A 31-year-old staffer was arrested in the early hours of Thursday for causing a $2-billion loss to Swiss investment banking giant UBS on account of unauthorised trading at the bank's London office.
A new book details how a German submarine torpedoed the ship carrying B.R. Ambedkar's PhD dissertation and a vast collection of books during World War I. This setback did not deter the Dalit icon and architect of India's Constitution, who went on to earn multiple doctorates.
Embattled businessman Vijay Mallya on Tuesday lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha. Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a 20.4-million loan to UBS - the claimant in the case.
Five years after the Dutch brewer took 37.4% in Vijay Mallya's UB, it has bought another 1.35%.
State-run IDBI Bank is one of Kingfisher's more than a dozen creditor banks.
In a disclosure to the markets, United Spirits has said it is awaiting information from UB Holdings for determining the treatment in the company's accounts of the loan together with applicable interest accrued until March 31, 2014.
Ivan Toney, once Brentford's lynchpin in attack, has moved to Al-Ahli for 40 million pounds ($52.50 million).
This time, the global appetite for risk is in favour of India.
Vijay Mallya had indicated last month that he wanted to move to the UK to be closer to his children.
Among Sensex shares, Bajaj Finserv fell the most by 4.08 per cent. Bajaj Finance declined by 3.01 per cent, Tata Steel by 2.2 per cent, Wipro by 2.09 per cent, Tata Motors by 1.96 per cent, IndusInd Bank by 1.9 per cent, SBI by 1.75 per cent, Tech Mahindra by 1.66 per cent and HCL Tech by 1.2 per cent. TCS, Infosys, Power Grid, Maruti, Reliance, HDFC twins, L&T, M&M, NTPC and Ultratech Cement were also among the losers.
"I just have to ride out the storm," Vijay Mallya said.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
In a bid to capture greater market share of UK's Indian restaurants, United Breweries (Scottish & Newcastle) will embark on a one million pound mega media campaign later this month to promote its flagship beer brand 'Kingfisher'.
After razing his ancestral bungalow, housed in an expansive 4.5-acres of prime location in the central business district of Bangalore, Mallya's attempt to unlock value in the land by building the luxury KingfisherTowers has been stalled.
Mallya claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.
A spokesperson said Sahara group is not into business with Trinity.
Lewis Hamilton assured activists that he would not let human rights issues go unnoticed.
In a thread of tweets, Mallya claimed, "The airlines struggled financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where banks money went. I have offered to repay 100 % of the principal amount to them. Please take it."
This lawsuit will have no bearing on its fund-raising exercise as a deal is already in final stages
In a statement issued from New Delhi, Ambani-led Reliance group, however, said that no charges have been levelled against them by the UK regulators in these proceedings.
Three days after the June 22 felicitation in New Delhi by BCCI, Kapil Dev and rest of India's 1983 World Cup winning team would revisit Lord's, where they had scripted the most memorable chapter in the history of Indian cricket 25 years ago.
Kweku Adoboli, a 31-year-old trader at UBS based in London makes Nick Leeson, once-legendary rogue trader at Barings Securities look like an amateur.
According to the the wealth-X and UBS billionaire census report 2013, India's billionaire population has decreased by 5.5 per cent to 103 and the total billionaire wealth has fallen by $10 billion to $180 billion.
According to a report in the Financial Times, two UBS bankers tried to create Pleuri, an offshore vehicle through which Ambani 'could illegally invest in securities at home'.
Mallya and UBHL now hold a little over 3.3 per cent in USL.
Q&A with UB Group chairman Vijay Mallya on Diageo deal
Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has put the largely unregulated $5 trillion-a-day market on a tighter leash, with dozens of dealers suspended or fired.
There is much more that the government can do to track money hidden abroad.
The court imposed Rs 10 lakh as costs on Mallya in the case.
The bank remains on high alert to intervene if markets freeze.
UB Holdings had appealed to the bench, of judges Dilip B Bhosale and B Manohar, to let it use Rs 13 crore (Rs 130 million) from a Rs 380-crore (Rs 3.8 billion) deposit to pay a month's salary to employees of the grounded airline and Rs 47 crore (Rs 470 million) to settle tax dues on capital gains made from the sale of a stake in United Spirits to London-based Diageo that got it Rs 1,460 crore (Rs 14.6 billion).
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 UB Group-owned Kingfisher Airlines said on Wednesday the government had granted it traffic rights to operate on seven new international routes.
Swiss private bankers are likely to reduce their exposure to wealthy Indian clients as they cut down their discreet banking services in countries like Germany, France and the United States, analysts say.
Fugitive businessman Vijay Mallya was booed by a section of India supporters as he entered the Oval arena to watch India's crucial ICC Champions Trophy encounter against South Africa, in London.
Company has submitted before the court that the plaintiff is attempting to attach property that falls outside of the jurisdiction of the court
The $5.7 billion total includes $1.6 billion in fines separately imposed by the US Federal Reserve on the five banks.
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
In a relief to Sahara, a US court has rejected a plea seeking to attach the Indian group's prized Plaza and Dream Downtown hotels.
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