Fugitive businessman Vijay Mallya has stated that he would consider returning to the country if he is assured of a fair trial in connection with accusations of defaulting on loans worth several crores from Indian banks. In a rare and candid four-hour conversation with podcaster Raj Shamani, Mr Mallya, who is wanted in India for alleged loan defaults, addressed the allegations against him, the downfall of Kingfisher Airlines, and his potential return to India. He said he would "seriously consider" returning to India if he is assured of a fair trial and a dignified existence in his home country.
"If I have a fair assurance of a fair trial and dignified existence in India, I will think about it (returning to India) seriously..." Mr Mallya told the podcaster.
On being called "fugitive" and "fraud" because he chose not to come back to India, Mr Mallya said it was "fair". However, he questioned why he is being called a "chor" (thief) and where is the "chori" (theft).
"Call me a fugitive for not going to India post-March (2016). I didn't run away, I flew out of India on a prescheduled visit. Fair enough, I did not return for reasons that I consider are valid, so if you want to call me a fugitive, go ahead, but where is the 'chor' coming from... where is the 'chori'?" he said.
Elsewhere in the podcast, Mr Mallya opened up about Kingfisher Airlines' downfall. He said he approached then Finance Minister Pranab Mukherjee with a plan to downsize the airline to save it. However, his request was met with opposition.
He attributed much of the airline's troubles to the 2008 global financial crisis. The economic downturn had a significant impact on India, affecting nearly every sector of the economy, he said. "The money stopped. It got dry. The value of the Indian rupee also took a hit," Mr Mallya told the podcast host.
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Mr Mallya said that, recognising the worsening economic climate, he reached out to Pranab Mukherjee to seek permission to shrink Kingfisher's operations. "I went to Shri Pranab Mukherjee...and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can't afford to operate under these depressed economic circumstances," Mr Mallya said.
However, he added that his appeal was rejected. "I was told not to downsize. You continue, banks will support you. That is how it all started." Mr Mallya added that despite these assurances, Kingfisher Airlines was ultimately compelled to halt all flights amid mounting financial troubles.
Notably, Mr Mallya left Indian for the UK in March 2016. He has since resided in London, where he fought a prolonged legal battle against extradition to India.
