Former Indian airline boss Vijay Mallya said he is prepared to settle millions of dollars owed to banks after the collapse of his firm, in an interview published in the Financial Times on Friday.
India's financial crimes agency is seeking the deportation of former airline boss Vijay Mallya from Britain, after he left the country owing more than $1bn.
India's government said it had temporarily suspended the passport of beleaguered tycoon Vijay Mallya, after he failed to appear before financial crime investigators in connection with a money laundering probe.
Embattled Indian tycoon Vijay Mallya has proposed to repay ?40bn ($603mn), less than half of what his defunct Kingfisher Airlines owes to creditor banks.
India's market regulator Saturday announced a clampdown on "wilful defaulters" as the government tackles mounting bad bank loans, days after tycoon Vijay Mallya left the country owing more than $1 billion.
Tycoon Vijay Mallya, under pressure from banks to repay more than $1bn owed by his collapsed airline, refuted claims he had fled India as politicians traded recriminations over how he was able to fly to Britain unhindered.
An Indian tribunal halted a $75mn severance payout from spirits giant Diageo to Vijay Mallya, a beleaguered liquor baron accused of defaulting on hundreds of millions of dollars in loans.
