Liquor baron Vijay Mallya is having more woes these days and most of them has happened due to the debts he received. But Finance Minister Arun Jaitley said that Kingfisher Airline sector is doing well in India and it is making huge profits.
Vijay Mallya who is the owner of Kingfisher Airlines and many companies has now debts of 9000 Crores and is currently in London. He also defied Enforcement Directorate (ED) summons. Union Minister Arun Jaitley said in a response to a question on Vijay Mallya that,
"I am not giving any final opinion. It could be attributed to the business model of a particular company. As far as the recoveries are concerned, Banks themselves are taking all necessary steps and there have been violations of some penal provisions."
A non-bailable warrant has been issued against Vijay Mallya after he refused to return to India to appear before the ED on three different occasions on investigations related to a money laundering case against him. This remark came from Jaitley soon after the day Vijay Mallya's passport was impounded.
