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(Source: Reuters/ Times Now)

Big victory for Indian govt, Vijay Mallya ready to settle his dues

New Delhi: Beleaguered businessman Vijay Mallya, who is currently in the UK, lashed out at critics for conducting a shoddy investigation and feels that the “time has come” for to state the factual position in the reply to the controversy, reported news agency Reuters.

Mallya said he had made efforts to contact the government and PSU banks, citing a letter that he wrote in 2016 to Prime Minister Narendra Modi.

Mallya, 62, said he is tired of the relentless pursuit to recover dues from him, adding that he is tired. “Have become a poster boy of bank default and a lightning rod of public anger,” he had mentioned in the letter.

As per the letter, Mallya has also agreed to settle the dues of Indian banks. However, he made it clear that some of the claims made by the consortium of banks are bogus. He said, “Bulk of the claims of PSU Banks is on account of interest.”

According to the new statement, Mallya has also agreed to repay dues worth Rs 13,000 crore that he owes to the banks. The development comes at a time when the investigative agencies in India have ramped up their efforts to extradite him back to India. It is worth mentioning here that Mallya has been under constant pressure from authorities.

“I respectfully submit that this is a clear example of politically motivated abuse of power with no legal basis whatsoever and raises a fundamental question on whether the government wants me to repay public sector banks or not,” he said. He went on to blame the Enforcement Directorate for misusing power bestowed on them in the case.

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