From escaping India to getting ‘bailed out’ in London: A timeline of Vijay Mallya’s case

Mumbai: Embattled Indian tycoon Vijay Mallya, who has been declared a proclaimed offender, was today arrested in London by Scotland Yard on India’s request for his extradition on fraud charges. However, three hours after his arrest, various TV channels stated that he had been granted bail three hours after his arrest.

Vijay Mallya

Here’s a timeline of the entire series of events.

November 4, 2009

Kingfisher Airlines (KFA) reports a second quarter net loss of Rs 418.77 crore, lays off nearly 100 pilots.

November 25, 2010

KFA Board approves debt recast package. It’s debt stands at over Rs 6,000 crore.

September 28, 2012

Turning down a request for Rs 200-crore working capital loan, the SBI-led lenders consortium asks SBI Capitals to chalk out a fresh revival plan.

October 2, 2012

The carrier declares partial lockout, following a strike by a section of its employees.

October 12, 2012

Non-bailable arrest warrant issued against Mallya & four other directors for non-appearance in cases relating to bouncing of cheques.

October 20, 2012

The airline’s permit is suspended and experts say United Breweries group needs to pump in over Rs 3,000 cr to get KFA airborne again.

November 10, 2012

Mallya loses Royal Challenge when Diageo announces its decision to acquire 53.4% stake in United Spirits Ltd. (USL) for Rs.11,166.50 cr.

December 31, 2012

The carrier loses its flying licence as the DGCA refuses to renew its Air Operator Permit (AOP).

February 17, 2014

CEO Sanjay Aggarwal quits KFA.

July 17, 2014

The Airlines is declared to be the top NPA of the country as it fails to repay loans of over 4,000 crore, mostly borrowed from state-owned banks.

August 9, 2014

CBI institutes a preliminary inquiry against IDBI Bank & KFA. The bank had sanctioned a loan of Rs 950 crore despite the carrier’s negative rating.

August 21, 2014

Punjab National Bank issues notice to KFA alleging that it has willfully defaulted in payment of outstanding dues of over Rs 770 cr.

September 1, 2014

United Bank of India (UBI) declares Vijay Mallya and the three directors of KFA as willful defaulters.

September 2, 2014

SC denies relief to KFA challenging the decision of the Grievance Redressal Committee of UBI to declare the airline and its promoter Vijay Mallya as willful defaulters.

February 24, 2015

A 17-bank consortium led by SBI takes over possession of the prized Kingfisher House, estimated to be worth Rs 100 cr.

October 10, 2015

CBI conducts searches at Mallya’s offices in connection to the Rs. 950 cr loan that IDBI Bank had provided KFA.

February 16, 2016

PNB declares United Breweries Holdings ‘willful defaulter’.

February 27, 2016

The SBI-led consortium of lenders moves the Debt Recovery Tribunal (DRT) to Mallya’s passport.

February 28, 2016

Mallya exits USL.

March 2, 2016

Mallya leaves India for United Kingdom (UK), government informs court later.

March 8, 2016

Banks move SC to ban Vijay Mallya’s overseas travel.

March 30, 2016

SC hears Mallya’s case who offers to repay Rs. 4000 cr. to banks by September, 2016 and gives banks a week’s time to decide.

April 7, 2016

The bank consortium refuses to accept Mallya’s offer.

April 15, 2016

MEA suspends Mallya’s passport for four weeks.

April 24, 2016

MEA revokes Mallya’s passport under Section 10(3)(c) & (h) of Passports Act.

May 2, 2016

Vijay Mallya resigns from the Rajya Sabha.

May 11, 2016

UK says that Mallya cannot be deported and asks India to seek his extradition.

May 13, 2016

Kingfisher Villa at Candolim, north Goa is taken over by the bankers’ consortium, represented by SBI Caps.

June 9, 2016

CBI forms a Special Investigation Team (SIT).

August 13, 2016

CBI registers a fresh case against Vijay Mallya for allegedly cheating a consortium of nationalised banks to the tune of Rs 6,027 cr.

September 3, 2016

ED attaches Mallya’s properties and shares worth Rs 6,630 cr.

November 4, 2016

The Court issues a Non-Bailable warrant against him for allegedly evading summons in a case of FERA violation.

November 7, 2016

At a bilateral meeting between PM Narendra Modi and UK PM Theresa May, India hands over a list of 60 wanted people, including Vijay Mallya, for extradition.

November 16, 2016

SBI writes off loans of 63 wilful defaulters including Vijay Mallya’s Kingfisher Airline’s outstanding dues of almost Rs 1201 cr.

November 21, 2016

CBI obtains a non-bailable warrant against Mallya.

January 19, 2017

The Bangalore Debt Recovery Tribunal (DRT) allows banks to attach properties and recover their Rs 6,203 crore taken by Mallya for KFA at the interest rate of 11.5% p.a.

February 7, 2017

Karnataka High Court orders the winding up of United Breweries Holdings Ltd (UBHL), the parent company of UB Group, for recovering dues payable by the UBHL-promoted defunct Kingfisher Airlines.

February 9, 2017

Acting on the CBI and ED plea, the MEA formally submits papers for Vijay Mallya extradition to the UK High Commission.

April 8, 2017

Actor and producer Sachiin Joshi buys Kingfisher Villa for a little over Rs 73 crores.

April 18, 2017

Scotland Yard police arrests Vijay Mallya in London. He is granted bail three hours after arrest

With Inputs from Indilens & DNA Research and Archives