Mallya’s financial issues would not affect Force India
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The Deputy Team Principal of Force India Bob Fernley has insisted that the financial position of Vijay Mallya will not affect the ambitious operations of Force India. The statement came after the news that the Team Principal of Force India, Vijay Mallya failed to payback its Kingfisher Airlines’ lenders, who look set to claim his assets as collateral in order to reclaim their loans.
The shares of Mallya in debt-laden Kingfisher Airlines have dipped significantly on February 13 when the banks declared that they would now start recalling their credit worth $1.5 billion. Also known as liquor baron, Mallya is now expected to get back funds from the sale proceeds of its majority stake in India's United Spirits worth $2 billion, but the deal should pass the regulatory hurdles.
From the recent reports, Subrata Roy, the title sponsor of Force India had asked Securities and Exchange Board of India (SEBI) to freeze 100 of Mallya’s and Force India’s bank accounts in order to repay investors. Expressing his views on the troubles of Mallya, Fernley was quoted as saying, “There is a disconnect between what happens in Vijay's business and what Vijay is doing on the F1 team. Whether Kingfisher or United Spirits is doing well or not doesn't affect the team, and it's very difficult for us to get that message across, although we have been trying for several years.”
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