"Not an absconder, media bosses should not forget favours I did to them" - Vijay Mallya tweets from London. Kingfisher CFO Appears Before ED..


Former Chief Financial Officer (CFO) of now defunct Kingfisher Airlines, A Raghunathan appeared before the Enforcement Directorate, Mumbai on Friday for questioning regarding money laundering probe in the alleged default of over Rs 900 crore loan from IDBI bank. The ED had issued summons to over half a dozen officials of the bank and Vijay Mallya-owned KFA under provisions of the Prevention of Money Laundering Act (PMLA) wherein all the individuals have been asked to submit details about their personal finances and Income Tax Returns (ITRs) of last five years to the investigators. In SBI vs. Kingfisher airlines case, which was heard before Justice Kurian Joseph & Justice Rohinton Nariman, Mr. Rohatgi (Attorney General) argued that Mr. Mallya had left the country on the day the IA was filed in DRT. Vijay Mallya has responded via series of Tweets: Loan of over Rs 9000 crores was given, and the case is related to repayment of the loan. Supreme Court has issued notice to be served on Mr. Mallya through his company , to him personally, through the Indian High Commission in London and also through his official Rajya Sabha email ID. As per some analysts, this is for the first time that a legal notice has been served to a Rajya Sabha member using his official email id. In the notice, Supreme Court has given Mr. Mallya two weeks time to respond. Court also asked banks that why a defaulter was provided with a loan? Bank replied that the loan was provided to Kingfisher Airlines on the basis of their brand value and other assets. Supreme Court stated that banks should first secure assets and then give loans. As service tax dues of Rs 100 cr is pending, petitioners want to seize Mr. Mallya’s passport. When matter came infront of Justice CV Bhadang at Bombay High Court, he asked to wait till Supreme Court’s decision. Next hearing has been listed for March 30th, 2016.

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