Vijay Mallya Loses House In London, Read his Journey of Rise and Fall
Vijay Mallaya, known as ‘King of Good times’ does not have a house to live in. Timeline of Vijay Mallya life, A journey of Fame to Shame
Highlights:
- Vijay Mallaya loses battle to keep London home
- Timeline of Vijay Mallya life, A journey of Fame to Shame
- Downfall of Mallyan Empire
Vijay Mallaya loses battle to keep London home as the UK court on Tuesday ordered enforced possession of fugitive businessman Vijay Mallya’s multi-million-pound luxury home in London. This means Mallya and his family (son Sidharth and mother Lalitha who live there) will be evicted from the house. Swiss bank UBS will now take possession of the luxury townhouse, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
The bank had acquired permission to issue a writ of permission against Mallya and his family. It also issued a petition against Rose Capital. This firm is owned by a Mallya family Trust named Sileta Trust.
The British Virgin Island registered company owns Mallya’s London home and had mortgaged it to UBS as security for a 5-year loan of 20.4 million pounds in 2012. The loan expired on March 26, 2017, and the remaining balance on that date was unpaid. After being delayed many times in the past, UBS finally received an outcome on the case.
Vijay Mallya has been declared a fugitive economic offender in India and is awaiting a hearing on extradition to the country. He is wanted in India over fraud and money laundering charges concerning loans taken by his now-defunct airline Kingfisher from banks.
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Timeline of Vijay Mallya life, A journey of Fame to Shame
Vijay Mallya was so-called ‘the king of good times’. He was a businessman who had it all and wanted even more. But he lost it all.
After his father Vittal Mallya died in 1983, he quit his job at a paints company in the US. At the age of 28, he inherited the United Breweries group and the UB group empire.
At 30, he popped into the limelight, with the launch of the Thrill cola brand. UB group was then a market leader in the liquor and processed food business.
However, he had other plans. In the next few years, he sold off his company’s pharmaceuticals, batteries, food, and beverages arm. He spent that money getting into a different market.
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On his son Siddharth’s 18th birthday in 2005, he launched Kingfisher Airlines. It quickly became India’s second-biggest airline.
At 52, he bought the Formula One Team, and Force India. The next year, he bought the Indian Premier League franchise, Royal Challengers Bangalore. He also built a reputation for the fast life, fancy and flashy parties. But the big purchases worsened his debt burden.
Downfall of Mallyan Empire
Mallya was 57 when his airline was shut down. Things got worse from thereon. Creditors started cashing in on guarantees but there was not enough to go around.
He was 60 when the United Spirits board asked him to resign. Banks called him a wilful defaulter. As the lawsuits piled up, he moved to London in 2016. Therefore, authorities revoked his passport. He offered to sell his assets to pay off ₹9091crore in outstanding loans. He said he was the victim of a political dogfight. As India intensified extradition efforts, he faced a possible jail term back home.
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This was Dr. Vijay Mallya one of India’s most controversial, flamboyant businessmen. Mallya is a wanted fraudster in India with charges like money laundering. However, Mallya and Rose Capital plan to contest the recent judgment by seeking permission to appeal from a different judge. However, since there is no stay order, bailiffs can now take an entry to the house. Nevertheless, Mallya has another house in Tewin, Hertfordshire, which he bought from the Formula One driver Lewis Hamilton’s father, Anthony, worth over Rs 100 crore.
