scorpionking76
EntMnt Knight
Though Kingfisher Airlines was in acute financial distress in 2009, owner Vijay Mallya managed to get a 900-crore loan from state-run bank IDBI, which ignored warnings from some of its officers to hastily and unusually clear the massive amount in just a month, according to the country's top investigating agency.
Mr Mallya, who owned India's biggest spirits company, has been taken to court by a consortium of 17 banks for failing to repay nearly a billion dollars in debt owed by the now-defunct airline.
"All enquiries conducted have failed to find evidence of misappropriation of funds by Kingfisher Airlines or myself," Mr Mallya had said in a statement.
CBI Details How Kingfisher 'Misused' Rs. 900-Crore Loan From IDBI
Mr Mallya, who owned India's biggest spirits company, has been taken to court by a consortium of 17 banks for failing to repay nearly a billion dollars in debt owed by the now-defunct airline.
"All enquiries conducted have failed to find evidence of misappropriation of funds by Kingfisher Airlines or myself," Mr Mallya had said in a statement.
CBI Details How Kingfisher 'Misused' Rs. 900-Crore Loan From IDBI
