It has been more than a year since India's top airlines, Kingfisher stopped flying and sources say that its flamboyant owner Vijay Mallya is now fighting a battle even as he is losing control of his $2.2-billion corporate empire.
Mallya, once self-proclaimed as the King of Good Times made good fortune in the liquor business and controls a huge group spanning airlines, beer, fertilisers and engineering but now his ownership has substantially shrunk since most of holdings are pledged with banks which are being sold off.
Economists say that the legacy of the empire, which he had inherited from his dad, is at risk. He was also the owner of a Formula One team and hosted lavish yacht parties with Bollywood stars and he was India's 29th richest man in 2007, worth close to $1.5 billion, according to Forbes.
The company which has never registered profits since it began flying in 2005 owes huge amount to banks, airports, fuel suppliers and employees while Kingfisher's grounded planes have been taken back. Now this has spread to his other businesses also, say sources.
