Heena Sharma Blog

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. The 64-year-old former Kingfisher Airlines boss had appealed to the High Court against his extradition to India at a hearing in February this year. Lord Justice Stephen Irwin and Justice Elisabeth Laing, the two-member bench at the Royal Courts of Justice in London presiding over the appeal, dismissed the appeal in a judgment handed down remotely due to the current coronavirus lockdown. Read More

The Supreme Court on Monday said that Vijay Mallya cannot use pendency of his plea in the apex court to stall insolvency proceedings initiated against him in other jurisdictions. A bench headed by Chief Justice S A Bobde passed the order after the Centre told the top court that Mallya used pendency of his plea to stall the UK court from delivering verdict in insolvency proceedings. Mallya had approached the apex court on June 27 seeking a stay on the confiscation of properties owned by him and his relatives. Mallya, who is currently in the UK, has been charged by the Enforcement Directorate (ED) with defaulting on bank loans to the tune of Rs 9,000 crore. He is also facing an extradition trial in the UK. Read More

A special court has permitted a consortium of 15 banks led by the State Bank of India (SBI) to utilise movable assets of former liquor baron Vijay Mallya towards repayment of his debt. The assets, comprising financial securities like shares of the United Breweries Holdings Ltd (UBHL), were attached by the special Prevention of Money Laundering Act (PMLA) court in 2016 when it declared Mallya a proclaimed offender. Under provisions of the Criminal Procedure Code, a court orders attachment of a person's movable assets after he or she has been declared a proclaimed offender. A person against whom a warrant has been issued can be declared a proclaimed offender if the court believes that he or she has absconded or is evading execution of warrant. The consortium of banks earlier filed an application before the special court, seeking release of Mallya's movable assets to utilise them for repayment of loans given to him. Senior counsel Rajeev Patil, appearing for the conso...

Twelve state-owned Indian banks are petitioning for ex-billionaire Vijay Mallya to be declared bankrupt over 1.15 billion pounds ($1.52 billion) in unpaid debts. The banks and an asset restructuring company, led by the State Bank of India, have taken the tycoon to a London court in what lawyers have described as “the end of the road” in their long-running battle. Mallya hasn’t paid anything toward the debt, the banks’ lawyers told the court Tuesday. It comes as Mallya, who founded the now-defunct Kingfisher Airlines Ltd. faces extradition to his home country of India to face fraud charges. He was granted permission to appeal the decision, which will be heard in February. The bankruptcy petition was brought in the UK because Mallya has lived there for around 20 years and owns a number of assets in the country, lawyer Marcia Shekerdemian told the court. These include a townhouse in London’s Regent’s Park thought to be worth more than 30 million pounds, a 13 million-pound mans...

Fugitive liquor baron Vijay Mallya on Wednesday urged Prime Minister Narendra Modi in a series of tweets to instruct banks to accept the money he had offered to settle all dues. His comments came after the PM, while replying to the motion of thanks on the President's address in the Lok Sabha last week, said that those who had fled the country were crying foul on Twitter. "The Prime Minister's last speech in Parliament was brought to my attention. He certainly is a very eloquent speaker. I noticed that he referred to an unnamed person who “ran away” with 9000 crores. Given the media narrative, I can only infer that reference is to me," Mallya tweeted. He reiterated that he had offered to repay the full amount but his payback request was refused. Read More He urged Modi to instruct banks to accept his offer so that he could at least claim credit for funds lent to Kingfisher. Article Source -> Business Standard

Embattled liquor tycoon Vijay Mallya , wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 90 billion, is set to appear before the Westminster Magistrates' Court here on Monday when his extradition trial is listed for a judgment hand-down. The 62-year-old former Kingfisher Airlines boss has been on bail since his arrest on an extradition warrant in April last year. He has contested his extradition on the grounds that the case against him is "politically motivated" and the loans he has been accused of defrauding on were sought to keep his now-defunct airline afloat. "I did not borrow a single rupee. The borrower was Kingfisher Airlines. Money was lost due to a genuine and sad business failure. Being held as guarantor is not fraud," he said in his recent Twitter post on the issue. "I have offered to repay 100 per cent of the principal amount to them. Please take it," the flamboyant businessman twee...

A Delhi court Tuesday ordered attachment of liquor baron Vijay Mallya's properties in Bengaluru in a case relating to FERA violations . Chief Metropolitan Magistrate Deepak Sherawat issued fresh directions after the Bengaluru Police, through ED's special public prosecutor N K Matta and advocate Samvedna Verma, sought more time to execute its earlier order. The Bengaluru Police had earlier informed the court that it has identified 159 properties belonging to Mallya, but has not been able to attach any of them. Mallya has been declared a proclaimed offender by the court on January 4 for evading its summons in the case. The court had on 8 May directed the attachment of Mallya's properties in the case through the Bengaluru Police commissioner and sought a report on it. 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. Read Complete Article B...

The 62-year-old former Kingfisher Airlines boss is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 90 bn Current Affairs News : Embattled liquor tycoon Vijay Mallya , wanted in India on fraud charges, returned to Westminster Magistrates' Court in London on Tuesday for closing arguments in his high-profile extradition trial. The 62-year-old former Kingfisher Airlines boss, who has been on bail on an extradition warrant since his arrest in April last year, is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 90 bn. He arrived at the court along with his son Siddharth. "At the end of the day, the courts will decide," Mallya tells reporters outside the court. At the last hearing in the case on April 27, the Central Bureau of Investigation (CBI) had received a boost in the case as Judge Arbuthnot confirmed that the bulk of the evidence submitted by the Indian aut...

The UK's Court of Appeal refused Mallya the permission to appeal against a UK High Court order in favour of 13 Indians banks to recover funds amounting to nearly £1.145 billion. Current Affairs News : Vijay Mallya has lost his attempt to appeal against a UK High Court order in favour of 13 Indian banks to recover funds amounting to nearly £1.145 billion, in another setback to the embattled liquor tycoon. The UK's Court of Appeal refused the 62-year-old businessman, who is separately undergoing an extradition trial in a UK court over fraud and money laundering charges by the Indian authorities, the permission to appeal against the High Court order dated May 8. In the ruling, Judge Andrew Henshaw had refused to overturn a worldwide order freezing Mallya's assets and also denied permission to appeal, which left Mallya with the only option of turning to the Court of Appeal. Judge Henshaw's order marked the first recorded case of a judgment of the Debt Rec...

Mallya has requested the court's permission to allow him to sell the assets under judicial supervision and repay creditors                              Current Affairs News : Fugitive tycoon Vijaya Mallya has sought the Karnataka High Court's permission to let him and his holding firm UBHL sell their assets under judicial supervision and repay creditors, including state-run banks. "UBHL (United Breweries Holding Ltd) and myself have filed an application before the Karnataka High Court on June 22, setting out available assets of about Rs 139 billion (13,900 crore)," said Mallya in a letter released on Tuesday. Mallya has requested the court's permission to allow him to sell the assets under judicial supervision and repay creditors, including the state-run banks such amounts as may be directed and determined by the court. Breaking his silence after a long time, Mallya on Tuesday said he h...

MEA added India had sent request to Malaysia to extradite Naik and it was waiting for a response Current Affairs News : The government has left no stone unturned in convincing a UK court that fugitive businessman Vijay Mallya must be extradited to India, External Affairs Ministry spokesperson Raveesh Kumar said on Friday. "Extradition hearings have been going on. I understand that the closing submissions in the case have already been made. We now wait for the verdict. I can only assure you that we have left no stone unturned in our efforts to convince the courts that the extradition of Vijay Mallya to India should take place," Kumar told reporters in response to a question. In February 2017, India made a formal request to the UK for the extradition of Mallya, who faces charges of financial misconduct amounting to nearly Rs 90 billion in debt owed to Indian banks by his defunct Kingfisher Airlines. When asked about the location of fugitive...

Fugitive liquor baron Vijay Mallya is wanted in India for his Kingfisher Airlines’ default on nearly Rs 90 billion worth of loans, among other cases Current Affairs   :  In a major blow to business tycoon Vijay Mallya, a UK high court on Tuesday ruled in favour of Indian banks seeking to collect more than $1.55 billion from him. The court refused to overturn an Indian court’s worldwide order for freezing of Mallya’s assets. Mallya and his now defunct Kingfisher Airlines   are embroiled in several court cases ranging from money laundering to tax evasion and loan defaults. The tycoon has been on an self-imposed exile in the UK since he left India on March 2, 2016. What the judgment implies The UK high court judgment will enable banks to enforce an earlier judgment of an Indian court against Mallya’s assets in England and Wales. The worldwide freezing order prevents Mallya from “removing any assets from England and Wales up to that value or to in any way dispos...