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Mallya ready to return to India but on these conditions

Vijay Mallya is willing to repay the loans in full and is in negotiations with his lenders to reach an acceptable settlement offer

Policy Pulse
Publish Date: May 16 2016 1:37PM | Updated Date: May 16 2016 1:37PM

Vijay Mallya is ready to return to India, he told the United Breweries board via video conferencing. Mallya, who has been in London since March 2, however, told the board of directors that he will only return to the country is he is assured safety of passage and his freedom, the board members confirmed.

According to reports, Kiran Mazumdar Shaw, who is the Independent Board Member of United Breweries said that Mallya is in serious renegotiations with the banks and is working on yet another settlement deal which he intends to fulfil.

"Mallya has assured us that he is in serious negotiations with the banks to repay the loans as soon as possible. He has said he is willing to return to India to answer all questions but he has to be assured of his safety and freedom," Kiran Mazumdar Shaw, has been quoted as saying.

The UB board and its strategic partner Heiniken are backing Vijay Mallya completely, a report in India Infoline said.

Another independent board member also said that Mallya had every intent of paying the loans.

In the latest round of actions, the Enforcement Directorate (ED) has asked around half a dozen lenders of Kingfisher Airlines to furnish details of the financial transactions conducted by the now-grounded airline and its top executives.

They are looking to ascertain if there was any instance of money laundering.

So far, the ED was focussing on Rs 900-crore loan that IDBI Bank had given to KFA. The move to seek details from more banks indicates widening of the probe into the Mallya saga.