SBI might present the first result for the combined entity at the end of the first quarter of 2017-18
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
Did you know that women can avail for a loan of upto Rs 20 crores to set up a manufacturing business?
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
The operating income of the bank fell by 5.17 per cent to Rs 25,612 crore during April-June quarter of 2017-18
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
'SBI is already too big. Too big to fail.' 'It already is a moral hazard. What will it do with 20,000 branches that it cannot do with 14,000, especially in these days of online and mobile banking?'
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
The consolidated entity can target good growth FY18 onwards, analysts say.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
The accused, along with other unknown officials, who were entrusted with the responsibility of new currency notes, "fraudulently" gave away new notes to the tune of Rs 1.99 crore to RBI officials and others.
Vijay Mallya left India on March 2, presumably for London.
In a ruling in May, a UK high court judge had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
Govt sets up task force to monitor circulation of fake currency; suspicious Jan Dhan accounts under scanner.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
Officials of 17 banks which gave loan to Kingfisher Airlines and UB Group are also under the agency's scanner
Engineering major BHEL rebounded from its day's lows to end around 1% higher.
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 Congress and JD-S have made much of Amit Shah's remarks about milk co-operatives. 'If the Opposition harps on the statement, it could add to the narrative that Gujarat was trying to take over Karnataka.'
The consortium led by SBI has also initiated the process of recovery.
'The BJP's defining character is Hindutva. The party's political strategy is based on a combination of Hindutva+Development.'
The US FOMC concludes its two-day meeting today while the Bank of Japan will start its two-day meeting today.
Party claims people in Mysore are very enthusiastic and are looking for a change, reports Gouri Satya.
Day Two after the banks reopened following the prime minister's demonitisation announcement, the scenario remained just as chaotic as Day One, reports A Ganesh Nadar/Rediff.com.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
About 12 other lenders with combined exposure of Rs 1,200 crore likely to follow
The Supreme Court has agreed to examine the legal issue of whether the Enforcement Directorate can attach ancestral properties of the accused under the Prevention of Money Laundering Act as 'proceeds of crime.'
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
Auto stocks are weighing on the indices.
'Which is the line for depositing money?' 'Which is the line for changing money?' 'Which is the line for withdrawing money?'
The 50-share NSE Nifty gained 53.30 points or 0.61 per cent to 8,778.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
The 30-share Sensex ended up 8 points at 27,508 and the 50-share Nifty closed 1 point higher at 8,284.
Banks are seeking an order that Mallya should appear in person before the court.
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