Vijay Mallya’s business model could be at fault: Finance Minister

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Washington: Questioning the “business model” of long-grounded Kingfisher Airlines for Vijay Mallya’s mounting woes, Finance Minister Arun Jaitley has said the airline sector as such is doing well in India with many carriers making good profits.

Mallya, the owner of Kingfisher Airlines and many other companies that owe over Rs 9,000 crore of dues to lenders, is currently in London, defying Enforcement Directorate (ED) summons.

 “I am not giving a final opinion on it. It could be attributed to the business model of a particular company,” Jaitley yesterday said here in response to a question on Mallya, on which he refused to be directly dragged into.”As far as the recoveries are concerned, in this (Mallya) case, banks are taking all possible steps. And whether there have been violations of some penal provisions, the investigating agencies are looking at it,” he said.

A non-bailable warrant has been issued against Mallya after he refused to return to India to appear before the ED on three different occasions on investigations related to a money laundering case against him.

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