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Vijay Malya In Ccl. Purchases A New Team For 2 M $

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PNB's announcement followed State Bank of India's move to declare Mallya and UBHL as wilful defaulters, though the company challenged the move in the Delhi high court.But Mallya-ji Had Huge Plans For His Birthday Featuring EnriqueShares of UB Holdings, the holding entity of Mallya-promoted companies and also the defunct Kingfisher Airlines, dived 11% to close at Rs 20 on Tuesday compared to a 1.5% fall in the sensex.Reports surfaced last week about Mallya, who also controls Force India F-1 team and IPL franchise Royal Challengers Bangalore, purchasing Barbados Tridents team in the West Indies for about $2 million (Rs 14 Crore approx) franchisee fees. Mallya's interest in Caribbean cricket dates back to the mid-1990s when he sponsored the West Indies team, spicing up his good times branding.When Mallya's Personal Jet Was Sold Off In ScrapIndia's defaulting business tycoons are under increasing pressure as the RBI is prompting lenders to be proactive in tackling mounting bad loans. The Supreme Court on Tuesday asked the RBI for a list of companies that are in default of bank loans of more than Rs 500 crore, or whose loans have been restructured under corporate debt restructuring schemes.A consortium of 11 banks, led by SBI, has an overall exposure of Rs 6,203 crore to Kingfisher. PNB has an exposure of Rs 800 crore and SBI Rs 1,600 crore. Banks have been struggling to recover their dues from Kingfisher as they do not have much enforceable security. "The company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard," UB Holdings said in a filing with the BSE.When We Thought He Will Lose It All, Except For The Crazy HaircutThe 'wilful defaulter' tag is related to the loans taken by the company for the Kingfisher Airlines, which has been grounded since late 2012. The airlines' licence was suspended by the Director General of Civil Aviation (DGCA) following a strike by the employees. PNB, which like many other public sector banks, has reported disastrous third quarterly results over higher loan loss provisions. It sent a letter dated February 11 to UB Holdings informing it of the move.Originally published in the Times of India

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