Vijay Mallya still has pledge-free assets worth more than Rs 5,500 crore

Liquor baron Vijay Mallya’s loan-default case, there is a good news for lenders that the beleaguered businessman still has pledge-free assets worth more than Rs 5,500 crore to back up guarantees provided by him and his UB Holdings

Last Updated: Mar 12, 2016, 04:47 AM IST
Vijay Mallya still has pledge-free assets worth more than Rs 5,500 crore

Zee Media Bureau

Bengaluru: Amid all the hullaballoo related to liquor baron Vijay Mallya’s loan-default case, there is a good news for lenders that the beleaguered businessman still has pledge-free assets worth more than Rs 5,500 crore to back up guarantees provided by him and his UB Holdings, as per Times of India report. As per the report, the given free amount can easily be used as security against loans of about Rs 7,000 crore to Kingfisher Airlines.

 

However, the report also adds, if Mallya doesn’t provide full cooperation, it may take years for the lenders to get the assets attached through court.

Till now, lenders have sold Rs 1,244 crore worth of shares of United Spirits which was the pledged amount. About Rs 1,250 crore is still stuck in courts and out of which Rs 650 crore was deposited by SREI.

 

With his departure from India on March 2 kicking up a row, Mallya, who is facing legal proceedings for alleged loan defaults by his group to the tune of over Rs 9,000 crore, said he will comply with the law of the land.

"I am an international businessman. I travel to and from India frequently. I did not flee from India and neither am I an absconder. Rubbish," Mallya, who is believed to be in the UK, tweeted from an undisclosed location.

He further said: "As an Indian MP I fully respect and will comply with the law of the land. Our judicial system is sound and respected. But no trial by media."