Heena Sharma Blog

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...

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...