A UK court hearing an urgent application on Monday refused to sanction the release of substantial sums held with the Court Funds Office (CFO) as part of bankruptcy proceedings being pursued against liquor tycoon Vijay Mallya by a consortium of Indian banks, led by the State Bank of India (SBI).
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
A summary of sports events and sports persons, who made news on Friday
Sanofi India is seeking approval of the shareholders for perpetuity.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
The ED has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint
The Competition Commission of India (CCI) on Tuesday said that the proposed additional stake buy in United Breweries (UB) by Dutch major Heineken does not raise any competition concerns, effectively clearing the deal. In its order, the CCI said, "It is submitted that the proposed transaction does not give rise to competition concerns regardless of delineation of the relevant market for the purpose of this filing." UB is the country's largest beer company, while Heineken is the world's second-largest brewer after Anheuser-Busch (AB) InBev.
However, it is understood that the liquor baron has suggested his legal team can help ED in taking the probe forward.
At a hearing before Master David Cook at the Queen's Bench Division of the court, Mallya's legal team sought a dismissal of the interim order.
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.
'Lending to Mr Mallya was the bankers' season ticket to corridors of power and glamour. Borrowing from them was like a favour Mallya did to them,' says Shekhar Gupta.
Force India co-owner Vijay Mallya has steered his Formula One team through a decade of growth and is looking forward to another, although the 'India' moniker looks destined to be dropped.
'I have been most pained at being painted as an absconder'.
Nearly 700 of the 1,500 employees, who still claim to be on the payroll of the defunct airline, are women.
BJP alleged that banks were 'pushed' into giving Rs 3,100 crore loan to him and unfreezing his bank accounts in 2012.
A key defence to disprove a prima facie case of fraud and misrepresentation on Mallya's part has revolved around the fact that Kingfisher Airlines was the victim of economic misfortune alongside other Indian airlines.
UB group chairman Vijay Mallya on Tuesday said that Delhi Chief Minister Arvind Kejriwal was pursuing "unconventional methods" to attain his objectives while asserting that there should be no "witch-hunt" against industrialists.
Mallya's barrister, Clare Montgomery, reiterated the central defence that there had been no misrepresentation or fraud on the part of her client and that Kingfisher Airlines was the victim of economic misfortune alongside other airlines.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
Emergency Certificate is specifically meant to provide a travel document to an Indian citizen to return to India
He is part of an unenviable list of MPs who have been expelled from Rajya Sabha.
Formula One is due to go through a major technical overhaul next season, with wider wheels and chassis, and a more aggressive look with revised aerodynamics aimed at making the cars faster and harder to drive.
Chief Magistrate Emma Louise Arbuthnot granted him bail till December 4.
Mallya, who has been out on bail since Scotland Yard executed an extradition warrant in April this year, will be in the dock for the duration of the trial -- scheduled to end on December 14.
The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
Vijay Mallya has lost control of his companies.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
On July 2, Mallya's legal team and the Crown Prosecution Service - arguing on behalf of the Indian government - will go head to head to reiterate factors for and against the businessman's extradition to Arthur Road Jail in Mumbai.
In a relief to liquor baron Vijay Mallya, the high court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. Justice Michael Briggs of the insolvency division of the high court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka high court be determined, allowing him time to repay his debts to the banks in full.
The trial, which opened at the London court on December 4, is aimed at laying out a prima facie case of fraud against the 61-year-old embattled businessman, who has been based in the UK since March 2016.
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
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.
McDowell's, the whisky brand owned by USL, sold 19.27 million nine-litre cases of Indian made foreign liquor whisky in 2012, compared to Officer's Choice whisky, owned by the Chhabria-led Allied Blenders & Distillers, which sold 18.55 million cases.
An extradition expert in the UK said the strict social distancing norms in place to try and curb the spread of COVID-19 may add a further dimension to the UK's Article 3 obligations under the European Convention on Human Rights, relating to inhuman and degrading treatment or punishment.
A total of 17 cases have been filed against Kingfisher Airlines in different courts over outstanding amount of Rs 22.5 crore, which it owes to GMR
Even if the Mumbai police gets to seek the e-mails, it might not bring positive results.
Probe agency to set up special software to probe money trail in the case.
Mallya remains elusive to India as the United Kingdom informed the government that they cannot comply with their request to deport him
The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.
'It could take at least a couple of years for his case to go through the entire run of the British judiciary.'
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