant, in a dispute with Market Regulator - SEBI.[34] In a statement after the arrest, his lawyer said Mr. Roy's 92-year-old mother was in poor health and needed "her eldest son" by her side, and hence he failed to appear at the court.[35] As he has failed to appear in the court during the ongoing legal battle, Mr. Roy has been in custody in the Tihar Jail, Delhi, since 4 March 2014 and his bail plea has been rejected by the Supreme Court of India. Sahara was allowed to sell a part of its assets in India to raise part of the money in question.[36] He was granted interim bail by Supreme Court of India for the same on 26 March 2014 on condition of depositing Rs 10,000 crore with the market regulator SEBI.[37] His deposit of 10,000 crore has not been made and Roy is still in jail.[38] As of August 2014, Roy was trying to sell some of his hotel properties to raise enough money.[39] Roy was granted his first bail for four weeks to perform the last rites for his passed mother[40] which was later extended to the 24th of October.[41]

source: https://en.wikipedia.org/wiki/Subrata_Roy

 

Kingfisher Airline was actually a very popular product,just very badly managed.There are hundreds of pilots/engineers who after 5 years are still waiting for their xx months of salary which was never paid,in the run up to the Airline shutting down.

I would have thought they could freeze his worldwide assets,IF indeed he is actually found guilty of any crime.So you could end up with only 18 cars lining up in the very near future.

 

Credit where due, he grew the small alcohol company that he inherited at a pretty young age to second largest in the world and sold it to Diageo. It was the airline that did him in.

 

Vijay left India essentially the same day he was to be arrested. So yes, he does more than make himself appear to be guilty and unwilling to face justice at home. He has no valid passport and bought himself a nice prison via Anthony Hamilton who was selling his house. He has no where to go and needs a country to offer him a passport if he is willing to give up his Indian citizenship. I see him being deported and facing trial. All of his own doing. A rich coward.

Or....maybe not? http://economictimes.indiatimes.com/news/politics-and-nation/there-is-no-certainty-vijay-mallya-will-be-extradited-after-his-arrest/articleshow/58240633.cms

 

A nice summary of Mallya and his fugitive life - https://www.theguardian.com/business/2017/apr/18/f1-racing-team-boss-vijay-mallya-arrested-london-india

 

I don't know the business law in India, but in Britain, I would prefer to be declared bankrupt rather than become a fugitive for the rest of my life. The courts are more lenient here for people like Mallya, as long as they accept the facts and don't try to evade their responsibility. Of course you have to cut down on your standard of living, but bankruptcy is not shameful as it was before.

I think Mallya's problem is that he wants to keep his outrageous lifestyle in another country regardless of his business collapsing around him in India.

But I feel sorry for the team and the employees whose future is at risk now.

 

UK home secretary clears Vijay Mallya's extradition to India

https://www.businesstoday.in/current/corporate/uk-home-secretary-clears-vijay-mallya-extradition/story/317051.html



India fights for the jewels of Vijay Mallya’s former empire (Lawyers probe complex company structures in hunt for homes and assets of tarnished tycoon)

https://www.thenational.ae/world/europe/india-fights-for-the-jewels-of-vijay-mallya-s-former-empire-1.822395


and

many

more articles stating the same thing.....

 

Standard - I will appeal response. The waiting continues for this idiot to simply face his music.

 

I found it at Fresh Market but it's contract brewed in the U.S. It just wasn't the same as having it in a curry shop in England.....

 

Chicken Tikka Masala was the most popular dish in UK several years ago. Funny thing is you can't get it in India!