A debt recovery tribunal in India ruled that Rs 6,200 crore of Vijay Mallya's dues -- Rs 5,000 crore as principal and Rs 1,200 crore as interest -- was payable. Mallya claims that out of the sum due, Rs 3,000 crore had already been recovered by the claimants.
A bench of Chief Justice G Rohini and Justice Rajiv Sahai Endlaw issued notice to the airline and the central government seeking their replies within a week on PNB's plea.
After being forced to resign as chairman of MCF, Mallya is now keen on increasing his stake in the company
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".
Diageo may not be able to recover $135 mn loan from Mallya firm
In March this year, the banks tried to sell the Kingfisher House in Mumbai to recover a part of their dues.
UB Holdings facing a slew of legal cases over its exposure to the loans of now-grounded Kingfisher Airlines and increasing pressure from a consortium of lenders, may be forced to seriously go ahead with the transaction this time.
It had declared Mallya a proclaimed offender for evading summons in a FERA violation case after noting that he had failed to appear despite repeated summonses.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
Mallya, once known as the "King of Good Times" for his flamboyant lifestyle, has until Friday to appear before an IDBI committee to explain why he should not be declared a "wilful defaulter".
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
India's tough stance is better late than never.
Ritu Mallya, step mother of Vijay Mallya, has joined the board of Mangalore Chemicals and Fertilisers.
Diageo, under a share purchase agreement (SPA) with UBHL and various other sellers, had acquired 21,767,749 shares (14.98 per cent) in USL
Mallya will now be the Founder Emeritus of USL
With Mitsubishi pulling the plug on it the days of the Pajero maybe over, but nobody who ever owned one will forget it. Some even learnt life-long lessons from it, says Pavan Lall.
He manages to get back a majority of pledged shares.
The AAP claimed that Sisodia would be arrested on Monday and alleged the move was initiated in view of the forthcoming assembly elections in Gujarat where it is in a direct contest with the BJP.
A Special Court for Economic Offences has ordered summons to be issued against him over dues from his Kingfisher Airlines to the I-T Dept.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
Women of the family rush to become directors of firms to meet Sebi deadline.
Diageo on Thursday took full control of South African beer maker United National Breweries.
The banks have asked the court to demand his return and to impound his passport.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
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.
A bench of Justice Vibhu Bakhru, which later decided to hear the matter on Thursday again, also said that the ailing airlines can be allowed to be represented by a lawyer in the proceedings to be conducted by the PSU bank against it.
The 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
RBI rule, applicable prospectively, also for non-group guarantors.
British magistrate presiding over Mallya extradition case says India's prison standards are not up to the mark
Five photos of western style toilets were presented to convince the court that acceptable standards would be extended to Mallya.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
By registering the fresh case, ED wants to strengthen its probe against the beleagured liquor baron and expedite a slew of actions it has initiated against him
Quite a few large- and mid-cap stocks are yet to recover from the note ban, pharma, banking and rural demand-based industries among laggards.
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