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Force India co-owner Mallya cited as 'wilful defaulter'
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Force India team co-owner Dr Vijay Mallya is facing mounting business problems at home after being declared a 'wilful defaulter' in a First Information Report issued by the State Bank of India, the largest lender to Mallya's now-defunct airline Kingfisher which has been grounded since October 2012 and whose assets are in the process of being auctioned off. According to The Times of India and the International Business Times, the bank's grievance redressal committee has rejected arguments made by legal representatives for Mallya, the airline and its holding company United Breweries Holdings. The committee ruled that Mallya's lawyers could not satisfactorily present a...
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