Daijiworld Media Network – New Delhi

New Delhi, Jun 6: Fugitive businessman Vijay Mallya, in his first public conversation in nearly a decade, claimed that he made multiple settlement offers to banks between 2012 and 2015 following the collapse of Kingfisher Airlines, but they were all rejected.

Speaking on a four-hour-long podcast hosted by Raj Shamani, Mallya insisted, “It was always my intention to settle. Never did I say I did not want to pay.” He revealed that he had met the then chairperson of State Bank of India and offered a settlement, which he said was declined as the banks demanded the full Rs 14,000 crore.

Earlier this year, Mallya told the Karnataka high court through his counsel that while around Rs 6,200 crore had already been recovered, finance minister Nirmala Sitharaman had stated in parliament that Rs 14,000 crore had been recovered.

Living in the UK since 2016, Mallya is facing charges of cheating, criminal conspiracy, money laundering, and misuse of loans. Several of his companies, including Kingfisher Airlines and United Breweries (Holdings) Ltd, also face violations under the Companies Act and capital market norms.

Addressing the downfall of Kingfisher Airlines, Mallya said he had approached then finance minister Pranab Mukherjee seeking permission to downsize the airline. He alleged that Mukherjee advised him to continue operations ‘as is’, which marked the beginning of the company’s troubles.

He also clarified that Kingfisher Airlines never directly borrowed from SBI, but the bank became a lender after Kingfisher merged with Deccan Aviation in 2008. The merged entity was supported by a consortium of 17 banks, including SBI.

Mallya said the banks had appraised the airline’s plans and sanctioned loans based on support from the then finance ministry, despite the company’s weak creditworthiness. “To that extent, I am grateful,” he said, adding that he personally infused Rs 3,000 crore from UB Holdings to keep the airline afloat.

Refuting allegations of siphoning funds, Mallya said, “Nobody talks about the money I infused in cash to keep it afloat. I gave my personal guarantee. Does any thief do that?”

He cited entrepreneur Kiran Mazumdar Shaw, who has publicly said that Mallya risked everything for Kingfisher. “But that is not appreciated. That is sad,” he remarked.

Mallya also took aim at the media and government, accusing them of shaping the narrative against him. “That is why I have not bothered about it in the last nine years.”

He emphasized that the Rs 14,000 crore recovered includes his personal shares and properties. “Nobody dreams up share values,” he said, showing Shamani documents from the Debt Recovery Tribunal in Bengaluru.

“Vijay Mallya has not borrowed a single rupee from anybody ever. Kingfisher Airlines borrowed, and I was the guarantor. There is a big difference,” he stated.