INDIAN MEDIA IS VERY INDEPENDENT IN PROBING SUCH FRAUD CASES COMPARED TO AMERICAN MEDIA WHO CANT MAKE DONALD TRUMP TO RELEASE HIS TAXES. THIS SHOWS HOW STRONG INDIAN MEDIA IS AGAINST FRAUD PROBES .
AMERICAN PEOPLE CANT KNOW HOW BILLIONARIES CAN HAVE MANY FRAUD CASES AGAINST THEM BECAUSE THEY DO LACK DEMOCRACY .
SEE HOW INDIAN MEDIA CAN BRING FRAUD CASES AGAINST
Supreme Court issues notice to Vijay Mallya, seeks reply in two weeks
Amit Anand Choudhary | TNN | Mar 9, 2016, 02.35 PM IST
Assets listed in India
33% in United Breweries, which is worth Rs 7,000 crore.
But more than half of the stake is pledged. 22% interest in Mangalore Chemicals & Fertilisers, which is worth Rs 140 crore.
One-third of the shares are pledged. 52%of UB Holdings, a shell company, which has some real estate in Bangalore and other places, but the rentals have already been pledged.
Under 1% stake in Bayer Corp Science, but Mallya remains its chairman.
1983 | After his father’s death, Mallya becomes UB group chairman at 28.
1999 | Launches Kingfisher Strong, which changes beer consumption nationally, is still the largest selling brand.
2002 | Nominated to Rajya Sabha.
The buying spree
2005 | Launches Kingfi sher Airlines (KFA). Buys Shaw Wallace, gaining whisky brands such as Royal Challenge
2006 | Buys Herbertsons, makers of Bagpiper whisky and Romanov vodka.
2007 | Buys F1 team Spyker, renames it Force India. Acquires Air Deccan. Buys British whisky maker Whyte and Mackay for £595m.
2008 | Buys IPL team Royal Challengers Bangalore for $111.6m. UB City comes up in Bangalore.
The road to ruin
2012 | KFA staff strike work for nonpayment of salaries, income-tax dept freezes KFA accounts, airline grounds flights. In Oct, govt suspends KFA licence. British alcoholic beverages firm Diageo agrees to buy majority stake in United Spirits
2013 | Diageo acquires 27% stake in USL for Rs 6,500 crore, but KFA lenders do not get any funds.
2014 | United Bank identifies United Breweries Holdings as wilful defaulter.
2015 | Diageo asks Mallya to step down as chairman of the Indian liquor firm but he refuses.
2016 | Banks move debt recovery tribunal, which restrains Mallya from accessing Rs 515 crore he was to receive from Diageo as settlement after agreeing to quit.
The misery Kingfisher inflicted
Over 1,500 staffers, still on the firm’s payrolls after it stopped operation, not paid? On March 5, employees write an open letter to Mallya, saying his ‘heart is impure’ and he has blood on his hands. They seek PM Narendra Modi’s help to get their dues.
His pearls of wisdom
The only regret is Kingfisher Airlines is not flying today when the oil price is so low.
The past few days have witnessed a near hysterical campaign in the media directed against me. All I can say is I hope some sobriety and sense will prevail and truth will not be held hostage to TRPs.
The notice will be served to Mallya through his official Rajya Sabha email ID through Indian high commission at London and his counsel & Co.
The consortium of banks led by SBI urged the top court to give directions to ensure that Mallya appeared in person before the court. They also sought directions for impounding of his passport.
The court asked the banks to wait for Mallya’s response to the notice.
The apex court also questioned why loans were given to Mallya when he was a defaulter and was facing proceedings in the court of law.
The attorney general, citing CBI inputs, informed the apex court that Vijay Mallya had left the country.
The AG also told the court that Mallya’s assets abroad are far in excess to loans taken by him.
A consortium of 13 banks had on Tuesday approached the Supreme Court to stop Vijay Mallya from leaving India.
On Monday, Debt Recovery Tribunal (DRT) had restrained Mallya from disbursing in any manner Rs 515 crore paid to him by liquor major Diageo for exiting United Spirits.
(With inputs from agencies)
Loan fraud probe: CBI raids Vijay Mallya’s defunct Kingfisher Airlines
The agency’s raids are reportedly part of its banking NPA frauds probe, which was started last year and first reported by TOI.
The agency has registered an FIR in the loan fraud, which was declared non-performing asset, few days back. The agency has been probing loans provided by many public sector banks to several private companies.
CBI had alleged that “it was first exposure to the bank. There was no need for the bank to take the exposure outside the consortium when already other loans were getting stressed”.
Sources say that Vijay Mallya would be questioned soon in the case.
Earlier, during the preliminary enquiry, agency has already examined some Kingfisher and IDBI officials asking them to explain the reasons for extending the loan to the airline, ignoring its own internal report which had warned against such a move.
The debt-ridden airline stopped operations in October 2012.
CBI sources said the agency had registered a preliminary enquiry last year after the bank failed to provide convincing answers on reasons to extend the loan to the crisis-ridden airline.
The agency’s probe is part of the investigation into non-performing assets of various public sector banks.
TOI was the first to report formal first set of FIRs in the NPAs’ probe being carried out by the bank securities and fraud cell of the agency.