The government's move to sell enemy shares comes when it is struggling to meet its target of raising Rs 800 billion from the sale of State assets in the fiscal year ending in March 2019. The Custodian of Enemy Property of India holds around Rs 3,000 crore worth of equity shares besides land and property across India.
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 new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
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.
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
The central bank has ordered lenders to clean up balance sheets by March 2017
He opined that procedural delays like granting sanction and difficulty in marshalling large number of witnesses were the major hurdles in achieving meaningful convictions.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
Vadra is expected to be questioned again on either Friday or Saturday.
The move takes the process of extraditing and bringing back Nirav Modi to face the law in India to the next stage, the sources said.
His son Karti was questioned by the agency in the same case on Thursday for about six hours.
Karnataka goes to polls in about a fortnight and the Bharatiya Janata Party and the Congress is going toe-to-toe to win the elections, results of which will be announced on May 15. Here's a simple guide to all things about the Karnataka polls.
Two of the highest-profile recent cases of alleged wilful default involve Winsome Diamonds and Jewellery and Deccan Chronicle Holdings
Civic bodies which are supposed to regulate the dimensions of a city's growth, including what land ought to be used how, also have the responsibility of detecting and curbing flouting of norms, says Mahesh Vijapurkar.
India has challenged in a Singapore court a verdict of an international arbitration tribunal that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, sources said on Thursday. An international arbitration court had on September 25 rejected tax authorities' demand for Rs 22,100 crore in back taxes and penalties relating to the British telecom giant's 2007 acquisition of an Indian operator. Two sources privy to the development said India had 90 days to file an appeal against the tribunal award, and the same was done in a Singapore court earlier this week.
635 declarations of illegal wealth were made in the 3-month compliance window.
On Saturday, Priyanka had claimed that incidents of crime are on the rise in Uttar Pradesh, and criminals were "roaming freely" in the state. "In Uttar Pradesh criminals are roaming freely and doing whatever they want. Criminal incidents are taking place one after the other. However, its Bharatiya Janata Party government has turned deaf. Has the Uttar Pradesh government surrendered before criminals?" she had tweeted in Hindi along with a collage of news reports indicating various incidents of crime.
Essential to the larger-than-life image of United Breweries Chairman Vijay Mallya cultivated were the appendages -- the yachts, private aircraft and houses all over the world.
The agency said the first-of-its-kind attachment under the Prevention of Money Laundering Act "enabled" the zoo authorities to retain the animals as the smuggler was making attempts to take them away.
The trust deficit has widened with buyers losing confidence in a developer's ability to construct and deliver a project on time.
The Centre has issued new guidelines to seize properties or assets of government officials involved in corrupt practices even after their retirement.
The ED summons have come close on the heels of filing of a chargesheet by the CBI against Singh, his wife and others for allegedly amassing assets worth around Rs 10 crore disproportionate to their known sources of income.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
The Central African Republic (CAR) said on Tuesday that a diplomatic passport that tennis star Boris Becker claims entitles him to immunity in bankruptcy proceedings in Britain "is a fake."
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
'This issue is related to national security because they were compromising the entire capital markets's core infrastructure by leaking confidential information.' 'What would have happened if the servers had come down?' 'Or some confidential information leaked to terrorists who could have knocked out our capital market?'
Prime Minister Dr Manmohan Singh issued a statement in New Delhi on Thursday morning, before his departure for Kabul, on India completing the process of ratification of the United Nations Convention Against Corruption.
The Ministry of External Affairs on Wednesday said the evacuation of 348 Indian nationals from strife-torn Yemen was a national effort involving various aspects of the country's assets like the Air Force, Navy and Air India.
A specialised force with 1,000 personnel to be formed in the state for the same.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
While Vadra was grilled for the first time for about five-and-a-half hours, he was questioned the second time for about 9 hours.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
The court in March directed the receiver to take possession of the assets to prevent any damage or pilferage because management assigned by the court to maintain the closed plant had abandoned it, the official said.
The IO is also understood to have confronted him with some documents the agency had seized and recovered in this case of alleged disproportionate assets.
Why would an official of the Bihar government buy land in Pokharan, Rajasthan -- the site where India carried out controversial nuclear tests in 1998?
Addressing a press conference in Lucknow, she said: "The July 12 blast was carried out to target my minister, Nand Gopal Nandi, whose popularity had become an eye sore for the entire Opposition, whom he left far behind at the 2007 state assembly election."
The first hurdle is how long Jet Airways can enjoy rights over its parking slots at various airports.
In a proposal to FinMin, the Banks Board Bureau suggests asset sales to PSUs within a deadline to recover bad loans.
During questioning it emerged that Singh had taken them to Jammu in 2019 also, the officials said.
