No property and no liabilities, just Rs 9,500: Vijay Mallya

NEW DELHI: “Wilful defaulter” and liquor baron Vijay Mallya declared assets worth Rs 615 crore, including a Ferrari car, jewellery, bonds and debentures, according to the affidavit submitted to the Election Commission in June 2010 when he joined the Rajya Sabha. Surprisingly, Mallya laid claim only to a measly Rs 9,500 in cash and no property either as land or home. He also had no liabilities as per the affidavit.

Mallya has been in the spotlight recently after being declared a “wilful defaulter’’ by Indian banks. Despite reportedly having homes in Goa, Mumbai, the US, France and UK, Mallya declared that neither he nor his spouse and dependants own a house. A significant part of his fortune, according to the affidavit, is tied in bonds, debentures, deposits in banks and non-banking financial institutions.

With about Rs 4 crore in deposits in banks and NBFCs, Mallya claimed to have Rs 591 crore in bonds, shares and debentures. These included shares in his companies like United Breweries, Kingfisher Airlines, McDowell Holdings Ltd, United Racing and Bloodstock Breeders, Ganpathy Maliya Investments Pvt Ltd, Kingfisher Training and Aviation Services and VJM Investments among others.

The liquor baron, who ranked as 84th in the Forbes list for 100 richest Indians in 2013, claimed to own a 1989 model Ferrari worth Rs 25 lakh. He and his family own jewellery in rubies, pearls, emeralds, gold and diamonds worth Rs 4 crore and an LIC and other insurance policies worth Rs 13.50 lakh. He also declared assets worth Rs 14 crore in Kamsco Industries, United Spirits and United racing and Bloodstock Breeders Ltd.

Despite this rather “modest’’ fortune, Mallya was declared the second-richest member in the Rajya Sabha when he joined in 2010. In 2011, Association for Democratic Reforms pointed out that he was among the parliamentarians who had declared the highest remuneration-cumulative of directorship, regular remunerated activity and professional engagement. Mallya with remuneration worth Rs 41.4 crore was second only to Congress spokesperson Abhishek Manu Singhvi who received Rs 50 crore per annum, followed by Arun Jaitley (Rs 10 crore), Ram Jethmalani (Rs 8.41 crore) and Naresh Gujral (Rs 4.79) crore and made it to the Top 5.