Embattled Force India co-owner Vijay Mallya will not be attending Sunday's Spanish Grand Prix but he is hoping for a change of fortune on the track at least for his Formula One team in Barcelona.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
The Indian businessman, who has a 42.5 percent stake, said there was a possibility of main sponsor BWT getting more involved and changing the team's name.
Uddhav said there was no point in Modi becoming emotional at a time when people have tears in their eyes.
Mallya remains on bail pending his UK High Court appeal, now scheduled for February 2020.
Wanted diamond merchant Nirav Modi, whose extradition to India was ordered in April by UK Home Secretary Priti Patel in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lost the first stage of his extradition appeal in the high court in London.
Modi is the second businessman after liquor tycoon Vijay Mallya to be declared a fugitive economic offender under provisions of the Fugitive Economic Offenders (FEO) Act which came into existence in August last year.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
Kingfisher to be lager partner at ICC Champions Trophy to be played in UK.
A four-member team led by CBI additional director Rakesh Asthana will apprise British authorities about the finer points of the loan default cases against Mallya. Two senior ED officials are also part of the team.
The 61-year-old flamboyant businessman, already out on bail on an extradition warrant executed by the Metropolitan Police earlier this year, was released on the same bail conditions as before to appear for his trial on December 4.
The Supreme Court has rejected an appeal by Vijay Mallya to overturn charges against him for allegedly violating foreign exchange rules, adding to the legal challenges facing one of the country's most prominent businessmen.
The lenders have not ruled out selling the property to recover part of their loans to the company.
The petition has also made the Ministry of Finance and the bank as parties in the case.
The finance ministry official may have claimed that the ministry does not have information on the loans sanctioned by different banks to Mallya or the details of the guarantee given by Mallya against those loans, but the ministry had responded to questions in this regard in Parliament in the past.
JSW Steel chairman Sajjan Jindal confirmed that his group is acquiring an IPL side.
'Since CBI directly reports to PM CBI couldn't have allowed without approval from top,' Kejriwal tweeted
'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.
All these companies were provided loans by PNB as part of consortium lending.
Troubled business tycoon Vijay Mallya, on Sunday, asserted that his stepping down as chairman of the United Spirits Ltd will not affect his control in Formula One team, Sahara Force India.
United Bank of India has already declared Kingfisher a wilful defaulter while State Bank of India, Punjab National Bank and IDBI have initiated such a move.
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
The matter relates to cheques issued by Kingfisher Airlines to GMR Hyderabad International Airport Ltd, which operates Rajiv Gandhi International Airport, towards charges for using the facilities at the airport for Kingfisher Airlines flights
St Lucia Zouks is one of the six teams competing in the CPL. The team is led by former West Indies captain Darren Sammy.
These are troubled times for the 'King of Good Times', Vijay Mallya. His airline, Kingfisher has been hogging the headlines for all the wrong reasons.
Vijay Mallya has applied to Home Secretary Priti Patel for "another route" to be able to stay in the UK, the liquor tycoon's barrister representing him in bankruptcy proceedings in the High Court of London confirmed during a remote hearing on Friday. The 65-year-old businessman, whose legal challenge to the Indian government's extradition request was turned down at the Supreme Court level in the UK last year, remains in Britain on bail until Patel signs off on the order for him to be extradited to India to face charges of fraud and money laundering related to the now-defunct Kingfisher Airlines. The UK Home Office has so far only confirmed on background that a confidential legal process remains ongoing before the extradition order can be executed.
The low-profile chief of Deepak Fertilisers on Wednesday bought 24.46% shareholding in MCF.
With the launch of Tata AirAsia and Tata-SIA, the added capacity will bring down fares considerably, say observers.
A section of the employees of the grounded Kingfisher Airlines on Thursday went on a hunger strike at the Kingfisher House in Mumbai, demanding immediate payment of salaries, which have been pending since last August.
The stock exchanges have raised various concerns mainly about two UB Group firms -- Kingfisher Airlines and United Spirits -- for not providing required disclosures and not adhering to deadline regarding finacial results and the annual general meeting.
India's hottest (not to mention the most-awaited) calendar of the year is launched. And here's who showed up for the fashionable do!
The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned Kingfisher Airlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crores with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
"I just have to ride out the storm," Vijay Mallya said.
The 14 banks, led by State Bank of India, which lent Rs 6,500 crore (Rs 65 billion) to the airline, are now involved in litigation over the money, as Mallya has sued them in multiple courts.
'It is surprising and unfortunate that unfounded allegations are now being made without any reference to me whatsoever,' Vijay Mallya said.
Force India co-owner Vijay Mallya reminded drivers Sergio Perez and Esteban Ocon that the team must take priority after a collision at the Azerbaijan Grand Prix wrecked hopes of a first win in Formula One.
First case filed after new norms come into force, NCLT admits plea.
A case has been filed against the airline in Nampally criminal courts in Hyderabad.
Sahara Force India will guard against complacency in Sunday's Brazilian Grand Prix, the final race of the 2013 Formula One season, as the team wants to finish sixth in the constructors' title and the drivers want to sign off on a high.
Is Chiranjeevi the tourism ministry's secret weapon? Why is Vijay Mallya upset with Veerappa Moily? What in-house problem is the railway minister grappling with? All this, and more, in this week's Dilli Gupshup...
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