Corporate ministry documents show that the Siva's firm kept taking loans from public sector banks like State Bank of India, Punjab National Bank which gradually turned to bad loans.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Wondering if you did the right thing with your mutual fund investments?
The proclamation was issued by a special anti-money laundering court on June 14 under Section 82 of the Criminal Procedure Code
Enforcement Directorate is seeking to invoke the India-United Kingdom Mutual Legal Assistance Treaty to extradite Mallya from Britain
Mallya said the allegations of money laundering and stealing money against him are 'completely false'.
UB Group Chairman Vijay Mallya is no longer a member of India's 100 Richest club, even as fortunes of the country's uber-rich have seen a significant growth since last year.
The mass cancellation of coal blocks by the Supreme Court has sent banks in a jittery mode as they have extended over Rs 1 lakh crore loans to power plants that were fed by these mines.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
British magistrate presiding over Mallya extradition case says India's prison standards are not up to the mark
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
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 consortium led by SBI has also initiated the process of recovery.
Diageo, which had acquired Mallya's United Spirits nearly six years ago, is claiming $40 million paid to the liquor tycoon as part of an alleged breach of agreement.
As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Vijay Mallya left India on March 2, presumably for London.
It will be headed by Secretary, Department of Financial Services.
The loss of income has severely dented the loan repayment ability of small borrowers
Warship building projects worth at least Rs 630 billion have ground to a standstill. The defence ministry has halted tendering in wait for a government decision on whether to allow, or to exclude, Anil Ambani's shipbuilding firm from those contracts.
Green bonds refer to bonds issued mainly by power companies to finance energy efficient projects
The total quantum of non-performing assets in the Indian banking system increased to Rs 7.33 trillion as of June 2017, from Rs 2.75 trillion in March 2015.
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
From crisis leaders to future Goliaths, India Inc saw them all in 2017, says Shailesh Dobhal.
The court had, however, rejected ED's request for attachment of the liquor baron's overseas properties
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
The 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
Financial shares were the top losers.
With the incessant rains halting the city's lifeline local trains, many office-goers on Friday bicycled to work, calling it the best alternative to reach their destinations in time.
Bad debt rules are steps in right direction.
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
Traders believe the RBI will step in more strongly, if the rupee starts falling towards 65
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
It is understood that Vijay Mallya left the country for UK on March 2 using a diplomatic passport issued to him by virtue of him being a sitting Rajya Sabha Member of Parliament.
United Bank's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion)
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
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.
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