Former Force India F1 team boss Vijay Mallya loses extradition appeal
Former Force India boss Vijay Mallya has lost an appeal against the decision to extradite him to India to face allegations that he defaulted on loan payments to the tune of GBP 1 billion, while in charge of Kingfisher Airlines.
High court judges rejected Mallya's appeal against the decision that granted his extradition to India, which was initially signed off by then home secretary Sajid Javid. In December 2018, it was ruled that Mallya had misrepresented how funds, that had been loaned to Kingfisher by Indian banks, had been used. This led to his extradition - he had been living in the United Kingdom since March 2016 - being approved. It is believed that Mallya deliberately misled banks by not disclosing how badly Kingfisher Airlines, which folded in 2012, was doing, and used the money he received to fund various ventures, including his Formula 1 team, Force India.
Mallya has, starting in June 2018, repeatedly said that he would be willing to pay back the money he owes Indian banks. However these offers have not been taken seriously.
The self-proclaimed King Of Good Times, Mallya, bought the Spyker F1 team in 2007. The team, renamed Force India, went on to reach mid-field success, and boasts six Formula 1 podium finishes. The Force India team went into administration in 2018, following which it was bought by a consortium led by Lawrence Stroll and renamed Racing Point. Starting next year, it will take to the grid as the Aston Martin team.
- Maruti Suzuki expected to launch Swift Cross to rival Tata Punch, as per reports
- Delhi government changes laws for diesel vehicles over 10 years old
- Tata Motors experience a 38 percent rise in sales for the month of November 2021
- Next-generation Hyundai Verna spotted testing ahead of 2022 reveal
- Upcoming Kia MPV officially named Carens, unveil on December 16