The next phase is when factors such as prison conditions in India are likely to take centre-stage.
The diamond merchant, who has been behind bars at HMP Wandsworth in south-west London ever since his first bail application was rejected on March 20, can apply for a high court bail appeal at any time until his next remand hearing on April 26.
Clare Montgomery, Modi's barrister, made a series of offers to try and convince the judge to grant bail.
The charges against the diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by the Punjab National Bank, known as 'letters of undertaking'.
'For Mallya, it seems 'the night is dark and full of terrors' and if you believe his lawyers, he's only looking for some sunshine,' says Veer Arjun Singh.
Mallya is separately fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crore
The judge, during arguments, said it was "blindingly obvious" that "rules were broken by the bank" and that they had "gone against their own guidelines" in extending a loan to the business tycoon's now defunct Kingfisher Airlines.
Embattled liquor tycoon Vijay Mallya on Monday lost his high court appeal against his extradition order to India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
Jabir Moti, 51, who was arrested by Scotland Yard last year, appeared before the Westminster Magistrates' Court in London at the start of his trial.
If the absconding jeweller is traced in Britain, the extradition request to the UK government could follow a similar course as the case of embattled liquor tycoon Vijay Mallya
'As he goes down, he will almost certainly drag a few others down with him.' 'Once the mutual mudslinging has died down, collateral damage will probably include more bankers than politicians, given the nature of how things work in India,' says T N Ninan.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
'What is the problem in getting the UK to extradite our citizens?' asks Aakar Patel.
A beleaguered Vijay Mallya may have walked free on bail within hours of his arrest but the event, which he nonchalantly dismissed as "usual Indian media hype", had rival parties claiming credit for it and engaging in recrimination.
'James Crabtree ignores the emergence of a nexus between business and politics going back to the 1920s and talks of it as a new child of 21st century India,' says Shivanand Kanavi.
Moti has been described in UK court proceedings as a "senior member" and "top lieutenant" of D Company.
Diageo, which had acquired Mallya's United Spirits nearly six years ago, is claiming $40 million paid to the liquor tycoon as part of an alleged breach of agreement.
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
Russian fertiliser group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India - Mallya's Orange India Holdings Sarl - which is subject to a freezing order issued by the UK's High Court in favour of his 13 creditor Indian banks, led by the State Bank of India.
The 62-year-old former Kingfisher Airline boss' defence team, led by Clare Montgomery, opened the day by branding the government of India's evidence presented in the case as "utterly unfounded".
Lauding the contribution of non-resident Indians in the development of the country, he said, 'Mahatma Gandhi, Sardar Patel, B R Ambedkar, Jawaharlal Nehru were all NRIs. They travelled the world and helped India with new perspectives.'
A summary of sports events and sports persons, who made news on Friday
Rio Ferdinand has come down heavily on heavily on former Manchester United manager David Moyes saying 'his innovative training ns led to negativity and confusions'.
'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.'
'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.
'The three tycoons I deal with in the first chapter -- Ambani, Mallya and Adani -- in their own way represent the change that has come over India.' 'Of the three of them, Mallya is the most fun. He was terrific.' 'And I don't say that because I tell the story in the book of his golden toilet.'
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