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Can't Attend Court, Passport Was Cancelled, Claims Vijay Mallya Liquor baron   Vijay Mallya   on Friday informed a Delhi court that he wants to come to India but is unable to travel back as his passport has been suspended by Indian authorities. Mallya made the submission through his counsel before Chief Metropolitan Magistrate Sumit Dass in a case lodged for allegedly evading summons in connection with a FERA violation matter. On July 9, the court had cancelled the exemption from personal appearance granted to him and had directed him to appear before it. In his application moved through senior advocate Ramesh Gupta, Mallya requested the court that some time be given so that his appearance can be secured. The counsel submitted the copy of an email sent by Mallya, stating that his passport was suspended on April 23, 2016 without giving him any opportunity of being heard. Enforcement Directorate (ED), however, told the court that Mallya is already evading proceed...

Vijay Mallya, the Indian liquor baron battling creditors seeking to recover dues, offered to deposit Rs 1,590 crore ($240 million) with India's top court to establish his intent to settle with lenders who had rejected an earlier payment proposal. Lawyers representing the founder of the collapsed   Kingfisher Airlines   Ltd, who the government says left the country earlier this year, filed an affidavit in the Supreme Court on Thursday in response to a directive to declare all his assets. The debt owed by the failed carrier is at the centre of India's drive to crack down on defaulters and clean up the balance sheets of its banks weighed down by soured loans. Mallya also told the court that overseas assets are not considered while granting loans, and sought permission to file information of his assets in a sealed cover on June 26. He also said banks had no right to any of this information as they were not involved in overseas assets recast. He further added that he ca...

Five serving and former executives of the IDBI Bank, mentioned in a probe report by the Central Bureau of Investigation (CBI) will be questioned by the Enforcement Directorate (ED) over a Rs 950-crore loan sanctioned to Kingfisher Airlines in 2009. Yogesh Agarwal, the then chairman and managing director of IDBI Bank, and four other executives who were members of the credit committee, B K Batra, O V Bundellu, R Bansal and S K V Srinivasan, have been named by the CBI. Show full article