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Former Indian politician and billionaire businessman Vijay Mallya , centre, arrives for his extradition hearing arrives at Westminster Magistrates Court in London . After mocking India saying "keep dreaming about a billion pounds", fugitive loan defaulter Vijay Mallya took on the media for running an "intense hate campaign" against him. "Intense hate campaign by Indian media against me knows no bounds. The GOI (Government of India) has filed a case which is before a UK court . Wait for verdict," he tweeted. The Twitter post came after a London court pushed back the date of a hearing to decide whether he should be extradited to India. Intense hate campaign by Indian media against me knows no bounds. The GOI has filed a case which is before a U.K. court. Wait for verdict. — Vijay Mallya (@TheVijayMallya) June 14, 2017 Current Affairs : Mallya has had run-ins with the media previously as well. After his brazen appearance at a Cham...

The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues owed by Vijay Mallya's defunct Kingfisher Airlines The  State Bank of India  has cleaned up non-performing assets worth Rs 7,016 crore from its books by writing off loans given to 63 wilful defaulters, Daily News & Analysis reported on Wednesday. Of the 63 accounts, 31 have been partially written off and six shown as NPAs. The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues to Vijay Mallya’s defunct Kingfisher Airlines, which is at the top of the list of wilful defaulters. In other words, loans given to Kinfsiher Airlines will no longer be shown in the bank’s balance sheet, though the airline has outstanding dues of almost Rs 1,201 crore. Some of the other prominent defaulters who feature in the write-off list are KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore). The Congress party immediately reacted to...

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...

The Enforcement Directorate (ED) and Reserve Bank of India have launched a probe into the transfer of Rs 4,000 crore from United Spirits Ltd (USL) to the British Virgin Islands in early 2007 by the company before it was taken over by Diageo in 2012. A probe into the transfer was first ordered by a division Bench of the Karnataka High Court on December 20, 2013, Show full article

Bankers cannot escape blame for the bad-loan mess at Kingfisher Airlines. Why did they fund Vijay Mallya’s never financially solvent airline? Kingfisher’s gross block (investment in fixed assets) was always a fraction of its total debt and the gap widened with each passing year (see chart). Thus, the banks never had the option to sell its assets and recover their dues in a default. Compare it to the amount of documentation and collateral that banks ask from individual borrowers. Show full article

Industrialist Vijay Mallya today came out in defence of his decision to go abroad, stating that he had not fled from India.  Rubbishing claims that he had absconded from India, Mallya said that as an international businessman, he travels a lot to and fro from India. ALSO READ:  Mallya showed zero debt in Rajya Sabha affidavit   Show full Article  Tweets by Vijay Mallya

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

The  Supreme Court  on Wednesday issued notice to  Vijay Mallya   on  petition  of consortium of banks seeking disclosure of his  assets  and seizure of passport. This followed a statement by the government's top lawyer,  Attorney General  Mukul Rohatgi   who informed the court that Mallya left the country on March 2.  The apex court has given Mallya two weeks to respond to the notice. The next hearing has been scheduled for March 30. Show full article

Vijay Mallya, chairman of United Breweries (UB) group, has issued a statement to say banks already have securities worth Rs 2,500 crore against Rs 7,000 crore loans given to the now-defunct Kingfisher Airlines. Show full article ALSO READ:  Mallya default case: DRT to pass orders today on SBI plea