2,000 Unpaid Kingfisher Employees Still Mallya Spends Crores On IPL

Mallya Spends Crores On IPL

Bangalore, February 13, Abhijit Saha: The founder of Kingfisher Airlines and the chairman of UB Group Vijay Mallya who is also the owner of the IPL team Royal Challengers Bangalore spent Rs. 58.2 Crore for buying and retaining players in IPL 2014.

When it comes to paying pending salaries to the employees of Kingfisher Airlines he says that he do not have money to pay their salary dues but he has now seen spending crores in buying players for IPL 2014.

Mallya has spent Rs 14 Crore for snapping Yuvraj Singh for his team on the very first day of IPL auction. However, today Mallya filed an official complaint against IPL Governing body blaming his franchise coughed up Rs 4 Crore extra for buying Yuvraj Singh. Overall he has spent Rs. 58.2 Crore on buying and retaining players on wednessday.

With more than Rs. 7,000 crores of debt Mallya losing control in UB Group, one can wonder from where the money to give exorbitant payments to IPL players will come from.

Several winding up petitions have been filed by employees and unpaid creditors against the holding company United Breweries Holdings Limited (UBHL). Also the Karnataka High court   has ordered to scrap the deal between Diageo and United Spirits Limited.

Spokesperson of KFA Prakash Mirpuri said that RCB as a subsidiary of USL and has nothing to do with KFA. He also said that although UBHL had no obligation, it applied for paying KFA employees salary but court has not given any permission. It is not correct to make link between IPL and KFA he said.

Until these issues are sorted out RCB will continue to operate in IPL even if its parent group is loaded with crores of debt and people will continue to question from where Mallya will get the money for paying to the players of IPL or is it honest for him to continue to own the franchise.

Posted by on February 13, 2014. Filed under State. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.