‘Broke’ Vijay Mallya living off his partner & kids
TNN|
Supported by wife and kids
The London high court heard that Mallya’s 'partner/wife Pinky Lalwani' earns in excess of £150,000 (about Rs 1.35 crore) a year and that the former billionaire has just £328 million (Rs 2,956 crore) left in personal assets, all of which he has put towards his settlement offer in the Karnataka high court.
He stated in his response to a bankruptcy petition presented by 13 Indian banks on September 11, 2018, which will be heard in December 2019, that his children and Lalwani 'are supporting him', the banks’ submissions to the court state.
Reuters
How much Mallya owes everybody
Mallya also owes £267,000 (about Rs 2.40 crore) to HMRC and an undisclosed sum to his previous lawyers, Macfarlanes, the written arguments by Tozzi disclose. He has also failed to pay £175,000 (Rs 1.57 crore) of the £375,000 (Rs 3.37 crore) he owes the Indian banks in legal costs.
The court also heard that South African bank Investec is owed £3.4 million (Rs 30.6 crore) by Mallya and has joined the Indian banks in their bankruptcy petition.
"He cannot on any view satisfy judgment of £1.1 billion. He is insolvent," Brisby told the court.
Reuters
Mallya's plan of returning it
The £328 million consists of shares and properties, the value of which may fluctuate, the court heard.
Reuters
But Mallya continues to live a lavish lifestyle
“Mallya continues to live a lavish lifestyle. Dr Mallya is obtaining funding from somewhere for his lawyers. He is suffering no hardship as understood by the man on the street. He is continuing to spend £18,000 a week living expenses and incurring very significant legal costs,” Tozzi said. He gave as an example the costs of Mallya’s application in this case, which exceeded £70,000 (Rs 63 lakh), whereas the banks’ legal costs were just over £29,000 (about Rs 26 lakh).
Reuters
How much he spends on groceries
AFP
