PricewaterhouseCoopers, convicted in the Rs 7,000 crore Satyam scam, had also audited accounts of Vijay Mallya’s firm and the Global Trust Bank, which collapsed.
State Bank of India, the biggest lender to the airlines, has pegged its losses at Rs 900 crore, however, the actual losses may be even higher than these estimates.
The UK’s Crown Prosecution Services will be arguing on behalf of the Indian authorities when Mallya’s extradition is heard in London on June 13.
The apex court will mete out the punishment for Mallya’s contempt of court as well as his violation of the orders of Karnataka high court on that date.
Mallya transferred $40 million to his children’s accounts in violation of court orders.
Vijay Mallya, who owes banks Rs 9,000 crore, has been living in Britain since 2016 and was arrested by Scotland Yard last month on India’s extradition request.
While 62 fugitives were extradited between 2002 and 2016, 110 fugitives are yet to be extradited although India has made formal requests.
In the thirty-eighth episode of Jan Gan Man Ki Baat, Vinod Dua discusses the reopening of criminal conspiracy charges against L.K. Advani, Murli Manohar Joshi, Uma Bharti and others, and also explains why Vijay Mallya’s arrest and subsequent release is no cause for celebration.
Founding editor of The Wire M.K. Venu interviews Ashish Khetan, senior spokesperson of Aam Aadmi Party and chairman of the Dialogue and Development Commission of Delhi about Vijay Mallya’s arrest and the fight against corruption in big business.
The extradition process of the liquor baron from the UK, who owes Indian banks over Rs 9,000 crore, will begin now that he has been produced in a UK court and granted bail.
The extradition request has been certified by Britain’s secretary of state and will not be sent to a district judge for consideration.
Black money may be funnelled away in tax havens, but it is all controlled out of London, where Indian and other billionaires are happy to be based.
In the seventh episode of Jan Ki Baat, Vinod Dua talks about nepotism in politics and the cases of Vijay Mallya and arms dealer Sanjay Bhandari absconding abroad.
Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had fled from India on March 2, 2016.
Dealing with demonetisation aftereffects requires a fiscal and monetary boost, but the government appears to be in no mood to deliver it, for obvious reasons – the fiscal cushion that Narendra Modi’s brainwave was supposed to provide never materialised.
The minister of state for finance said that a complaint has been lodged.
Our top ten list of those who got away this year.
Legion discussed potential targets in an interview, including the UIDAI database that holds the Aadhaar data of over 500 million Indians.
With HTTPS, our journalists are assured that the stories they produce will reach their readers in the form they were intended irrespective of how sensitive or controversial their contents are.
What are the technical, legal and jurisdictional issues around the recent Twitter and email hacks claimed by the ‘Legion Crew’, and what can targeted entities do to better protect themselves?
Low interest rates are demanded in the name of helping small and medium-sized enterprises, but in reality, it is the over-leveraged corporates that will most likely benefit from it.
Cultural property debates are about contested and conflicting regimes of value in the age of the global.
Women customers are made to jump through hoops to get any work done at a bank – all in the name of ‘RBI rules’.
When India’s most aggressive anchor meets India’s most aggressive politician, one expects sparks to fly. Instead, Arnab Goswami looked like a favourite nephew lobbing the ball gently to a benign elderly uncle. More “noora-kushti” and less a sharp interview, there were many questions that ought to have been […]
The RBI governor’s no-nonsense attitude in dealing with debt default did not go down well with the big business interests, leaving the political class feeling uncomfortable and insecure.
The independent MP and liquor baron quit one day before the Ethics Committee of the Upper House was set to recommend his expulsion.
Supreme Court Asks Vijay Mallya to Declare Assets as Banks Reject Offer of Partial Settlement of Dues
A consortium of banks led by the State Bank of India today rejected before the Supreme Court the proposal offered by liquor baron Vijay Mallya and his companies to pay 4,000 crore rupees by September towards partial settlement of the dues owed.
Vijay Mallya on Wednesday submitted a proposal in the Supreme Court to pay 4000 crore rupees as partial settlement of the dues he owes to a consortium of banks led by State Bank of India.
An interview with Imtiaz Jalil, the AIMIM legislator whose attack on the Maharashtra government spending money on memorials instead of hospitals led BJP and Shiv Sena MLAs to question his patriotism, and then suspend Waris Pathan.
Vijay Mallya is at an advantageous position to negotiate with the Centre in the money-laundering and wilful-default case.
The BJP is trying to take the moral high-ground on corruption by laying the blame for corporate loan defaults on the previous regime. But it is equally on test for the way it handles these cases.
New Delhi: With industrialist Vijay Mallya having left for London on March 2, the day public sector banks, to whom he owed over Rs.9,000 crore in loans, moved the Debt Recovery Tribunal (DRT) against him, the Supreme Court on Wednesday wondered as to what could be done to […]
Public sector banks are not capital scarce. Rather than recover the humungous NPAs, vested interest groups want them to raise capital, in other words, privatise, by citing Basel III as a pretext.