As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
Judge Andrew Henshaw refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion.
Kingfisher to be lager partner at ICC Champions Trophy to be played in UK.
Liquor baron Vijay Mallya's passport has been suspended.
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
and three times when you should actually use them
Enforcement Directorate is seeking to invoke the India-United Kingdom Mutual Legal Assistance Treaty to extradite Mallya from Britain
Five photos of western style toilets were presented to convince the court that acceptable standards would be extended to Mallya.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
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.
Beleaguered liquor baron Vijay Mallya on Wednesday announced he will retire as chairman of Sanofi India and will not seek reelection as a director of the drug maker.
Mallya remains elusive to India as the United Kingdom informed the government that they cannot comply with their request to deport him
ED's zonal office in Mumbai, they said, is preparing legal papers to take the next step in the wake of Mallya skipping the third summons that required him to "personally" join investigations on April 9.
Six compelling reasons to use your credit card. WARNING: reckless use of plastic can land you in a debt rap
Liquor baron Vijay Mallya, facing a case of loan default of over Rs 9,400 crore, is all set to be expelled from the Rajya Sabha as Chairman Hamid Ansari on Tuesday turned down his resignation on procedural grounds.
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.
Mallya, who is mired in a huge controversy for leaving India on March 2 in the middle of a massive loan default probe, was quoted as having said in an email interview to the Sunday Guardian published on March 13 that time was not 'right' to return to the country.
Award-winning lawyer, Claire Montgomery, the Queen's Counsel, is likely to fight the Indian government's attempt to extradite him to India.
'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.'
India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on February 8
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
Vijay Mallya, facing a case of loan default of over Rs 9,400 crore, on Monday resigned from Rajya Sabha.
There may be huge discounts and easy EMI options on your favourite expensive smartphone, but do not swipe your credit card left, right and centre, warns Rajiv Raj
While we are slowly moving towards a future where using hard cash will be obsolete, it is indeed a wise idea to start using E-payment cards for pocket money. We need to keep up with the times while we follow our children into the future.
Here are some pointers that should serve as red flags for you
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
If you want to keep your CIBIL Score alive and kicking (healthy) make sure you steer clear from the above mentioned common credit score killers.
A decline in the real estate sector, rising debt and the company's alleged involvement in 2G scam caused damage to the business and its image.
In order to make your life a tad easier, here are some pointers on what needs to be done with inheritance of credit card debt.
Lenders get a clear idea about your financial health, risk profile and personality trait
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
Vijay Mallya has lost control of his companies.
Finance Minister Arun Jaitley said the inflation index would determine the nominal growth figure, and it is better to set modest targets and outperform them.
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