Mallya defiant on 'defaulter' tag;says PNB not 'the only bank'

Days after Punjab National Bank declared him a 'wilful defaulter', embattled businessman Vijay Mallya today appeared defiant saying "PNB is not the only bank and he will do what he has to do".
Known for his flamboyance and hosting lavish parties even when his companies have been declared defaulters by lenders, Mallya also said everybody has his own "perception" about his lifestyle and he would not comment on it.
He, however, maintained his future action was to achieve settlement with banks.
PNB is the third public sector bank to declare now defunct Kingfisher Airline and its two guarantors - United Breweries (Holdings) Ltd and Mallya - as wilful defaulters. Earlier, United Bank of India and SBI had done the same.

Talking to Times Now news channel, Mallya said PNB was "not the only bank" and he "will do what he has to do."
He said he had "no comment to make" when asked about RBI Governor Raghuram Rajan's recent comment on lavish birthday parties thrown by loan defaulters.

"Listen everybody has their own perception. I don't want to comment," he said when asked about his lifestyle.
Mallya said he would not comment on PNB, which had loaned Rs 800 crore to his now defunct airline, declaring him a wilful defaulter. "I have no reaction at all. I don't comment on these things," he said.

"I have no comment to make," he said. "My only future (course of) action is to achieve settlement with banks."
He, however, refused to say how he would achieve that or the timeframe in which he would pay up outstanding loans.
"That is it. I have nothing more to say," he said when asked how he plans to reach a settlement with banks.
Asked about the timeframe for repaying loans or reaching a settlement, he said, "why are asking me the same question in 10 different ways."
Pressed how he plans to achieve settlement with banks, he said, "why are you bothered about my business, please."

When pointed out that questions are being raised because it involved tax payers public money, he said, "Listen, I am making all possible efforts to settle with the banks. Thats all I am prepared to say."
Asked when he would clear every penny that he and his companies owe to bank, Mallya said, "Listen, why are you going on and on. Are you the Government of India or are you the RBI Governor asking me all the questions."
When told that these are the questions that RBI has asked, he said, "fair enough. If RBI asks me any question, I will respond to the RBI."

Asked about PwC report alleged fund diversion, he said, "I don't want to answer about anything. I have not commented to the media and I don't want to comment."
"The operations of the company was further affected due
to the provisional attachment of properties and shares by the Directorate of Enforcement consequent upon their investigation in a purported money laundering case of Kingfisher Airlines Limited. Continuing efforts are being taken to have the temporary embargo lifted which would augment increasing revenue streams."
Giving details of various cases, UBHL said the Enforcement Directorate (ED) had provisionally attached in June the immovable properties of the company based in Bangalore and Mumbai under Prevention of Money Laundering Act for a period of 180 days in connection with investigation against Mallya, Kingfisher and others.

"Pursuant to a Show Cause Notice dated July 11, 2016 received from the Adjudicating Office in this regard, the company is in consultation with its legal counsels for taking appropriate steps that may be required including but not limited to defending the case before the Adjudicating Authority in Delhi.
"As part of the investigations of the affairs of the Kingfisher Airlines Limited, the company has cooperated with all the Investigating Agencies by providing all relevant information, records, data and facts as and when required by the said agencies," it added.
In its annual report, United Breweries Ltd (UBL) has disclosed sitting fees totalling Rs 2.9 lakh and commissions worth Rs 2.83 crore to Mallya, but added that "pursuant to the notice received from the Income Tax department, the company has withheld payments effective March 2016".

At its upcoming AGM, UBHL will interestingly seek approval from the shareholders for a proposal for entering into a a pact for purchase of goods or materials from them (including purchase of beer) from UBL for an estimated amount of up to Rs 150 crore for the current financial year 2016-17.