The Rise and Fall of Vijay Mallya

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EXCERPTS

A FLAMBUOYANT BUSINESSMAN

Mallya was known for his flamboyance and for his lavish lifestyle. He had a penchant for glitz and glamor and a chilled out attitude. Mallya called himself the ‘King of the Good Times’ and built up a reputation for the fast life and flashy parties. He hosted lavish New Year’s Eve parties at his ‘Kingfisher Villa’ in Goa which were attended by prominent business personalities, fashion models, film stars, and cricketers. He also organized his birthday parties aboard his luxury yacht, the Indian Empress, or at his other luxurious properties across the globe. In 2003, Mallya launched the trademark annual Kingfisher calendar featuring top models in bikinis. Images of Mallya with bling jewelry posing with Kingfisher calendar models appeared in various magazines. According to analysts, Mallya used his celebrity image to promote his products and considered himself as the ambassador for his company’s tag line, ‘the King of Good Times’. “The biggest problem with Vijay Mallya has always been his profile. People love to hate him...

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TROUBLED TIMES

Mallya reportedly entered and exited 32 businesses since the time he took over as the chairman of the UB Group (See Exhibit IV). Except for some such as the Berger Paints and MCFL acquisitions, none of the other diversifications paid out considerably for the UB Group, analysts said...

AN UNCERTAIN FUTURE?

Mallya fled to London on March 2, 2016. A month later, the Indian government revoked his passport on the request of the Enforcement Directorate (ED) after the agency registered a case of money-laundering against Mallya saying it had found evidence of fund diversion by him over a loan from IDBI extended to KFA...

EXHIBITS

Exhibit I: UBHL-Consolidated Statement of Profit and Loss

Exhibit II: Vijay Mallya on Forbes Billionaire List

Exhibit III: Possessions of Vijay Mallya

Exhibit IV: Business Empire of Vijay Mallya

Exhibit V: Entrepreneurial Journey of Vijay Mallya

Exhibit VI: Net Losses of KFA (in billions of rupees)

Exhibit VII: Vijay Mallya’s Stock Holdings and their Values

Exhibit VIII: Bank Loans Given to Kingfisher Airlines