Arrest warrant issued for Indian magnate Mallya: reports
AGENCE FRANCE PRESSE
NEW DELHI, Oct 12: A local court in the southern Indian city of Hyderabad on Friday issued an arrest warrant for billionaire Vijay Mallya, owner of debt-ridden Kingfisher Airlines, reports said.
The warrant was issued against Mallya, who also owns a Formula One team, over Kingfisher cheques to the operator of Hyderabad International Airport that bounced, PTI news agency reported.
Five other directors were named in the warrant over the cheques, which were for 100 million rupees ($1.9 million) for user fees at the airport, which is run by Indian infrastructure group GMR, The Times of India reported.
Kingfisher, which has billions of dollars in debts, has not paid staff for seven months and is desperately seeking a foreign buyer to save it from complete collapse.
The warrant is the latest blow and comes after India´s civil aviation regulator issued a notice to Kingfisher, which has grounded its fleet for the last two weeks, threatening to cancel its licence.
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Arrest Warrant Issued For Indian Magnate Mallya: Reports
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