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Vijay Mallya ready to return to India, but with conditions


Embattled tycoon Vijay Mallya, who is, in his won words, living in “forced exile” in the United Kingdom, has expressed his willingness to return to India but with some conditions.

According to reports, Mallya on Friday chaired a meeting with members of United Breweries Ltd (ULB) board via video conference from London and told them he will come back to India and answer all the questions only if he is “assured of safety and freedom.”

After the meeting, a few board members talking to media, said that Mallya is in serious negotiations with the banks and he is committed to repaying loans. The ULB board and the strategic partner Heineken have decided to stand by Mallya, for now.

"For now, the board stands by him and sees no corporate governance issues and would monitor progress until the next (board) meeting in August,” Sunil Alagh, an independent board member was quoted as saying in The Economic Times.

Mallya left India on March 2 as the consortium of 17 banks led by the State Bank of India was closing in on him for defaulting on over Rs 9,000 crore worth of loans provided to his Kingfisher Airlines, which has been grounded since 2012.

The Enforcement Directorate has requested the UK to extradite Mallya, who is also under investigation over money laundering charges.

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