The contempt petition in the Karnataka High Court has been filed only against liquor baron Vijay Mallya alleging breach of an oral undertaking given before the Debt Recovery Tribunal that they would not alienate unencumbered assets nor deal with them, Counsel for a consortium of banks clarified on Wednesday.
'Mallya has offered to pay the original amount.' 'Let us say he means the principal amount and that stands at Rs 5,000 crores.' 'The Indian banks have to ask themselves if they would rather have this 5,000 crores or would have none of it at all,' asks Sudhir Bisht.
Mexican Sergio Perez and Germany's Nico Hulkenberg are staying at Force India next season, the Formula One team's co-owner Vijay Mallya told Reuters. "I can confirm that both the drivers are signed up for 2017," Mallya said at the British Grand Prix. "They are a fine pair, both absolutely top class. I've never believed in 'pay drivers' where talent or ability is compromised," he added.
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.
Although industry analysts are welcoming Kingfisher Airlines' stake acquisition in Air Deccan as the right move towards consolidation
Co-owner Vijay Mallya resigned as a director of the Force India Formula One team but will continue to serve as principal and shareholder.
Vijay Mallya remains India's top representative in world motorsport body FIA at a time when he is facing extradition to India over charges of unpaid debts and money laundering.
A tribunal on Monday halted a $75-million settlement due to be paid by Diageo Plc to Mallya.
The Attorney General said that Mallya has not disclosed full details of his assets.
Adrian Sutil could be in the frame for a return to Force India and Formula One if fellow-German Nico Hulkenberg moves to Sauber next season, according to team co-owner Vijay Mallya.
For almost all the properties owned by Vijay Mallya, the reserve price has been marked down after the earlier attempts failed to attract bidders.
Finance Minister Nirmala Sitharaman on Thursday said that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are "coming back" to India" to face the law.
A senior IDBI Bank official allegedly conspired with businessman Vijay Mallya for sanction and disbursement of loan to the latter's Kingfisher Airlines, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. Mallya is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the CBI. The Central agency had recently filed a supplementary chargesheet before a special CBI court.
RTI activist Anil Galgali had asked SBI about the total amount of loans given to the beleaguered businessman.
The court imposed Rs 10 lakh as costs on Mallya in the case.
Battling financial crisis, Kingfisher Airlines Chairman Vijay Mallya on Tuesday said he has not asked for a bailout from the government but wants the lenders to help with Rs 700-800 crore (Rs 7-8 billion) working capital as short-term need and interest concessions.
About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.
Fugitive businessman Vijay Mallya landed up at a 'charity dinner' organised by Virat Kohli's foundation in London on Monday but the national cricket team including the skipper maintained a safe distance from him.
Team co-owner Vijay Mallya said in a statement on Tuesday that the deal, which will make the cars stand out at the Australian season-opener next week, is one of the most significant partnerships in Force India's 10-year history.
Indian Premier League franchise Royal Challengers Bangalore has notified the Board of Control for Cricket in India about Vijay Mallya's resignation as Director of Royal Challengers Sports Private Limited (RCSPL).
The 225-seater plane was later converted to 25-seater plane by Vijay Mallya for his personal use.
Must satisfy shareholders on game plan to steer UB Group over next 12 months.
The High Commissioner upon seeing Mallya walk in actually at the mid of the event, got up and left
The Ethics Committee of Rajya Sabha headed by Congress veteran Karan Singh on Monday took cognizance of the issue of Vijay Mallya, who has allegedly defaulted on over Rs 9,000 crore (Rs 90 billion) bank loans.
The lenders, led by State Bank of India (SBI), are due to inform the Supreme Court of their decision on the offer at a hearing on Thursday.
KWAN was in talks with a few clients in luxury and lifestyle space for Mallya junior. "We signed Sidhartha Mallya to exclusively manage and represent brand Sid.
The high court verdict in April upheld the 2018 ruling by Chief Magistrate Emma Arbuthnot at the end of a year-long extradition trial that the former Kingfisher Airlines boss had a "case to answer" in the Indian courts.
The Centre had on October 5 told the apex court that Mallya cannot be extradited to India until a separate "secret" legal process in the United Kingdom, which is "judicial and confidential in nature is resolved".
The assets are estimated to be worth over Rs 6,000 crore.
Liquor baron Vijay Mallya said on Wednesday that his UB Group will overtake Diageo as the world's largest spirits maker by the next fiscal. "This (fiscal) we will be selling 102 million cases of nine litres each. Next year we will be the single largest spirits company in the world," Vijay Mallya said.
Mallya took a dig at Chaudhuri by saying, while the SBI chairman had all guns blazing on loan recovery, all his guns were blazing on restart and rehabilitation of the airline.
'It is surprising and unfortunate that unfounded allegations are now being made without any reference to me whatsoever,' Vijay Mallya said.
Media reports this week suggested that British energy drink firm Rich Energy was leading a consortium seeking to purchase the Silverstone-based team for 200 million pounds ($278.66 million).
Vijay Mallya left India on March 2, presumably for London.
The aircraft was earlier owned by EIH (Oberoi group).
Mallya's Kingfisher Airlines has been accused of defaulting bank loans of over Rs 9,400 crore.
The BJP threw a counter punch, claiming that the Gandhi family tried to help Mallya's floundering Kingfisher Airlines in 2011-12.
The Enforcement Directorate (ED) ED will soon seek an Interpol arrest warrant against liquor baron Vijay Mallya based on a non-bailable warrant issued on Monday by a Mumbai court in a money laundering case.
The Supreme Court is likely to pronounce on Monday the quantum of sentence against fugitive businessman Vijay Mallya, an accused in the bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, in a contempt case where he has been found guilty. A bench comprising Chief Justice Uday Umesh Lalit and Justice S Ravindra Bhat on March 10 had reserved its order on the punishment in the contempt case against Mallya, saying the proceedings against him have hit a "dead wall". The top court had heard senior advocate and amicus curiae Jaideep Gupta on various aspects related to the contempt law and the punishment, and had granted one last opportunity to lawyer Ankur Saigal, counsel for Mallya, to file his written submissions on the sentencing aspect.
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