Lenders send 'SOS' to the finance ministry on the tardy decision making and pile-up of cases at the Debt Recovery Tribunals and its appellate forum the Debt Recovery Appellate Tribunal.
As part of their deal Diageo agreed to pay Mallya, $75 million for stepping down as chairman of United Spirits and for entering into a non-compete pact
'Everyone knows that you including your son won't be able to spend all the wealth that you have earned then why not at least pay the salaries of your employees,' the letter said.
The ED has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
Judge Andrew Henshaw refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion.
The former liquor baron owes several banks a total of as much as Rs 9,000 crore
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
State Bank of India has appointed valuer to assess the value of assets of Mallya.
Mallya is separately fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crore
The objections were filed after Airbus failed to repay Rs 196 crore, availed by the aircraft-making company on behalf of Mallya-controlled Kingfisher Airlines
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
Pai said he was also against 'naming and shaming' willful defaulters of bank loans.
The taxpayers and honest borrowers suffer when a big entity defaults.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
The IT department has a designated official to execute these rare powers.
Buyer actor-producer Sachiin Joshi, who owns Viiking Media, has reportedly bought the villa, spread over 12,350 sq ft or three acre at Candolim.
The origin of the challenge is the so-called "fresh start" process. Many in the MFI industry apprehend that such a law in India will encourage small unsecured borrowers to default and destroy the credit culture. So, while'Fresh start' is a welcome step as it will free up the debtors from the archaic laws of the colonial era, debtors need handholding and counselling to prevent any misuse, says Tamal Bandyopadhyay.
The court said the conduct of the directors was in 'gross violation' of its order.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
When the government is out to get Mallya, why is it quiet about those people who are responsible for Air India's massive losses is a million dollar question
Liquor baron Vijay Mallya, facing probe in a loan default case of IDBI bank, apparently managed to leave the country in spite of a look-out notice against him by CBI.
Woefully inadequate infrastructure is just one of the many reasons why a case is not settled within 180 days and even 270 days as envisaged by the law, says Tamal Bandyopadhyay.
The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
Airbus recently bagged large orders from Indian airlines such as Indigo and Go Air.
Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
'Civil matters like loan recovery are being connected with criminal allegations, without any basis.'
Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
The successful implementation of the new Act will depend on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision
'The quick fixes have failed; there is now no alternative to deeper reforms,' says Ajay Shah.
"By taking my passport or arresting me, they are not getting any money," Vijay Mallya said.
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