Kingfisher Turbulence: Mallya in Trouble? - Money hai to.. Honey Hai

It is hard to believe, but true that Vijay Mallya, the ‘king of good times’ is moving through a turbulence. The Kingfisher Airlines, promoted by liquor baron Vijay Mallya, has become sick now.

According to the rumours and speculations, the company is on the verge of a partial closure. However, Vijay Mallya rubbished these talks and promised full-fledged operation of his 240 scheduled flights.

He has blamed the cash crisis on tax authorities who have frozen Kingfisher's bank accounts over the outstanding dues.

Kingfisher’s Chairman Mallya has asked for fresh funds at a Friday meeting with 18 bankers, led by the State Bank of India (SBI), at its headquarters in Mumbai. Meanwhile, the Income-Tax department on the same day froze the carrier’s bank accounts because it has not paid its dues.

The bankers have stated that the Kingfisher Airways carrier is certainly in financial trouble for which it is going on cancelling its flights.

Mallya, who has been in the news for his colorful lifestyle is now making the buzz for his debt-ridden Kingfisher Airlines. His lavish, flamboyant and playboy lifestyle, travels on his yacht, Scottish castle, beachfront mansion in Cape Town and other activities fascinate many Indians.

Coming to his other businesses, Mallya is also the chairman of United Breweries (Holdings), world's second-largest liquor maker which has annual sales of more than $4 billion.

He also co-owns the Formula One team Force India, the Indian Premier League team Royal Challengers Bangalore, the I-League teams Mohan Bagan A.C and East Bengal FC. He also publishes a Kingfisher calendar of beautiful Indian models – where he often appears flanked by them in photo shoots.

Vijay Mallya is the proud owner of one of the world's most expensive yachts and a cricket and Formula One team, for which he is known as India's Richard Branson.

Mallya could be in trouble because of the loss of Kingfisher Airlines. But, he is not down and out. It would be difficult to write a top level businessman like Vijay Mallya off. He will bounce back sooner than later.