Bank union calls for Vijay Mallya’s extradition to recover dues

The All India Bank Employees’ Association has demanded a thorough probe into the sanction of loans to Kingfisher Airlines and extradition of Vijay Mallya for recovering bank dues.

Terming the whole episode as “murky” CH Venkatachalam, General Secretary, AIBEA, said that “if Mallya has fled to the UK, the government should order extradition and force a trial.”

Brand value? Questioning the banking principle in sanctioning loan to Kingfisher Airlines based on brand value, he asked: “How was it valued and what happened to the brand value now? When the RBI knew that this is a case of deliberate default, why was no serious action initiated?”

Alleging a nexus in the whole transaction, the AIBEA General Secretary said “deliberate default of huge loans is no less anti-national; stern action should be initiated against such wilful defaulters.”

The association has been demanding declaration of wilful default as a criminal offence. “It is still not clear why the RBI and the government are soft on this suggestion,” he said.