What’s going on with Mallya?

Vijay Mallya has not been seen in an F1 paddock this year, which is no great surprise given the multiple problems he has in India, although he himself is not in India and seems less than keen to return. A consortium of banks that is pursuing him for money owed to them by various companies owned by Mallya has recently rejected two offers, the first to pay less than half of what they are owed, the second currently unclear. The banks said that in order to have any sensible negotiation with Mallya he needs to be in India. The banks also want him to declare all his assets both in India and abroad. He has already been ordered to give the court an amount of money that he can afford in order to prove his good intentions. He must reply to the court by April 21. He must also say whether he intends to be in court. Elsewhere he has failed to present himself (for a third time) to the Enforcement Directorate (ED) and is trying to extend the deadline to May. The ED is investigating alleged money laundering in relation to a bank loan. It appears that Mallya does not have access to $40 million that Diageo paid in settlement to get him out of the role of chairman, as this is in a escrow account and will remain so until he signs away a number of privileges, which he is yet to do.

It is worth noting that Mallya’s name is included in the  International Consortium of Investigative Journalists’ Panama Papers, through a company called Venture New Holding Limited – which has been operational since 2006. This is not linked to his other companies.