The courts are searching for the Force India CEO, Vijay Mallya, after he left India with more than $1.3billion of unpaid loans. A collection of banks, to which Mallya owes money, approached the Supreme Court of India on Wednesday, seeking repayment from the Indian businessman.
At the moment, there is no pending legal action against the 60-year-old, but the court would like him to return to India to settle his debts. Mallya is suspected to be in London, somewhere he had planned to move in order to be closer to his children. According to the Central Bureau of Investigation, Mallya left India on March 2.
Mallya made his fortune when he became the chairman of the United Breweries Group, at the age of 28. He is the CEO of the Sahara Force India Formula One team and owns 42.5% of the team, putting him on equal terms with Sahara India Pariwar, an Indian conglomerate which owns an equal percentage of the team. In 2005, he created Kingfisher Airlines, but it went bust in 2013.
The Supreme Court of India is still waiting for Mallya to return to India, so that he can disclose his assets to the court and deal with his debt. It’s unclear whether these financial issues will have any impact on the Sahara Force India Formula One Team, as they prepare for the Formula One season opener on March 20.
