Bankers Column - News & Views
Saturday, May 24, 2014
SBI exploring ways to declare Vijay Mallya 'wilful defaulter'
State Bank of India, which has an exposure of Rs 1,600 crore to grounded airline Kingfisher, today said it is exploring ways to declare the carrier's promoter Vijay Mallya as a 'wilful defaulter'.
"We are looking at various ways to declare Vijay Mallya a wilful defaulter and trying build a strong case in that regard," an SBI source said.
The source said that as per RBI guidelines, it would have to be proven that the borrower had diverted funds which he taken from the bank and not paying up despite having the ability to pay.
"If we are sure on these two points, then the bank will declare Mallya a wilful defaulter," the source said.
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