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Beleaguered UB Group boss Vijay Mallya suffered twin blows on Monday after he was forced to quit as chairman of Mangalore Chemicals & Fertilizers (MCF) even as the ministry of corporate affairs (MCA), in a rare move, rejected his reappointment as managing director of the grounded Kingfisher Airlines.
In This Pic : Vijay Mallya
Pic Courtesy : PTI
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The unfolding developments were triggered by a recent State Bank of India (SBI) letter to companies where Mallya is a board member, stating that fresh funding would be denied to them. SBI-led consortium is working on declaring Mallya a wilful defaulter after making little headway in recovering over Rs 7000 crore advanced to Kingfisher Airlines.
In This Pic : Vijay Mallya
Pic Courtesy : BCCL
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MCF, which has SBI as a
large lender, didn't have the muscle to repay the loans and would have
struggled to stay afloat without adequate working capital support. This
possibly paved way for Mallya's exit from the board, a first such
resignation after being defiant in the face of mounting pressure from
banks and investors.
In This Pic : Vijay Mallya
Pic Courtesy : BCCL
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Some of the larger companies with which Mallya is associated — United Spirits, for instance — repaid the loans to stay off the hook. MCA's rejection of Mallya's reappointment at Kingfisher Airlines also stemmed from the opposition by the banking consortium, which has struggled to liquidate some of the defunct company's assets.
In This Pic : Vijay Mallya
Pic Courtesy : BCCL
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Mallya, who is travelling
abroad, did not respond to repeated calls. A UB group spokesperson said
Mallya was unreachable and would return to the country on Thursday.
In This Pic : Vijay Mallya
Pic Courtesy : BCCL
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