Vijay Mallya keen on returning to India; makes new settlement offer to SBI

Zee Media Bureau

Mumbai: Vijay Mallya is serious about repaying his loans and honouring all commitments, according to the directors of United Breweries Ltd.

The Economic Times reported that the board has not taken into account the unsubstantiated charges against Vijay Mallya and are backing Mallya to the hilt. Vijay Mallya chaired the board meeting of the company by video-conference on Friday, and has even made a new settlement offer to the main lender State Bank of India.\

Against the earlier speculation that Heineken will take control of UBL and ask Mallya to step down as chairman, the board members shared that Mallya has the full support of the company's strategic partner. Heineken had acquired a 37.5% stake in UBL in 2008, which has increased to 42.4% over the time.

Vijay Mallya is living in the UK since around March fearing imprisonment on charges of loan default and money laundering. “He has said he is willing to return to India to answer all questions but he has to be assured of his safety and freedom," said the report quoting Kiran Mazumdar-Shaw , independent board member.

The paper reported that the board will watch Mallya's progress in honouring his commitment and inclination for resolving the matter over the next few months until the next board meeting in August.

The Enforcement Directorate is seeking to extradite Mallya from the UK and try him in money laundering charges. The banking consortium lead by the SBI is seeking more than Rs 9,000 crore which was given to Kingfisher Airlines in 2012.