Vijay Mallya should have never sold out to Diageo. Troubled times for him

In more trouble for Vijay Mallya, the promoter of Kingfisher Airlines, United Bank of India has declared him a 'wilful defaulter'. The move is likely to choke fresh fund flow to public companies promoted by the businessmen. Kingfisher Airlines has however contested that the Bank did not give them an opportunity to present their case saying that they will challlenge the decision of the Bank. Supreme Court has also refused to interfere in the case after Mallya's plea challenging his 'wilful defaulter' status.