An expert witness called by Vijay Mallya&#39;s defence team on Thursday described as &quot;superficial&quot; the processes employed by banks to grant loans totalling more than Rs 2,000 crore to now-defunct Kingfisher Airlines in 2009.

Paul Rex, a London-based banking expert called in by Mallya&#39;s defence team, made the comment in response to a question by the prosecutions&#39; Mark Summers, who was questioning Rex about the credit analysis done by IDBI Bank, State Bank of India and other institutions.

The Indian government, through Britain&#39;s agency Crown Prosecution Service (CPS), has been contending in the court that liquor baron had misled banks back home with regard to his company&#39;s net worth while seeking loan totalling around Rs 2,000 crore.

In reports submitted to the court prior to the trial, Rex had compiled a list of &quot;failures and irregularities&quot; on the part of the banks in evaluating the credit-worthiness of Kingfisher Airlines.

He said that there were &quot;glaring gaps&quot; in the credit analysis process.

On further questioning, Rex revealed more details about the shortcomings of the banks in the loan approval process.

He said IDBI, for instance, relied on information that was &quot;largely insufficient&quot; and merely &quot;reproduced&quot; information provided by Kingfisher to other banks in the consortium which provided the loans.

Rex added that this was all done with the approval of senior management.

In a follow up question, Summers asked Rex whether Kingfisher or Mallya had a &quot;responsibility&quot; to notify the banks about any shortcomings or whether it was &quot;dishonest&quot; on the part of Mallya and Kingfisher to disclose the updated information, particularly in relation to business plans and profit projects.

Rex responded: &quot;It is a matter for the Indian courts to decide on any dishonesty on Mallya&#39;s part. For example, if you provide a document to a bank with a valuation of the company with certain provisos, it is the job of the bank&#39;s analysts to verify the information, it is not the responsibility of the borrower.&quot;

On Monday, the court will hear from Margaret Sweeney on payments made to the Force India Formula One team following the collapse of Kingfisher Airlines.

The court will also hear from Martin Lau, Professor of South Asian Law at the School of Oriental and African Studies (SOAS) in London.

An expert witness called by Vijay Mallya's defence team on Thursday described as "superficial" the processes employed by banks to grant loans totalling more than Rs 2,000 crore to now-defunct Kingfisher Airlines in 2009

An expert witness called by Vijay Mallya's defence team on Thursday described as "superficial" the processes employed by banks to grant loans totalling more than Rs 2,000 crore to now-defunct Kingfisher Airlines in 2009. Paul Rex, a London-based banking expert called in by Mallya's defence team, made the comment in response to a question by the prosecutions' Mark Summers, who was questioning Rex about the credit analysis done by IDBI Bank, State Bank of India and other institutions. The Indian government, through Britain's agency Crown Prosecution Service (CPS), has been contending in the court that liquor baron had misled banks back home with regard to his company's net worth while seeking loan totalling around Rs 2,000 crore. In reports submitted to the court prior to the trial, Rex had compiled a list of "failures and irregularities" on the part of the banks in evaluating the credit-worthiness of Kingfisher Airlines. He said that there were "glaring gaps" in the credit analysis process. On further questioning, Rex revealed more details about the shortcomings of the banks in the loan approval process. He said IDBI, for instance, relied on information that was "largely insufficient" and merely "reproduced" information provided by Kingfisher to other banks in the consortium which provided the loans. Rex added that this was all done with the approval of senior management. In a follow up question, Summers asked Rex whether Kingfisher or Mallya had a "responsibility" to notify the banks about any shortcomings or whether it was "dishonest" on the part of Mallya and Kingfisher to disclose the updated information, particularly in relation to business plans and profit projects. Rex responded: "It is a matter for the Indian courts to decide on any dishonesty on Mallya's part. For example, if you provide a document to a bank with a valuation of the company with certain provisos, it is the job of the bank's analysts to verify the information, it is not the responsibility of the borrower." On Monday, the court will hear from Margaret Sweeney on payments made to the Force India Formula One team following the collapse of Kingfisher Airlines. The court will also hear from Martin Lau, Professor of South Asian Law at the School of Oriental and African Studies (SOAS) in London.

Banks failed to evaluate credit-worthiness of Kingfisher Airlines: Mallya's team

Mallya&rsquo;s defence lawyer <a href="http://www.wionews.com/india-news/repeatedly-said-charges-against-me-fabricated-and-baseless-mallya-25834">Clare Montgomery today told the Westminster Magistrates </a>Court that there was no evidence against the liquor baron to extradite him to India

The UK court is hearing a <a href="http://www.wionews.com/india-news/vijay-mallya-arrested-in-london-appears-in-court-granted-bail-20957">case related to money laundering </a>and fraud with Mallya owing several Indian banks around Rs 9,000 crores.

Defence lawyer Clare Montgomery told Westminster Magistrates Court that there was &quot;no evidence&quot; to link Mallya to the fraud charge and he shouldn&#39;t be extradited.

&quot;Economically and legally it is impossible to palm off losses onto banks by borrowing to pass on the cost of failure,&quot; Clare Montgomery told the UK court.

Clare Montgomery added that the Indian government&rsquo;s case revealed a &ldquo;shocking lack of appreciation of how companies function&quot;.

The defence lawyer told the court that there were narratives, fraud versus business failure, and &quot;no reasonable jury would be able to reach a safe conclusion&quot;.&nbsp;

Montgomery also rejected the allegation that senior managers at state-owned lender IDBI were involved in Mallya&rsquo;s plan.&nbsp;

&ldquo;That is one of a number of allegations that prosecuting authorities have made without a shred of evidence,&rdquo; she said.&nbsp;

The defence lawyer also rejected Indian government&#39;s argument that Mallya had improperly spent the money borrowed from the banks,&nbsp;adding that there was &quot;no evidence of disbursements on anything other than the benefit of Kingfisher.&quot;&nbsp;

The extradition hearing is expected to last two weeks.

Clare Montgomery added that the Indian government?s case revealed a 'shocking lack of appreciation of how companies function'.

Mallya’s defence lawyer Clare Montgomery today told the Westminster Magistrates Court that there was no evidence against the liquor baron to extradite him to India The UK court is hearing a case related to money laundering and fraud with Mallya owing several Indian banks around Rs 9,000 crores. Defence lawyer Clare Montgomery told Westminster Magistrates Court that there was "no evidence" to link Mallya to the fraud charge and he shouldn't be extradited. "Economically and legally it is impossible to palm off losses onto banks by borrowing to pass on the cost of failure," Clare Montgomery told the UK court. Clare Montgomery added that the Indian government’s case revealed a “shocking lack of appreciation of how companies function". The defence lawyer told the court that there were narratives, fraud versus business failure, and "no reasonable jury would be able to reach a safe conclusion". Montgomery also rejected the allegation that senior managers at state-owned lender IDBI were involved in Mallya’s plan. “That is one of a number of allegations that prosecuting authorities have made without a shred of evidence,” she said. The defence lawyer also rejected Indian government's argument that Mallya had improperly spent the money borrowed from the banks, adding that there was "no evidence of disbursements on anything other than the benefit of Kingfisher." The extradition hearing is expected to last two weeks.

No evidence to link Mallya to fraud charge, says his lawyer in UK court

The extradition trial of Vijay Mallya, wanted in India on charges of Rs 9,000 crores fraud and money laundering, today began at a UK court here, with the prosecution asserting that the embattled liquor baron had a &quot;case of fraud&quot; to answer.

The trial, however, was briefly halted as the courtroom had to be evacuated due to a fire alarm. The 61-year-old tycoon and others waited outside the Westminster magistrates court during the fire drill.

The trial began with the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, presenting its opening arguments in the case which focused on loans totalling around Rs 2,000 crores sought by the erstwhile Kingfisher Airlines from a consortium of Indian banks.

It concluded the opening day&#39;s proceedings by asserting that they had &quot;shown by virtue of evidence a prima facie case&quot; against Mallya and the hearing should now move to the next phase of whether there were any &quot;bars to extradition&quot;.

The CPS detailed &quot;three chapters of dishonesty&quot; by the former Kingfisher Airlines boss, the first being misrepresentations to various banks to acquire the loans, then how he misused the money and finally his conduct after the banks recalled the loans.

&quot;Instead of acting as an honest person and doing what he could to meet his obligations, he sets about erecting lines of defence,&quot; said CPS barrister Mark Summers.

The Indian government says these were the reasons why a court can conclude, that these were loans that the &quot;defendant (Mallya) never intended to repay&quot; and that the company and airline industry was in &quot;intensive care&quot; and heading only in one direction, Summers said.

Instead of absorbing those losses, which would &quot;impinge on his lifestyle&quot;, Mallya chose to palm it off to banks, in particular, state-owned banks. Several internal emails, the government claims, disclose the reality of the position which was misrepresented to the banks, he said.

The judge noted that businessmen in this position would be &quot;hopeful that things will turn around&quot;, but the CPS said this was not the case with Kingfisher Airlines.

It went on to add that loans acquired in the name of rescuing the struggling airline were in fact used to pay off other debts, including paying the rent on a corporate jet &quot;owned by Kingfisher but operated for the defendant&#39;s (Mallya) own benefit&quot;.

The CPS presented an email written by Mallya in December 2009 justifying the use of loans to &quot;achieve round robins&quot;, confirming that he was open to using money received from banks for Kingfisher Airlines to repay other banks to settle overdue bills and charges.

This was &quot;expressly prohibited&quot; as part of the agreed terms of the loans provided to the then-struggling airline.

He also failed in his obligations as a &quot;personal guarantor&quot; of the loans by failing to use 40 million dollars received from Diageo from the sale of shares in United Spirits Limited to repay some of the debt.

&quot;Instead of honouring his obligations, he squirrelled away the 40 million dollars in trusts for his children,&quot; Summers said.

Mallya claimed later that those personal guarantees were secured by the banks under duress, a move the CPS highlighted was not the actions of an honest person.

The judge responded with a chuckle by saying it was &quot;quite inventive though&quot;.

The CPS admitted that there may have been &quot;irregularities&quot; in the internal processes of the banks sanctioning some of those loans but that would be a question to be dealt with at a later stage in India.

&quot;The focus of our case will be on his (Mallya&#39;s) conduct and how he misled the bank and misused the proceeds,&quot; said CPS barrister Mark Summers. He then went on to lay out a detailed chronology of events, with a specific focus on a loan sought by Kingfisher Airlines from IDBI bank in November 2009.

The loan sought amounted initially to Rs 950 crores but was later reduced to Rs 750 crores, after it had received Rs 200 crores from UCO bank.

Meanwhile, Mallya has also been sanctioned a loan of Rs 150 crores from IDBI in advance of the larger loan sought from the state-owned bank to meet &quot;critical obligations to overseas vendors&quot;.

The CPS gave details of how much of this money landed in Mallya&#39;s Formula One motor racing team Force India, something the defence has characterised as &quot;legitimate advertising expenses&quot; as the team&#39;s cars carried Kingfisher advertisements.

These pertained to the money laundering charges levelled against Mallya, which the CPS said was not a &quot;desperately important issue&quot; for the judge to decide on, with fraud remaining central to the case.

&quot;There is clearly no money laundering case,&quot; Mallya said in response to this assertion by the CPS at the end of the hearing.

The CPS noted that in all the loans sought, &quot;loss-making&quot; Kingfisher Airlines had relied on nearly the same set of security pledges, which included the UB Group&#39;s reputation, Kingfisher&#39;s own &quot;brand value&quot;, a promised infusion of equity funds and a projected return to profit by the airline by February 2011.

&quot;The airline had claimed that it had put proactive measures in place to improve performance,&quot; the CPS noted.

However, it was also a time when according to an industry analysis, the state of the airline industry was described as &quot;grim&quot; and as being in &quot;intensive care&quot;.

&quot;It was not a scenario in which a state bank would have entertained such loan requests,&quot; the CPS added.

The court was told that loans acquired in the name of rescuing Kingfisher Airlines were in fact used to pay off other debts, including paying the rent on a corporate jet &quot;owned by Kingfisher but operated for the defendant&#39;s (Mallya) own benefit&quot;.

The CPS presented an email written by Mallya in December 2009 justifying the use of loans to &quot;achieve round robins&quot;, confirming that he was open to using money received from banks for Kingfisher Airlines to repay other banks to settle overdue bills and charges.

This was &quot;expressly prohibited&quot; as part of the agreed terms of the loans provided to the then-struggling airline, it said.

The first day of the trial is expected to be taken up entirely by the CPS setting out the Indian government&#39;s prima facie case against Mallya, a fact that was not welcomed by his defence team.

Mallya&#39;s barrister, Clare Montgomery, told the judge that she had hoped to set out the defence&#39;s opening arguments on the first day as well.

But the CPS said it will &quot;not be rushed&quot; as it lays out the complete chronology of events.

Meanwhile, Mallya watched the proceedings from behind a glass-windowed dock.

His defence team tried to get the judge to allow him to sit outside the dock near his defence team to access some of the complicated paperwork being relied upon, but the judge denied that request saying all defendants are expected to sit in the dock.

However, the judge has directed that a table be&nbsp;provided to Mallya for easier access to his paperwork.

Earlier, Mallya looked relaxed when he entered the court to stand trial on charges of fraud and money laundering related to his erstwhile Kingfisher Airlines owing several Indian banks around Rs 9,000 crores.

&quot;These (allegations against me) are false, fabricated and baseless,&quot; Mallya told reporters outside the court ahead of the hearing.

A four-member CBI and Enforcement Directorate (ED) team from India had also arrived at the court ahead of the trial, one of whom nodded when asked if they were &quot;confident&quot; about their case.

Mallya, who has been out on bail since Scotland Yard executed an extradition warrant in April this year, will be in the dock for the duration of the trial scheduled to end on December 14.

A judgement in the case, being presided over by Judge Emma Louise Arbuthnot, is unlikely until early next year.

The CPS will need to demonstrate a prima facie case by producing evidence to show that the criminal charges against Mallya are justified and that he should be extradited to face the Indian courts.

Prison conditions in India are expected to be at the forefront during the hearing, with the Indian government providing assurances of protection of Mallya&#39;s human rights.

The tycoon has been on a self-imposed exile in the UK since he left India on March 2, 2016.

While on strict bail conditions, which include providing a bail bond worth 650,000 pounds, surrender of his passport and a ban on possessing any travel documents, the former Rajya Sabha member has been based at his Hertfordshire estate Ladywalk in the village of Tewin, nearly 50-km from London.

The CPS had presented &quot;supplemental&quot; charges of money laundering to previous charges of fraud against the businessman at an earlier hearing in October.

The judge had agreed to effectively re-open a fresh case so that all charges can be heard concurrently in court.

If the judge rules in favour of extradition at the end of the trial, the UK home secretary must order Mallya&#39;s extradition within two months.

However, the case can go through a series of appeals in higher UK courts before arriving at a conclusion.

Judge Arbuthnot and her colleague, Rebecca Crane, at Westminster Magistrates&#39; Court have recently rejected two other long-pending extradition requests from India.

The trial began with the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, presenting its opening arguments in the case which focused on loans totalling around Rs 2,000 crores sought by the erstwhile Kingfisher Airlines from a consortium of Indian banks

The extradition trial of Vijay Mallya, wanted in India on charges of Rs 9,000 crores fraud and money laundering, today began at a UK court here, with the prosecution asserting that the embattled liquor baron had a "case of fraud" to answer. The trial, however, was briefly halted as the courtroom had to be evacuated due to a fire alarm. The 61-year-old tycoon and others waited outside the Westminster magistrates court during the fire drill. The trial began with the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, presenting its opening arguments in the case which focused on loans totalling around Rs 2,000 crores sought by the erstwhile Kingfisher Airlines from a consortium of Indian banks. It concluded the opening day's proceedings by asserting that they had "shown by virtue of evidence a prima facie case" against Mallya and the hearing should now move to the next phase of whether there were any "bars to extradition". The CPS detailed "three chapters of dishonesty" by the former Kingfisher Airlines boss, the first being misrepresentations to various banks to acquire the loans, then how he misused the money and finally his conduct after the banks recalled the loans. "Instead of acting as an honest person and doing what he could to meet his obligations, he sets about erecting lines of defence," said CPS barrister Mark Summers. The Indian government says these were the reasons why a court can conclude, that these were loans that the "defendant (Mallya) never intended to repay" and that the company and airline industry was in "intensive care" and heading only in one direction, Summers said. Instead of absorbing those losses, which would "impinge on his lifestyle", Mallya chose to palm it off to banks, in particular, state-owned banks. Several internal emails, the government claims, disclose the reality of the position which was misrepresented to the banks, he said. The judge noted that businessmen in this position would be "hopeful that things will turn around", but the CPS said this was not the case with Kingfisher Airlines. It went on to add that loans acquired in the name of rescuing the struggling airline were in fact used to pay off other debts, including paying the rent on a corporate jet "owned by Kingfisher but operated for the defendant's (Mallya) own benefit". The CPS presented an email written by Mallya in December 2009 justifying the use of loans to "achieve round robins", confirming that he was open to using money received from banks for Kingfisher Airlines to repay other banks to settle overdue bills and charges. This was "expressly prohibited" as part of the agreed terms of the loans provided to the then-struggling airline. He also failed in his obligations as a "personal guarantor" of the loans by failing to use 40 million dollars received from Diageo from the sale of shares in United Spirits Limited to repay some of the debt. "Instead of honouring his obligations, he squirrelled away the 40 million dollars in trusts for his children," Summers said. Mallya claimed later that those personal guarantees were secured by the banks under duress, a move the CPS highlighted was not the actions of an honest person. The judge responded with a chuckle by saying it was "quite inventive though". The CPS admitted that there may have been "irregularities" in the internal processes of the banks sanctioning some of those loans but that would be a question to be dealt with at a later stage in India. "The focus of our case will be on his (Mallya's) conduct and how he misled the bank and misused the proceeds," said CPS barrister Mark Summers. He then went on to lay out a detailed chronology of events, with a specific focus on a loan sought by Kingfisher Airlines from IDBI bank in November 2009. The loan sought amounted initially to Rs 950 crores but was later reduced to Rs 750 crores, after it had received Rs 200 crores from UCO bank. Meanwhile, Mallya has also been sanctioned a loan of Rs 150 crores from IDBI in advance of the larger loan sought from the state-owned bank to meet "critical obligations to overseas vendors". The CPS gave details of how much of this money landed in Mallya's Formula One motor racing team Force India, something the defence has characterised as "legitimate advertising expenses" as the team's cars carried Kingfisher advertisements. These pertained to the money laundering charges levelled against Mallya, which the CPS said was not a "desperately important issue" for the judge to decide on, with fraud remaining central to the case. "There is clearly no money laundering case," Mallya said in response to this assertion by the CPS at the end of the hearing. The CPS noted that in all the loans sought, "loss-making" Kingfisher Airlines had relied on nearly the same set of security pledges, which included the UB Group's reputation, Kingfisher's own "brand value", a promised infusion of equity funds and a projected return to profit by the airline by February 2011. "The airline had claimed that it had put proactive measures in place to improve performance," the CPS noted. However, it was also a time when according to an industry analysis, the state of the airline industry was described as "grim" and as being in "intensive care". "It was not a scenario in which a state bank would have entertained such loan requests," the CPS added. The court was told that loans acquired in the name of rescuing Kingfisher Airlines were in fact used to pay off other debts, including paying the rent on a corporate jet "owned by Kingfisher but operated for the defendant's (Mallya) own benefit". The CPS presented an email written by Mallya in December 2009 justifying the use of loans to "achieve round robins", confirming that he was open to using money received from banks for Kingfisher Airlines to repay other banks to settle overdue bills and charges. This was "expressly prohibited" as part of the agreed terms of the loans provided to the then-struggling airline, it said. The first day of the trial is expected to be taken up entirely by the CPS setting out the Indian government's prima facie case against Mallya, a fact that was not welcomed by his defence team. Mallya's barrister, Clare Montgomery, told the judge that she had hoped to set out the defence's opening arguments on the first day as well. But the CPS said it will "not be rushed" as it lays out the complete chronology of events. Meanwhile, Mallya watched the proceedings from behind a glass-windowed dock. His defence team tried to get the judge to allow him to sit outside the dock near his defence team to access some of the complicated paperwork being relied upon, but the judge denied that request saying all defendants are expected to sit in the dock. However, the judge has directed that a table be provided to Mallya for easier access to his paperwork. Earlier, Mallya looked relaxed when he entered the court to stand trial on charges of fraud and money laundering related to his erstwhile Kingfisher Airlines owing several Indian banks around Rs 9,000 crores. "These (allegations against me) are false, fabricated and baseless," Mallya told reporters outside the court ahead of the hearing. A four-member CBI and Enforcement Directorate (ED) team from India had also arrived at the court ahead of the trial, one of whom nodded when asked if they were "confident" about their case. Mallya, who has been out on bail since Scotland Yard executed an extradition warrant in April this year, will be in the dock for the duration of the trial scheduled to end on December 14. A judgement in the case, being presided over by Judge Emma Louise Arbuthnot, is unlikely until early next year. The CPS will need to demonstrate a prima facie case by producing evidence to show that the criminal charges against Mallya are justified and that he should be extradited to face the Indian courts. Prison conditions in India are expected to be at the forefront during the hearing, with the Indian government providing assurances of protection of Mallya's human rights. The tycoon has been on a self-imposed exile in the UK since he left India on March 2, 2016. While on strict bail conditions, which include providing a bail bond worth 650,000 pounds, surrender of his passport and a ban on possessing any travel documents, the former Rajya Sabha member has been based at his Hertfordshire estate Ladywalk in the village of Tewin, nearly 50-km from London. The CPS had presented "supplemental" charges of money laundering to previous charges of fraud against the businessman at an earlier hearing in October. The judge had agreed to effectively re-open a fresh case so that all charges can be heard concurrently in court. If the judge rules in favour of extradition at the end of the trial, the UK home secretary must order Mallya's extradition within two months. However, the case can go through a series of appeals in higher UK courts before arriving at a conclusion. Judge Arbuthnot and her colleague, Rebecca Crane, at Westminster Magistrates' Court have recently rejected two other long-pending extradition requests from India.

Mallya has 'case of fraud' to answer, UK court told

Liquor baron <a href="http://www.wionews.com/india-news/vijay-mallya-arrested-in-london-appears-in-court-granted-bail-20957">Vijay Mallya appeared in London&#39;s </a>Westminster court today and declared that charges against him were &quot;false, fabricated and baseless&quot; as India continues to push for former Kingfisher chief&#39;s extradition

<a href="http://www.wionews.com/south-asia/contempt-proceedings-against-vijay-mallya-to-proceed-only-in-his-presence-supreme-court-17930">Mallya is currently out on a 650,000-pound</a> bail bond following his arrest by Scotland Yard over fraud and money laundering charges.

Britain&#39;s Crown Prosecution Service (CPS) led by lawyer Mark Summers has taken up the case behalf of the Indian government. The CPS needs to demonstrate criminal charges against Mallya are justified and that he should be extradited to face charges in India.

On arriving&nbsp;in court, Mallya said: &quot;I have said repeatedly that the charges are false, fabricated and baseless,&quot; adding,&quot; I have nothing to say, submissions in court will be self-evident.&quot;

&quot;Please hear the proceedings,&quot; the former Kingfisher chief told reporters waiting outside the courtroom.

Mallya had flown to the UK on March 2, 2016 even as Indian authorities charged him with fraud and money laundering related to Kingfisher Airlines owing several Indian banks around Rs 9,000 crores.

Last month, the Enforcement Directorate(ED) had moved the Patiala House court in Delhi seeking to declare Mallya a &quot;proclaimed offender&quot;.

Mallya had recently figured in the &#39;Paradise Papers&#39; on financial holdings abroad along with a number of Indian entities.

Mallya is currently out on a 650,000-pound bail bond following his arrest by Scotland Yard over fraud and money laundering charges.

Liquor baron Vijay Mallya appeared in London's Westminster court today and declared that charges against him were "false, fabricated and baseless" as India continues to push for former Kingfisher chief's extradition Mallya is currently out on a 650,000-pound bail bond following his arrest by Scotland Yard over fraud and money laundering charges. Britain's Crown Prosecution Service (CPS) led by lawyer Mark Summers has taken up the case behalf of the Indian government. The CPS needs to demonstrate criminal charges against Mallya are justified and that he should be extradited to face charges in India. On arriving in court, Mallya said: "I have said repeatedly that the charges are false, fabricated and baseless," adding," I have nothing to say, submissions in court will be self-evident." "Please hear the proceedings," the former Kingfisher chief told reporters waiting outside the courtroom. Mallya had flown to the UK on March 2, 2016 even as Indian authorities charged him with fraud and money laundering related to Kingfisher Airlines owing several Indian banks around Rs 9,000 crores. Last month, the Enforcement Directorate(ED) had moved the Patiala House court in Delhi seeking to declare Mallya a "proclaimed offender". Mallya had recently figured in the 'Paradise Papers' on financial holdings abroad along with a number of Indian entities.

Repeatedly said charges against me fabricated and baseless: Mallya

<a href="http://www.wionews.com/india-news/shashi-kapoor-passes-away-at-79-25844" target="_blank">Veteran actor Shashi Kapoor passes away at 79</a>

Veteran Bollywood superstar Shashi Kapoor died aged 79 on Monday. The actor&#39;s death has left the cinema industry and his family in a state of shock.&nbsp;

<a href="http://www.wionews.com/india-news/repeatedly-said-charges-against-me-fabricated-and-baseless-mallya-25834" target="_blank">Repeatedly said charges against me fabricated and baseless: Mallya</a>

Liquor baron&nbsp;<a href="http://www.wionews.com/india-news/vijay-mallya-arrested-in-london-appears-in-court-granted-bail-20957">Vijay Mallya appeared in London&#39;s&nbsp;</a>Westminster court today and declared that charges against him were &quot;false, fabricated and baseless&quot; as India continues to push for former Kingfisher chief&#39;s extradition.

<a href="http://www.wionews.com/world/pope-explains-why-he-did-not-say-rohingya-25787" target="_blank">Pope explains why he did not say &#39;Rohingya&#39;</a>

Pope Francis on Saturday explained why he had avoided the use of the term &quot;Rohingya&quot; on the first leg of his trip in Myanmar. The pontiff said he knew that had he used the word in official speeches, Myanmar&#39;s military leaders would have &quot;closed the door in our faces&quot; and that he wanted to be allowed to go &quot;further in the private meetings.&quot;

<a href="http://www.wionews.com/india-news/asurya-prakash-re-appointed-as-chairman-of-prasar-bharti-25825" target="_blank">A.Surya Prakash takes charge as chairman of Prasar Bharti</a>

A.Surya Prakash has been re-appointed as the chairman of the public broadcaster Prasar Bharti. He took charge of the post from today.

<a href="http://www.wionews.com/world/yemen-president-orders-forces-to-retake-sanaa-as-saudi-planes-continue-air-strikes-25839" target="_blank">Yemen president orders forces to retake Sanaa as Saudi planes continue air strikes</a>

Yemen&#39;s<a href="http://www.wionews.com/world/uae-denies-yemens-houthis-fired-missile-at-abu-dhabi-nuclear-reactor-25768">&nbsp;PM Ahmad Obaid bin Daghr said the</a>&nbsp;government will &quot;grant amnesty&quot;&nbsp;to all those all nationals who cut ties with rebels even as the president ordered forces to retake the capital city Sanaa.&nbsp;

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WION Evening News brief, 4 December 2017

Robert Vadra today dismissed<a href="http://www.wionews.com/videos/watch-mallya-extradition-hearing-confirmed-for-8-days-from-dec-4-6832"> Vijay Mallya&#39;s comment after the ex-boss</a> of Kingfisher Airlines said he was a &quot;political victim&quot;&nbsp;just like Congress chief Sonia Gandhi&#39;s son-in-law&nbsp;and Himachal Pradesh chief minister Virbhadra Singh.&nbsp;

Vadra said that he &quot;was a political victim&quot;, but never misused his&nbsp;position.

&quot;Yet again, I came across in the news, where somebody or the other is using my name as crutches, for their personal benefits... This time, none other than Vijay Mallya citing my reference&nbsp;in the UK courts. I would like to remind Mallya, yes I am a political victim, but I never misused my position and have full faith in my country&#39;s judicial system...I never ran away with anyone&#39;s money from the country like him,&quot; Vadra said.

Vadra stated that Mallya should think of coming back to India and face&nbsp;all the legal charges against him.&nbsp;

&quot;My piece of advice to him is please return to India and face all pending legal matters and to clear his dues to the people owed, and last but not the least, please avoid using my name, I do not wish to be associated with you in any matter,&quot; Vadra said.

Vadra has been under the scanner for alleged land deals made in Haryana when the Congress was in power for 10 years.

According to reports, the Enforcement Directorate (ED) said that rather than talking about the case, Mallya&nbsp;tried to distract the officials by stating unsubstantiated reports by the media.&nbsp;

Mallya, who fled to the UK in March 2016, is wanted in India for financial irregularities involving a total amount of Rs 9,000 crore as well as money laundering.

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Mallaya has been staying in the UK for over a year now. (Zee News Network)
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The businessman appeared before the UK court on Monday where his trial was confirmed for eight days beginning from December 4.

The ED and the CBI have given the necessary documents to the court for his plea against deportation to show that Mallya allegedly duped banks using forged documentation.

In his defense, Mallya said all the money was used for lawful business activities.

Mallya has also claimed that he was subject to 'inhuman jail conditions' and said that members of Congress party are targeting Vadra and Singh for political discord.?

Robert Vadra today dismissed Vijay Mallya's comment after the ex-boss of Kingfisher Airlines said he was a "political victim" just like Congress chief Sonia Gandhi's son-in-law and Himachal Pradesh chief minister Virbhadra Singh. Vadra said that he "was a political victim", but never misused his position. "Yet again, I came across in the news, where somebody or the other is using my name as crutches, for their personal benefits... This time, none other than Vijay Mallya citing my reference in the UK courts. I would like to remind Mallya, yes I am a political victim, but I never misused my position and have full faith in my country's judicial system...I never ran away with anyone's money from the country like him," Vadra said. Vadra stated that Mallya should think of coming back to India and face all the legal charges against him. "My piece of advice to him is please return to India and face all pending legal matters and to clear his dues to the people owed, and last but not the least, please avoid using my name, I do not wish to be associated with you in any matter," Vadra said. Vadra has been under the scanner for alleged land deals made in Haryana when the Congress was in power for 10 years. According to reports, the Enforcement Directorate (ED) said that rather than talking about the case, Mallya tried to distract the officials by stating unsubstantiated reports by the media. Mallya, who fled to the UK in March 2016, is wanted in India for financial irregularities involving a total amount of Rs 9,000 crore as well as money laundering. Mallaya has been staying in the UK for over a year now. (Zee News Network) × The businessman appeared before the UK court on Monday where his trial was confirmed for eight days beginning from December 4. The ED and the CBI have given the necessary documents to the court for his plea against deportation to show that Mallya allegedly duped banks using forged documentation. In his defense, Mallya said all the money was used for lawful business activities.

Mr Mallya, I am a political victim, but never misused my position: Robert Vadra

&nbsp;A defiant Vijay Mallya today appeared at Westminster Magistrates&nbsp;Court in London for his pre-trial hearing where the liquor baron&#39;s extradition hearing was confirmed for eight days starting&nbsp;December 4.

The 61-year-old businessman, out on bail on an extradition warrant executed by Scotland Yard earlier this year, was released by the judge on the same bail conditions and asked to appear at court on&nbsp;December 4.

The trial will last until&nbsp;December 14, with&nbsp;December 8&nbsp;marked as a non-sitting day.

Speaking to reporters as he left today&#39;s case management hearing, Mallya said he has repeatedly stressed that he has done nothing wrong and will let the evidence speak in court.

&quot;It will all become clear in court,&quot; he said.

The UKs Crown Prosecution Service (CPS), which is arguing the case against Mallya on behalf of the Indian authorities, had presented additional &quot;supplemental&quot; charges of money laundering to the previous charges of fraud at the last hearing in the case on&nbsp;October 3.

The previous fraud charges relate to?Mallya&#39;s now-defunct Kingfisher Airlines owing more than Rs 9,000 crore to various Indian banks.

The UB Group chief has been on self-imposed exile in the UK since he left India on March 2, 2016.

The CPS said it was technically re-filing its extradition request in court, after the new charges &quot;superseded&quot; the previous ongoing case.

The judge, Chief Magistrate Emma Louise Arbuthnot, agreed to formally re-open a fresh case while keeping to the same time-table as set before.

However, she had concurred with Mallya&#39;s defence team that if further evidence keeps coming in it could put the&nbsp;December 4&nbsp;trial date at &quot;risk&quot; before releasing him on the same bail conditions as before.&nbsp;

The trial will last until?December 14, with?December 8?marked as a non-sitting day

A defiant Vijay Mallya today appeared at Westminster Magistrates Court in London for his pre-trial hearing where the liquor baron's extradition hearing was confirmed for eight days starting December 4. The 61-year-old businessman, out on bail on an extradition warrant executed by Scotland Yard earlier this year, was released by the judge on the same bail conditions and asked to appear at court on December 4. The trial will last until December 14, with December 8 marked as a non-sitting day. Speaking to reporters as he left today's case management hearing, Mallya said he has repeatedly stressed that he has done nothing wrong and will let the evidence speak in court. "It will all become clear in court," he said. The UKs Crown Prosecution Service (CPS), which is arguing the case against Mallya on behalf of the Indian authorities, had presented additional "supplemental" charges of money laundering to the previous charges of fraud at the last hearing in the case on October 3. The previous fraud charges relate to?Mallya's now-defunct Kingfisher Airlines owing more than Rs 9,000 crore to various Indian banks. The UB Group chief has been on self-imposed exile in the UK since he left India on March 2, 2016. The CPS said it was technically re-filing its extradition request in court, after the new charges "superseded" the previous ongoing case. The judge, Chief Magistrate Emma Louise Arbuthnot, agreed to formally re-open a fresh case while keeping to the same time-table as set before. However, she had concurred with Mallya's defence team that if further evidence keeps coming in it could put the December 4 trial date at "risk" before releasing him on the same bail conditions as before.

Watch: Vijay Mallya extradition hearing confirmed for 8 days from December 4

The Enforcement Directorate has moved the Patiala House court in Delhi seeking to declare liquor baron Vijay Mallya a proclaimed offender.

Mallya is accused of loan fraud to the tune of Rs 9,000 crore and has fled to UK from India. He was also the chairman of the grounded Kingfisher Airlines that has unpaid loans of thousands of crores.

India has been urging the UK to extradite Mallya for trial in India.&nbsp;The British side conveyed that the extradition hearings for Mallya will start on December 4 and he will remain on conditional bail.

Mallya recently figured in the&nbsp;&#39;Paradise Papers&#39; on financial holdings abroad along with a number of Indian entities.

The Enforcement Directorate has moved the Patiala House court in Delhi seeking to declare liquor baron Vijay Mallya a proclaimed offender.

The Enforcement Directorate has moved the Patiala House court in Delhi seeking to declare liquor baron Vijay Mallya a proclaimed offender. Mallya is accused of loan fraud to the tune of Rs 9,000 crore and has fled to UK from India. He was also the chairman of the grounded Kingfisher Airlines that has unpaid loans of thousands of crores. India has been urging the UK to extradite Mallya for trial in India. The British side conveyed that the extradition hearings for Mallya will start on December 4 and he will remain on conditional bail. Mallya recently figured in the 'Paradise Papers' on financial holdings abroad along with a number of Indian entities.

ED moves Delhi court to declare Vijay Mallya a proclaimed offender

A joint team of the ED and the CBI is in London to brief UK prosecution, working on the extradition of fugitive liquor baron Vijay Mallya, and submit fresh proof in the case, officials said today.

The visiting officials of the two central probe agencies will also submit the charge-sheet filed by the Enforcement Directorate in the case last month in Mumbai, said a senior official in the Mallya probe team.

&quot;The Indian investigators will also brief Crown Prosecution Service (CPS) officials about the contents of the ED charge-sheet and the evidence produced in it. Some other legal issues will also be discussed,&quot; the official said.

The CPS will argue the case in the court on behalf of the Indian government.

The official added that the ED&#39;s legal advisor will explain in detail the charges made out against Mallya, some more evidence, attachments made by it and other legal points mentioned in the charge-sheet filed under various sections of the Prevention of Money Laundering Act (PMLA).

The ED will also seek cooperation from countries like France, Singapore, Mauritius, Ireland, the US and the UAE to probe certain transactions and the shell companies involved.

Nine accused have been named in the charge-sheet filed by the ED.&nbsp;

The list includes Mallya, Kingfisher Airlines (KFA), United Breweries (Holding) Limited and senior employees and executives of the now-defunct airline and the IDBI (Industrial Development Bank of India) bank.

The agency has called Mallya &quot;prime mover of the entire plot&quot; in the charge-sheet and described how funds obtained from the bank loan were allegedly routed illegally, including &quot;substantial payments&quot; being diverted to the Formula-1 car racing event abroad.

Mallya, who is wanted in India for Kingfisher Airlines&#39; default on loans worth nearly Rs 9,000 crore, has been in the UK since March 2016 and was arrested by Scotland Yard on an extradition warrant on April 18.

A United Kingdom court recently rejected Mallya&#39;s request to shift the final hearing date in his extradition case to next year and fixed it for December 4.

Both the ED and the Central Bureau of Investigation (CBI) are probing Mallya and others for alleged charges of corruption and money laundering.

Mallya's Kingfisher Airlines has defaulted on loans worth 9,000 crore and is in UK since March 2016

A joint team of the ED and the CBI is in London to brief UK prosecution, working on the extradition of fugitive liquor baron Vijay Mallya, and submit fresh proof in the case, officials said today. The visiting officials of the two central probe agencies will also submit the charge-sheet filed by the Enforcement Directorate in the case last month in Mumbai, said a senior official in the Mallya probe team. "The Indian investigators will also brief Crown Prosecution Service (CPS) officials about the contents of the ED charge-sheet and the evidence produced in it. Some other legal issues will also be discussed," the official said. The CPS will argue the case in the court on behalf of the Indian government. The official added that the ED's legal advisor will explain in detail the charges made out against Mallya, some more evidence, attachments made by it and other legal points mentioned in the charge-sheet filed under various sections of the Prevention of Money Laundering Act (PMLA). The ED will also seek cooperation from countries like France, Singapore, Mauritius, Ireland, the US and the UAE to probe certain transactions and the shell companies involved. Nine accused have been named in the charge-sheet filed by the ED. The list includes Mallya, Kingfisher Airlines (KFA), United Breweries (Holding) Limited and senior employees and executives of the now-defunct airline and the IDBI (Industrial Development Bank of India) bank. The agency has called Mallya "prime mover of the entire plot" in the charge-sheet and described how funds obtained from the bank loan were allegedly routed illegally, including "substantial payments" being diverted to the Formula-1 car racing event abroad. Mallya, who is wanted in India for Kingfisher Airlines' default on loans worth nearly Rs 9,000 crore, has been in the UK since March 2016 and was arrested by Scotland Yard on an extradition warrant on April 18. A United Kingdom court recently rejected Mallya's request to shift the final hearing date in his extradition case to next year and fixed it for December 4. Both the ED and the Central Bureau of Investigation (CBI) are probing Mallya and others for alleged charges of corruption and money laundering.

CBI and ED teams in London to submit fresh proof in Mallya extradition case

The Supreme Court today asked the government to produce fugitive businessman Vijay Mallya before it without which the contempt case against him cannot move further.

Attorney General K K Venugopal, in his submission, said that the efforts to bring back Mallya are on.&nbsp;

The bench comprising Justice&nbsp;A K Goel and U U Lalit, while taking note of the submission, asked the government to produce him before the court.

The apex court had found him guilty of contempt in May for transferring $40 million to his children in violation of the court&#39;s order, according to a PTI report.

The top court was&nbsp;going to announce the quantum of the sentence today. He had been asked to present himself before the court to argue the quantum of sentence.

A consortium of banks led by India&#39;s largest lender State Bank of India, in a plea before the top court, had said that the businessman transferred $40 million received from Diageo to his children in violation of various court orders. &nbsp;

India has requested the United Kingdom for the early extradition of Vijay Mallya who has been accused of defaulting on a loan of 9,000 crore rupees by a consortium&nbsp;of banks. &nbsp; &nbsp;&nbsp;

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The top court took note of Centre's submission that efforts to extradite the fugitive businessman are on

The Supreme Court today asked the government to produce fugitive businessman Vijay Mallya before it without which the contempt case against him cannot move further. Attorney General K K Venugopal, in his submission, said that the efforts to bring back Mallya are on. The bench comprising Justice A K Goel and U U Lalit, while taking note of the submission, asked the government to produce him before the court. The apex court had found him guilty of contempt in May for transferring $40 million to his children in violation of the court's order, according to a PTI report. The top court was going to announce the quantum of the sentence today. He had been asked to present himself before the court to argue the quantum of sentence. A consortium of banks led by India's largest lender State Bank of India, in a plea before the top court, had said that the businessman transferred $40 million received from Diageo to his children in violation of various court orders. India has requested the United Kingdom for the early extradition of Vijay Mallya who has been accused of defaulting on a loan of 9,000 crore rupees by a consortium of banks.

Contempt proceedings against Vijay Mallya to proceed only in his presence: Supreme Court

Beleaguered business tycoon Vijay Mallya took a potshot at the Indian media&#39;s &quot;intense hate campaign&quot; against him on Wednesday.

The flamboyant businessman has been in the crosshairs of controversy ever since he left for the UK last March after defaulting on loans worth over Rs 9,000 crore.

The 61-year-old businessman -- whose business empire straddled real estate, beverage alcohol and aviation infrastructure&nbsp;-- took to Twitter to attack the media: &quot;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.&quot;

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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.
&mdash; Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/874791079261986817">June 14, 2017</a></blockquote>
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Earlier, the London court granted him bail and scheduled the next hearing of the extradition case against on July 6.

After coming out of the court, Mallya said: &quot;You can keep dreaming about the billion pounds, but there`s no proof.

Do you have the facts? You cannot prove anything without facts.&quot;

When asked how he felt when he was booed at and called a thief during a match between India and South Africa in the ongoing Champions Trophy, Mallya said: &quot;I was not called a thief that day by the crowd at Oval ground. Two drunk people were shouting but several others came and wished me well&quot;.

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Business tycoon Vijay Mallya was booed by Indian fans when entering The Oval cricket ground in London to watch the key India-South Africa match in the Champions Trophy (WION)
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Mallya has repeatedly denied any wrongdoing and has stated that he has &quot;enough evidence to prove my case in court&quot;.

But Britain&#39;s Crown Prosecution Service has argued the extradition case on India&#39;s behalf. A joint CBI-ED team went to London last month with documents to bolster the Crown&#39;s case.

Mallya owes as much as Rs. 9,000 crore to Indian banks. He was declared arrested in absentia on April 18 after India made a formal extradition request for him on February 8.

The 61-year-old chief of the now-defunct Kingfisher Airlines fled India on March 2 last year, has been living in Britain, mostly, since then.

(With inputs from agencies)

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The businessman has been deeply mired in controversies after he defaulted on loans worth Rs 9,000 crore

Beleaguered business tycoon Vijay Mallya took a potshot at the Indian media's "intense hate campaign" against him on Wednesday. The flamboyant businessman has been in the crosshairs of controversy ever since he left for the UK last March after defaulting on loans worth over Rs 9,000 crore. The 61-year-old businessman -- whose business empire straddled real estate, beverage alcohol and aviation infrastructure -- took to Twitter to attack the media: "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." 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 × Earlier, the London court granted him bail and scheduled the next hearing of the extradition case against on July 6. After coming out of the court, Mallya said: "You can keep dreaming about the billion pounds, but there`s no proof. Do you have the facts? You cannot prove anything without facts." When asked how he felt when he was booed at and called a thief during a match between India and South Africa in the ongoing Champions Trophy, Mallya said: "I was not called a thief that day by the crowd at Oval ground. Two drunk people were shouting but several others came and wished me well". Business tycoon Vijay Mallya was booed by Indian fans when entering The Oval cricket ground in London to watch the key India-South Africa match in the Champions Trophy (WION) × Mallya has repeatedly denied any wrongdoing and has stated that he has "enough evidence to prove my case in court". But Britain's Crown Prosecution Service has argued the extradition case on India's behalf. A joint CBI-ED team went to London last month with documents to bolster the Crown's case. Mallya owes as much as Rs. 9,000 crore to Indian banks. He was declared arrested in absentia on April 18 after India made a formal extradition request for him on February 8. The 61-year-old chief of the now-defunct Kingfisher Airlines fled India on March 2 last year, has been living in Britain, mostly, since then. (With inputs from agencies)

Vijay Mallya berates Indian media's 'intense hate campaign' against him

Vijay Mallya has arrived at a UK court in London for his extradition hearing.&nbsp;

&quot;I have nothing to say, I deny all allegations. I have not eluded any court,&quot; ANI reported him as saying before his hearing.&nbsp;

&quot;I deny all allegations, I have enough evidence to prove my case in court,&quot; he said.&nbsp;

Watch video below

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<a href="https://twitter.com/hashtag/WATCH?src=hash">#WATCH</a> I deny all allegations, I have enough evidence to prove my case in court,says Vijay Mallya on arrival in London court <a href="https://t.co/n5U0sNHIhY">pic.twitter.com/n5U0sNHIhY</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/874590092345491456">June 13, 2017</a></blockquote>
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Mallya, 61, who fled India last year, owes over Rs 9,000 crore to banks here.&nbsp;

Mallya is currently living in London. He is wanted in India for defaulting on loan repayments.&nbsp;

The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India.

The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

'I have enough evidence to prove my case in court,' he said.?

Vijay Mallya has arrived at a UK court in London for his extradition hearing. "I have nothing to say, I deny all allegations. I have not eluded any court," ANI reported him as saying before his hearing. "I deny all allegations, I have enough evidence to prove my case in court," he said. Watch video below #WATCH I deny all allegations, I have enough evidence to prove my case in court,says Vijay Mallya on arrival in London court pic.twitter.com/n5U0sNHIhY — ANI (@ANI_news) June 13, 2017 × Mallya, 61, who fled India last year, owes over Rs 9,000 crore to banks here. Mallya is currently living in London. He is wanted in India for defaulting on loan repayments. The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India. The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

Watch: 'I deny all allegations,' Mallya says before extradition hearing

The UK court hearing the extradition case against embattled Indian tycoon Vijay Mallya has given him bail till December 4. &nbsp;

The 61-year-old former chief of the erstwhile Kingfisher Airlines&nbsp;appeared before the Westminster Magistrates&#39; Court in London Tuesday.&nbsp;

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<a href="https://twitter.com/hashtag/WATCH?src=hash">#WATCH</a> Keep dreaming about the billion pounds, provided you have facts to justify your questions: Vijay Mallya after court hearing in London <a href="https://t.co/KUyHj12C0k">pic.twitter.com/KUyHj12C0k</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/874602796141617153">June 13, 2017</a></blockquote>
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The court will next hear the case on July 6.&nbsp;

&quot;I have nothing to say, I deny all allegations. I have not eluded any court,&quot; ANI reported Mallya as saying before the hearing.&nbsp;

&quot;I deny all allegations, I have enough evidence to prove my case in court,&quot; he added.&nbsp;

PTI reported Mallya&#39;s defence team, which is being led by the firm Joseph Hague Aaronson LLP, as saying a second extradition request is expected from the Indian government.&nbsp;

&quot;I don&#39;t make statements to the media because anything I say is twisted. There is enough evidence, that will speak,&quot; PTI reported Mallya as saying. &quot;I go to cheer India in a cricket match and it becomes a media frenzy. It&#39;s better I don&#39;t say anything,&quot; he added.

Mallya, 61, who fled India last year, owes over Rs 9,000 crore to banks in India.&nbsp;

Mallya is currently living in London. He is wanted in India for defaulting on loan repayments.&nbsp;

The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India.

The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

'I have enough evidence to prove my case in court,' he said

The UK court hearing the extradition case against embattled Indian tycoon Vijay Mallya has given him bail till December 4. The 61-year-old former chief of the erstwhile Kingfisher Airlines appeared before the Westminster Magistrates' Court in London Tuesday. #WATCH Keep dreaming about the billion pounds, provided you have facts to justify your questions: Vijay Mallya after court hearing in London pic.twitter.com/KUyHj12C0k — ANI (@ANI_news) June 13, 2017 × The court will next hear the case on July 6. "I have nothing to say, I deny all allegations. I have not eluded any court," ANI reported Mallya as saying before the hearing. "I deny all allegations, I have enough evidence to prove my case in court," he added. PTI reported Mallya's defence team, which is being led by the firm Joseph Hague Aaronson LLP, as saying a second extradition request is expected from the Indian government. "I don't make statements to the media because anything I say is twisted. There is enough evidence, that will speak," PTI reported Mallya as saying. "I go to cheer India in a cricket match and it becomes a media frenzy. It's better I don't say anything," he added. Mallya, 61, who fled India last year, owes over Rs 9,000 crore to banks in India. Mallya is currently living in London. He is wanted in India for defaulting on loan repayments. The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India. The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

Watch: 'Keep dreaming about the billion pounds,' says Mallya after extradition hearing; gets bail

The Supreme Court has found Vijay Mallya guilty of contempt, and has ordered him to appear before it on July 10.&nbsp;

Mallya was found guilty on a plea by a consortium of banks here.&nbsp;

Mallya, 61, who fled India last year, owes over Rs 9,000 crore to the banks.&nbsp;

Mallya is currently living in London. He is wanted in India for defaulting on his loan repayments.&nbsp;

The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India.

The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

(WION)

Mallya was found guilty on a plea by a consortium of banks

The Supreme Court has found Vijay Mallya guilty of contempt, and has ordered him to appear before it on July 10. Mallya was found guilty on a plea by a consortium of banks here. Mallya, 61, who fled India last year, owes over Rs 9,000 crore to the banks. Mallya is currently living in London. He is wanted in India for defaulting on his loan repayments. The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India. The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan. (WION)

Supreme Court finds Mallya guilty of contempt, orders him to appear before it on July 10

Indian home secretary Rajiv Mehrishi met his British counterpart Patsy Wilkinson in the national capital.

According to agencies, the issue of extradition of fugitive businessman Vijay Mallya was also brought up during the meeting.

The absconding businessman, who faces various court cases in India on account of defaulting on loans from Indian banks, was arrested by the Scotland Yard last month acting on an extradition request from India.

He was granted bail immediately after his arrest as he assured the court that he will abide by the extradition proceedings.

Despite the extradition treaty signed in 1992 between India and the UK, only one successful extradition has taken place - Samirbhai Vinubhai Patel, who was sent back to India in October 2016 to face trial over his involvement in the post-Godhra riots of 2002.

Last February, India gave a formal extradition request for Mallya through a note verbale.

Meanwhile, a joint team of the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) reached London on Tuesday.

Last month, the Ministry of External Affairs (MEA) informed that Mallya&#39;s extradition has been stratified by the Secretary of State of the U.K. Government and added that a warrant would soon be released against him.

(WION with inputs from ANI) 
&nbsp;

He was arrested last month by Scotland Yard but was released on bail shortly after as he assured that he will abide by extradition proceedings

Indian home secretary Rajiv Mehrishi met his British counterpart Patsy Wilkinson in the national capital. According to agencies, the issue of extradition of fugitive businessman Vijay Mallya was also brought up during the meeting. The absconding businessman, who faces various court cases in India on account of defaulting on loans from Indian banks, was arrested by the Scotland Yard last month acting on an extradition request from India. He was granted bail immediately after his arrest as he assured the court that he will abide by the extradition proceedings. Despite the extradition treaty signed in 1992 between India and the UK, only one successful extradition has taken place - Samirbhai Vinubhai Patel, who was sent back to India in October 2016 to face trial over his involvement in the post-Godhra riots of 2002. Last February, India gave a formal extradition request for Mallya through a note verbale. Meanwhile, a joint team of the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) reached London on Tuesday. Last month, the Ministry of External Affairs (MEA) informed that Mallya's extradition has been stratified by the Secretary of State of the U.K. Government and added that a warrant would soon be released against him. (WION with inputs from ANI)

Indian, British officials meet over Mallya extradition

India&#39;s liquor baron Vijay Mallya wanted in India for defaulting on a huge loan of Rs 9000 crore was&nbsp;arrested by&nbsp;London&#39;s Scotland Yard, reports said.&nbsp;Mallya got bail three hours after being arrested and was back home, reports said.

Usual Indian media hype. Extradition hearing started today as expected, Mallya tweeted as he was released on bail.

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Usual Indian media hype. Extradition hearing in Court started today as expected.
&mdash; Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/854294437089902593">April 18, 2017</a></blockquote>
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&quot;Vijay Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud,&quot; police said in a statement earlier.

Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had fled India on March 2, 2016. A CBI court&nbsp;had issued a non-bailable warrant against Mallya three months ago&nbsp;in the Rs 720-crore IDBI bank loan default case.

India&#39;s&nbsp;CBI team will be leaving for London shortly to extradite&nbsp;him, media reports added. India which has an extradition treaty with the UK&nbsp;had asked Britain in November last year to extradite nearly 60 people from UK, including Mallya, to face trial in the Indian court.

India had applied to Britain to extradite Vijay Mallya to face trial after the liquor and aviation tycoon was charged with conspiracy and fraud over a loan to his defunct Kingfisher Airlines.

India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on February 8.

While handing over the request, India had asserted that it has a &quot;legitimate&quot; case against Mallya and maintained that if an extradition request is honoured, it would show British &quot;sensitivity towards our concerns&quot;.

Last month, setting in motion the process of extradition of Mallya, the British government had certified India&#39;s request and sent it to a district judge for further action.

The extradition process from the UK involves a number of steps including a decision by the judge whether to issue a warrant of arrest. In the case of a warrant, the person is arrested and brought before the court for preliminary hearing followed by an extradition hearing before a final decision is taken by the secretary of state.

The wanted person has a right to appeal to the higher courts against any decision all the way up to the Supreme Court.

Mallya, who once branded himself the &quot;King of Good Times&quot; and was known for his extravagant lifestyle, was sacked in February from the board of United Breweries, the company through which he once controlled his business empire.

He made Kingfisher beer a global brand and ran a now-defunct airline with the same name, besides being the owner of an IPL cricket team called Royal Challengers Bangalore and a Formula One team - Force India.

(WION with agency inputs: Reuters, AFP, PTI &amp; other sources)

Liquor baron Vijay Mallya arrested in London for defaulting on a loan of Rs 9000 crore in India, tweeted 'it was usual Indian media hype'

India's liquor baron Vijay Mallya wanted in India for defaulting on a huge loan of Rs 9000 crore was arrested by London's Scotland Yard, reports said. Mallya got bail three hours after being arrested and was back home, reports said. Usual Indian media hype. Extradition hearing started today as expected, Mallya tweeted as he was released on bail. Usual Indian media hype. Extradition hearing in Court started today as expected. — Vijay Mallya (@TheVijayMallya) April 18, 2017 × "Vijay Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud," police said in a statement earlier. Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had fled India on March 2, 2016. A CBI court had issued a non-bailable warrant against Mallya three months ago in the Rs 720-crore IDBI bank loan default case. India's CBI team will be leaving for London shortly to extradite him, media reports added. India which has an extradition treaty with the UK had asked Britain in November last year to extradite nearly 60 people from UK, including Mallya, to face trial in the Indian court. India had applied to Britain to extradite Vijay Mallya to face trial after the liquor and aviation tycoon was charged with conspiracy and fraud over a loan to his defunct Kingfisher Airlines. India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on February 8. While handing over the request, India had asserted that it has a "legitimate" case against Mallya and maintained that if an extradition request is honoured, it would show British "sensitivity towards our concerns". Last month, setting in motion the process of extradition of Mallya, the British government had certified India's request and sent it to a district judge for further action. The extradition process from the UK involves a number of steps including a decision by the judge whether to issue a warrant of arrest. In the case of a warrant, the person is arrested and brought before the court for preliminary hearing followed by an extradition hearing before a final decision is taken by the secretary of state. The wanted person has a right to appeal to the higher courts against any decision all the way up to the Supreme Court. Mallya, who once branded himself the "King of Good Times" and was known for his extravagant lifestyle, was sacked in February from the board of United Breweries, the company through which he once controlled his business empire. He made Kingfisher beer a global brand and ran a now-defunct airline with the same name, besides being the owner of an IPL cricket team called Royal Challengers Bangalore and a Formula One team - Force India. (WION with agency inputs: Reuters, AFP, PTI & other sources)

Vijay Mallya arrested by Scotland Yard in London, gets bail three hours after arrest

The UK has conveyed to India that its request for extradition of industrialist Vijay Mallya, who has been declared a proclaimed offender, has been certified by the secretary of state.

&quot;The UK Home department on February 21 conveyed that the request of India for extradition of Mallya has been certified by the secretary of state and sent to the Westminster Magistrates&#39; Court for a district judge to consider the issue of releasing of warrant,&quot; External Affairs Ministry spokesperson Gopal Baglay said.

The development is a step forward towards securing the extradition of the fugitive businessman wanted in India for loan default of over Rs 9,000 crore.

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<h5>The UK Home department on February 21 conveyed that the request of India for extradition of Mallya has been certified by the secretary of state and sent to the Westminster Magistrates&#39; Court for a district judge to consider the issue of releasing of warrant,&#39; external affairs ministry spokesperson Gopal Baglay said</h5>
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Baglay&nbsp;also noted that a formal extradition request in respect of Mallya as per Extradition Treaty between India and the UK was handed over to the British High Commission here through a note verbale on February 8.

While handing over the request, India had asserted that it has a &quot;legitimate&quot; case against Mallya and maintained that if an extradition request is honoured, it would show British &quot;sensitivity towards our concerns&quot;.

Earlier in January this year, a CBI court had issued a non-bailable warrant against Mallya in the Rs 720-crore IDBI Bank loan default case.

Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had fled India on March 2, 2016.

(PTI)

Mallya is wanted in India for defaulting on a loan of over Rs 9,000 crore

The UK has conveyed to India that its request for extradition of industrialist Vijay Mallya, who has been declared a proclaimed offender, has been certified by the secretary of state. "The UK Home department on February 21 conveyed that the request of India for extradition of Mallya has been certified by the secretary of state and sent to the Westminster Magistrates' Court for a district judge to consider the issue of releasing of warrant," External Affairs Ministry spokesperson Gopal Baglay said. The development is a step forward towards securing the extradition of the fugitive businessman wanted in India for loan default of over Rs 9,000 crore. The UK Home department on February 21 conveyed that the request of India for extradition of Mallya has been certified by the secretary of state and sent to the Westminster Magistrates' Court for a district judge to consider the issue of releasing of warrant,' external affairs ministry spokesperson Gopal Baglay said × Baglay also noted that a formal extradition request in respect of Mallya as per Extradition Treaty between India and the UK was handed over to the British High Commission here through a note verbale on February 8. While handing over the request, India had asserted that it has a "legitimate" case against Mallya and maintained that if an extradition request is honoured, it would show British "sensitivity towards our concerns". Earlier in January this year, a CBI court had issued a non-bailable warrant against Mallya in the Rs 720-crore IDBI Bank loan default case. Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had fled India on March 2, 2016. (PTI)

UK certifies request to extradite Vijay Mallya to India

India&#39;s finance minister attributed &quot;liberal democracy&quot; in the United Kingdom as a key reason for defaulters to stay in the country, in a veiled reference to liquor baron Vijay Mallya, who is wanted by New Delhi for defaulting on loans.

Mallya, once known as the &quot;king of good times&quot;, has been embroiled in a litany of financial scandals and money laundering since 2012. He owes&nbsp;banks roughly $1.3 billion but in March 2016, he decided to go and stay in the UK to &quot;stay close to his family&quot;.

Speaking at a seminar in the London School of Economics&#39; South Asia Centre, finance minister Arun Jaitley indirectly prodded the UK laws&#39; liberal nature, saying: &quot;Many thought that when you take loan from the banks, the money need not be re-paid and you can&nbsp;come to London and stay out here&hellip;and democracy is liberal enough to permit defaulters to stay here. That normal needs to be cracked.&quot;

The statement, which can be perceived a gentle rebuke or an attempt to put pressure on the UK government to extradite Mallya, comes just two days before he is set to meet UK foreign secretary Boris Johnson and UK chancellor Philip Hammond.

Though the content of their meeting remains unknown, senior officials in London have indicated that the matter of Mallya&#39;s extradition may be taken up during the meeting.

Earlier this month, the Indian government had formally sent an extradition request to the UK for them to try Mallya.

Mallya, the former chairman of India&#39;s largest spirits company in India,&nbsp;has also been accused of routing a chunk of the $1.3 billion amount owed by his company Kingfisher Airlines in gaining 100 per cent or partial stakes in companies across the world.

(WION with inputs from PTI)

Arun Jaitley said UK's 'liberal democracy' aided loan defaulters to stay in the country, weeks after urging London to extradite Vijay Mallya

India's finance minister attributed "liberal democracy" in the United Kingdom as a key reason for defaulters to stay in the country, in a veiled reference to liquor baron Vijay Mallya, who is wanted by New Delhi for defaulting on loans. Mallya, once known as the "king of good times", has been embroiled in a litany of financial scandals and money laundering since 2012. He owes banks roughly $1.3 billion but in March 2016, he decided to go and stay in the UK to "stay close to his family". Speaking at a seminar in the London School of Economics' South Asia Centre, finance minister Arun Jaitley indirectly prodded the UK laws' liberal nature, saying: "Many thought that when you take loan from the banks, the money need not be re-paid and you can come to London and stay out here…and democracy is liberal enough to permit defaulters to stay here. That normal needs to be cracked." The statement, which can be perceived a gentle rebuke or an attempt to put pressure on the UK government to extradite Mallya, comes just two days before he is set to meet UK foreign secretary Boris Johnson and UK chancellor Philip Hammond. Though the content of their meeting remains unknown, senior officials in London have indicated that the matter of Mallya's extradition may be taken up during the meeting. Earlier this month, the Indian government had formally sent an extradition request to the UK for them to try Mallya. Mallya, the former chairman of India's largest spirits company in India, has also been accused of routing a chunk of the $1.3 billion amount owed by his company Kingfisher Airlines in gaining 100 per cent or partial stakes in companies across the world. (WION with inputs from PTI)

India's finance minister puts pressure on UK over Mallya extradition

In a bid to corner the Opposition&#39;s Congress ahead of the Budget session, the ruling BJP launched a fresh attack on the party, accusing it of pulling strings to secure loans for liquor baron Vijay Mallya&#39;s now-defunct Kingfisher Airlines.

The BJP alleged the &quot;corrupt hands&quot; which helped Mallya get bank loans belonged to the then Prime Minister Manmohan Singh and Finance Minister P Chidambaram. The party quoted from purported letters written by Mallya to Manmohan Singh in which he sought his intervention and subsequent to which Kingfisher Airlines received loans.

BJP spokesperson Sambit Patra asked Congress president Sonia Gandhi and her deputy Rahul Gandhi to explain at whose behest the defaulting company got loans.

Reacting to the allegations, former PM Manmohan Singh said that all Prime Ministers and others in the government receive letters from various captains of industry and that what was being talked about was just an ordinary piece of letter &quot;which any government in my position would have dealt with.&quot;

&ldquo;All PMs and other ministers in any govt receive representatives from various captains of industry which is passed on to appropriate authority. What I did was with full satisfaction of mine that we were not doing anything against law of the land. It was a normal routine transaction and therefore the letter that&rsquo;s being talked about is nothing but an ordinary piece of letter. It&rsquo;s an ordinary piece of letter which any Government in my position would have dealt with,&rdquo; he was quoted as saying by ANI.

Earlier in a press conference, the BJP dragged the Congress leadership into the row, alleging that the then principal secretary to the PM, Pulok Chatterjee, would &quot;snatch files&quot; from Manmohan Singh to take it to 10 Janpath, residence of Sonia Gandhi.&nbsp;

&quot;The hands which pulled the strings to ensure that Mallya received loans are visible now. They belonged to Chidambaram and Singh.

&quot;Did the hands of 10 Janpath also pull the strings? Sonia and Rahul Gandhi should come out in public to say at whose behest the loans were sanctioned to Kingfisher Airline,&quot; he said. &quot;It was after one such letter Mallya had written to Singh on November 14, 2011 that the Prime Minister told the media that &#39;we have to find ways to get Kingfisher out of trouble&#39;,&quot; Patra said. In another letter, he sought Singh&#39;s intervention to get funds from banks released immediately, the BJP leader claimed.

In one of the letters, Mallya said he was very &quot;relieved&quot; and &quot;pleased&quot;, apparently referring to developments in the interim, according to Patra. A top official in the Prime Minister&#39;s Office had spoken to ministries concerned following his letter to Singh and Mallya had mentioned it, he said.&nbsp;

Patra cited another letter the absconding liquor baron allegedly wrote to Chidambaram in March 2013, seeking his intervention to get a No Objection Certificate from the State Bank of India -- which headed the consortium of banks which had given unrecovered loans to the airlines, and its subsidiaries -- while his liquor company was in talks with Diageo for a deal.&nbsp;

Asked about Mallya&#39;s defence, Patra said the businessman said they would not listen to a defaulter and he should come back if he wanted to be heard.

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(This report first appeared in DNA)

 
&nbsp;

The BJP alleged that in 2011, former PM Manmohan Singh told the press 'we have to find ways to get Kingfisher out of trouble'.

In a bid to corner the Opposition's Congress ahead of the Budget session, the ruling BJP launched a fresh attack on the party, accusing it of pulling strings to secure loans for liquor baron Vijay Mallya's now-defunct Kingfisher Airlines. The BJP alleged the "corrupt hands" which helped Mallya get bank loans belonged to the then Prime Minister Manmohan Singh and Finance Minister P Chidambaram. The party quoted from purported letters written by Mallya to Manmohan Singh in which he sought his intervention and subsequent to which Kingfisher Airlines received loans. BJP spokesperson Sambit Patra asked Congress president Sonia Gandhi and her deputy Rahul Gandhi to explain at whose behest the defaulting company got loans. Reacting to the allegations, former PM Manmohan Singh said that all Prime Ministers and others in the government receive letters from various captains of industry and that what was being talked about was just an ordinary piece of letter "which any government in my position would have dealt with." “All PMs and other ministers in any govt receive representatives from various captains of industry which is passed on to appropriate authority. What I did was with full satisfaction of mine that we were not doing anything against law of the land. It was a normal routine transaction and therefore the letter that’s being talked about is nothing but an ordinary piece of letter. It’s an ordinary piece of letter which any Government in my position would have dealt with,” he was quoted as saying by ANI. Earlier in a press conference, the BJP dragged the Congress leadership into the row, alleging that the then principal secretary to the PM, Pulok Chatterjee, would "snatch files" from Manmohan Singh to take it to 10 Janpath, residence of Sonia Gandhi. "The hands which pulled the strings to ensure that Mallya received loans are visible now. They belonged to Chidambaram and Singh. "Did the hands of 10 Janpath also pull the strings? Sonia and Rahul Gandhi should come out in public to say at whose behest the loans were sanctioned to Kingfisher Airline," he said. "It was after one such letter Mallya had written to Singh on November 14, 2011 that the Prime Minister told the media that 'we have to find ways to get Kingfisher out of trouble'," Patra said. In another letter, he sought Singh's intervention to get funds from banks released immediately, the BJP leader claimed. In one of the letters, Mallya said he was very "relieved" and "pleased", apparently referring to developments in the interim, according to Patra. A top official in the Prime Minister's Office had spoken to ministries concerned following his letter to Singh and Mallya had mentioned it, he said. Patra cited another letter the absconding liquor baron allegedly wrote to Chidambaram in March 2013, seeking his intervention to get a No Objection Certificate from the State Bank of India -- which headed the consortium of banks which had given unrecovered loans to the airlines, and its subsidiaries -- while his liquor company was in talks with Diageo for a deal. Asked about Mallya's defence, Patra said the businessman said they would not listen to a defaulter and he should come back if he wanted to be heard. (This report first appeared in DNA)

Routine for govt to receive requests for help: Manmohan Singh on Vijay Mallya 'bailout'

Beleaguered Indian businessman Vijay Mallya on Saturday demanded proof of fraud charges levelled against him by India&#39;s&nbsp;Central Bureau of Investigation (CBI) and Security Exchange Board of India (SEBI).

Mallya took to Twitter to call for an explanation from the investigating authorities and slammed the media for &quot;distorting facts for sensationalism&quot;.

&quot;Before slamming me ask CBI and SEBI some tough questions on what proof or evidence they have to allege fraud,&quot; Mallya tweeted.

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Before slamming me <a href="https://twitter.com/TimesNow">@TimesNow</a> <a href="https://twitter.com/CNNnews18">@CNNnews18</a> <a href="https://twitter.com/ndtv">@ndtv</a> ask CBI and SEBI some tough questions on what proof or evidence they have to allege fraud.
&mdash; Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/825108270096510977">January 27, 2017</a></blockquote>
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&nbsp;

Mallya asked the news channels to not to get carried away with one-sided allegations.

In a series of tweets, Mallya also said that he had been interrogated by the CBI and submitted documentary evidence, wherein not one Rupee was misused.

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With respect <a href="https://twitter.com/TimesNow">@TimesNow</a> <a href="https://twitter.com/CNNnews18">@CNNnews18</a> <a href="https://twitter.com/ndtv">@ndtv</a> please don&#39;t get carried away with one sided allegations. Ask tough questions to justify allegations
&mdash; Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/825120329475448832">January 27, 2017</a></blockquote>
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&nbsp;

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Was interrogated by CBI and submitted documentary evidence.Not one Rupee was misused.On the contrary we invested over 4500 Crs into KFA.
&mdash; Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/825107223550504962">January 27, 2017</a></blockquote>
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&nbsp;

The liquor baron alleged that air carrier Air India was bailed out by the government while his Kingfisher Airlines was not despite the domestic airline being the worst hit.

&quot;Government bailed out Air India but did not bail out KFA. So much for favours,&quot; he said.

The defaulter businessman and previously&nbsp;dismissed market regulator SEBI&#39;s accusations against him and said that he was getting used to&nbsp;&quot;witch hunts&quot;.

&quot;Allegations of fund diversion out of USL are baseless. USL accounts were approved by top Auditors, an eminent Board of Directors in shareholders,&quot; Mallya had said, adding this shows what government machinery can do.

Reuters reported in July that an internal enquiry by Indian spirits maker United Spirits Ltd (USL) revealed&nbsp;actual and potential diversions of about 9.1 billion rupees ($135.5 million) and other potentially improper transactions amounting to about 3.1 billion rupees involving USL and its subsidiaries between October 2010 and July 2014.

Mallya had described USL&#39;s allegations as &quot;surprising and unfortunate&quot;.

SEBI has barred Mallya&nbsp;from the stock market for the illegal diversion of funds.

It also instructed USL to report to SEBI, within 21 days, about the action it has initiated against Mallya, Capoor and others. Along with Mallya, SEBI also barred another six people including Ashok Capoor and V K Rekhi, both former MDs of USL from the market, news agency ANI reported. Capoor has also been barred from the directorship of any listed company.

Mallya&nbsp;has been in London since March 2 as his diplomatic passport was revoked by the Indian government in a bid to get him deported back to India.

Mallya&#39;s&nbsp;Kingfisher Airlines owes over Rs 6,000 crore ($60 billion) plus interest and penalties to its consortium of 17 lenders, led by State Bank of India (SBI).&nbsp;

(With inputs from agencies)

India's market regulator SEBI has accused Mallya of illegally diverting funds of about $135.5 million from spirits maker United Spirits Ltd

Beleaguered Indian businessman Vijay Mallya on Saturday demanded proof of fraud charges levelled against him by India's Central Bureau of Investigation (CBI) and Security Exchange Board of India (SEBI). Mallya took to Twitter to call for an explanation from the investigating authorities and slammed the media for "distorting facts for sensationalism". "Before slamming me ask CBI and SEBI some tough questions on what proof or evidence they have to allege fraud," Mallya tweeted. Before slamming me @TimesNow @CNNnews18 @ndtv ask CBI and SEBI some tough questions on what proof or evidence they have to allege fraud. — Vijay Mallya (@TheVijayMallya) January 27, 2017 × Mallya asked the news channels to not to get carried away with one-sided allegations. In a series of tweets, Mallya also said that he had been interrogated by the CBI and submitted documentary evidence, wherein not one Rupee was misused. With respect @TimesNow @CNNnews18 @ndtv please don't get carried away with one sided allegations. Ask tough questions to justify allegations — Vijay Mallya (@TheVijayMallya) January 27, 2017 × Was interrogated by CBI and submitted documentary evidence.Not one Rupee was misused.On the contrary we invested over 4500 Crs into KFA. — Vijay Mallya (@TheVijayMallya) January 27, 2017 × The liquor baron alleged that air carrier Air India was bailed out by the government while his Kingfisher Airlines was not despite the domestic airline being the worst hit. "Government bailed out Air India but did not bail out KFA. So much for favours," he said. The defaulter businessman and previously dismissed market regulator SEBI's accusations against him and said that he was getting used to "witch hunts". "Allegations of fund diversion out of USL are baseless. USL accounts were approved by top Auditors, an eminent Board of Directors in shareholders," Mallya had said, adding this shows what government machinery can do. Reuters reported in July that an internal enquiry by Indian spirits maker United Spirits Ltd (USL) revealed actual and potential diversions of about 9.1 billion rupees ($135.5 million) and other potentially improper transactions amounting to about 3.1 billion rupees involving USL and its subsidiaries between October 2010 and July 2014. Mallya had described USL's allegations as "surprising and unfortunate". SEBI has barred Mallya from the stock market for the illegal diversion of funds. It also instructed USL to report to SEBI, within 21 days, about the action it has initiated against Mallya, Capoor and others. Along with Mallya, SEBI also barred another six people including Ashok Capoor and V K Rekhi, both former MDs of USL from the market, news agency ANI reported. Capoor has also been barred from the directorship of any listed company. Mallya has been in London since March 2 as his diplomatic passport was revoked by the Indian government in a bid to get him deported back to India. Mallya's Kingfisher Airlines owes over Rs 6,000 crore ($60 billion) plus interest and penalties to its consortium of 17 lenders, led by State Bank of India (SBI). (With inputs from agencies)

India: Defaulter businessman Vijay Mallya demands proof of fraud charges

Facing questions, the Indian government on Wednesday insisted in the Rajya Sabha that the State Bank of India (SBI) had not&nbsp;waived off Rs 7,000 crore loan, including that of industrialist Vijay Mallya, and asserted that such cases are being pursued.

Finance Minister Arun Jaitley referred to the Mallya loan issue as a &quot;terrible legacy&quot; which the National Democratic Alliance (NDA)&nbsp;government had inherited from United Progressive Alliance (UPA).

He gave the clarification after Communist Party of India-Marxist (CPI-M) leader Sitaram Yechury alleged during a discussion on demonetisation that the government was favouring &quot;crocodiles&quot; while &quot;small fishes&quot; were dying. In this context, he alleged that SBI had written off Rs 7,000 crore Non Performing Assets (NPAs).&nbsp;

He named Mallya as one of those whose loans had been written off. &quot;SBI has waived Rs 7,000 crore from their non-performing assets, of loans which are not being returned,&quot; Yechury said. He said a performing asset is where interest has been serviced and non-performing where interest is not serviced but you will still preserve it.

Intervening, Jaitley said, &quot;Written off does not mean waiver.... It does not mean that the loan ceases to be a loan. We will still chase the loan, the entry in the book changes that is from being performing assets, it become a non-performing.&quot; The Finance Minister told the opposition, &quot;there is a little bit of malapropism involved in this. Don&#39;t go by literal meaning write-off, it does not. Write-off does not mean loan waiver. Loan still remains.&quot; He said the government continues to pursue the case.

To this Yechury retorted that the complex explanation ultimately means that &quot;in effect it is something that is not going to be realised&quot; and questioned &quot;whatever&nbsp;you do all these &#39;hera-pheri&#39; (irregularities)...Will the government do the same thing for the farmers?&quot; Jaitley further clarified that the loan (to Mallya) was sanctioned when the present government was not in power, an apparent reference to the previous UPA rule.

&quot;Again this was restructured when another government was in power. This is the only loan for which second restructure was wanted by that government. So we inherited a terrible legacy,&quot; he said.

He reiterated that written off implies that in the accounting book, the performing assets becomes non-performing and that is all. &quot;Otherwise the liability to pay and right to recover still remains,&quot; he said. Around Rs 1,200 crore in dues owed by Vijay Mallya&#39;s collapsed Kingfisher Airlines has been labelled as &quot;write off&quot;&nbsp;in the books of country&#39;s largest lender, the State Bank of India.

(PTI)

Arun Jaitley says there's a distinction between the State Bank of India 'writing off' and 'waiving off' a loan

Facing questions, the Indian government on Wednesday insisted in the Rajya Sabha that the State Bank of India (SBI) had not waived off Rs 7,000 crore loan, including that of industrialist Vijay Mallya, and asserted that such cases are being pursued. Finance Minister Arun Jaitley referred to the Mallya loan issue as a "terrible legacy" which the National Democratic Alliance (NDA) government had inherited from United Progressive Alliance (UPA). He gave the clarification after Communist Party of India-Marxist (CPI-M) leader Sitaram Yechury alleged during a discussion on demonetisation that the government was favouring "crocodiles" while "small fishes" were dying. In this context, he alleged that SBI had written off Rs 7,000 crore Non Performing Assets (NPAs). He named Mallya as one of those whose loans had been written off. "SBI has waived Rs 7,000 crore from their non-performing assets, of loans which are not being returned," Yechury said. He said a performing asset is where interest has been serviced and non-performing where interest is not serviced but you will still preserve it. Intervening, Jaitley said, "Written off does not mean waiver.... It does not mean that the loan ceases to be a loan. We will still chase the loan, the entry in the book changes that is from being performing assets, it become a non-performing." The Finance Minister told the opposition, "there is a little bit of malapropism involved in this. Don't go by literal meaning write-off, it does not. Write-off does not mean loan waiver. Loan still remains." He said the government continues to pursue the case. To this Yechury retorted that the complex explanation ultimately means that "in effect it is something that is not going to be realised" and questioned "whatever you do all these 'hera-pheri' (irregularities)...Will the government do the same thing for the farmers?" Jaitley further clarified that the loan (to Mallya) was sanctioned when the present government was not in power, an apparent reference to the previous UPA rule. "Again this was restructured when another government was in power. This is the only loan for which second restructure was wanted by that government. So we inherited a terrible legacy," he said. He reiterated that written off implies that in the accounting book, the performing assets becomes non-performing and that is all. "Otherwise the liability to pay and right to recover still remains," he said. Around Rs 1,200 crore in dues owed by Vijay Mallya's collapsed Kingfisher Airlines has been labelled as "write off" in the books of country's largest lender, the State Bank of India. (PTI)

Vijay Mallya's $1.7 billion loan not waived off, India's finance minister states

With efforts to recover its dues hitting a virtual dead-end, the State Bank of India (SBI) seems to be have started a clean-up of its balance sheets by writing off loans worth about Rs 7,016 crore owed to it by more than 60 of its top 100 wilful defaulters.

While 63 accounts in the list have been fully written off, 31 have been partially written off and six have been shown as non-performing assets (NPAs), reveal documents accessed by DNA. As on June 30, 2016, SBI has written off Rs 48,000 crore worth of bad loans. The documents, however, don&#39;t specify the entry time of these &quot;write-offs&#39;&#39;.

India&#39;s largest public sector bank has dropped the money, mostly wilfully defaulted, into a specially created dustbin for &quot;toxic loans&quot;&nbsp;called Advance Under Collection Account (AUCA), technically known as a write-off.

Information on the bank&#39;s clean-up comes a week after the government said it was targeting black money hoarders by demonetizing high-value currency notes, a move that has seen millions queue up outside banks across the country to exchange their money.

Now, loans given to Vijay Mallya&#39;s Kingfisher Airlines, which heads the wilful defaulters&#39; list with outstanding dues of almost Rs 1,201 crore, and 62 others will not be shown in the bank&#39;s balance sheet.

Following the defunct airlines in the top 20 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). Most of these write-off accounts are those of wilful defaulters.

SBI has put all such accounts into AUCA, says its internal report seen by this correspondent. &quot;The main advantage which the bank will have by transfer to AUCA is that banks gross NPAs amount and net additions in NPAs during the quarter will be reduced to the extent of the amount of transfer to AUCA. It will bring down gross advance by the same amount,&quot; the reports states.

SBI did not send any reply to several emails and reminders sent by this reporter. Questions sent to top five &quot;write-off&quot; companies also didn&#39;t get any reply.

&nbsp;

The top five

Kingfisher Airlines owes a total of Rs 6,963 crore to 17 banks, of which SBI&#39;s loan is Rs 1,201 crore. Recently, an e-auction of Mallya&#39;s Kingfisher Villa in Goa failed to find any buyer. Sources said that SBICAP Trustee did not get earnest money deposit (EMD) from even a single bidder.

KS Oil, once a leading edible oil player under the brand names Kalash and Double Sher in the mustard oil segment, turned defaulter and got added to the top 20 list of write-off accounts. KS Oil has allegedly indulged in the diversion of funds from its core business. The company invested huge amounts on plantations in Indonesia and Malaysia but failed to get the expected returns. Though the loan account has been restructured, the company has been unable to revive itself. Lenders have also withdrawn the company from CDR (corporate debt restructure). KS Oil was declared NPA in 2013 with effect from September 30, 2011. As with Kingfisher, the recovery effort was futile as e-auction of five units failed due to lack of bidders.

The third in the list of write-off accounts, Surya Pharmaceutical, was named a wilful defaulter in 2013. The company allegedly indulged in fraud, diversion of funds in retail and education sectors. SBI has symbolic possession of eight properties and is struggling for another in Jammu and Kashmir. A forensic audit from E&amp;Y tagged this a fraud account.

Ajay Kumar Vishnoi&#39;s promoted GET Power Ltd was declared wilful defaulter on August 23, 2016. The company&#39;s mismanagement and the delay in projects led to trouble for the promoters.

The fifth in the list, Sai Info, has dues of Rs 375 crore and was declared wilful defaulter on August 26, 2016. In June 2013, the company&#39;s main promoter Sunil Kakkad absconded but was brought back to India and arrested.

Kakkad is now out on bail. The company has cancelled two high value projects &ndash; from the Department of Posts and a Mumbai CCTV surveillance project &ndash; worth Rs 2,200 crore. This account has also been declared a fraud. SBI could not get any recovery and could only get symbolic possession of some of the properties.

&nbsp;

What are the write-offs?

Banks exercising write-offs is a unique idea to clear bad loan impacts on balance sheets. Banks use the RBI approved tool, Advance Under Collection Accounts (AUCA), in which transfer of accounts to a specific AUCA is an NPA reduction strategy. It is resorted to after exhausting all avenues of recovery, restructuring and compromises. By writing-off bad and doubtful assets, banks can improve NPA ratios through cleansing of the balance sheet and tax benefits. All write-offs, except where one-time settlement or compromises are involved, irrespective of outstanding, should be treated as technical write-offs and parked in AUCA; recovery process of these accounts will continue till resolution of these accounts.

(This report first appeared in DNA)

&nbsp;

Loans given to Kingfisher baron Vijay Mallya, who heads the wilful defaulters' list?and 62 others will not be shown in SBI's balance sheet

With efforts to recover its dues hitting a virtual dead-end, the State Bank of India (SBI) seems to be have started a clean-up of its balance sheets by writing off loans worth about Rs 7,016 crore owed to it by more than 60 of its top 100 wilful defaulters. While 63 accounts in the list have been fully written off, 31 have been partially written off and six have been shown as non-performing assets (NPAs), reveal documents accessed by DNA. As on June 30, 2016, SBI has written off Rs 48,000 crore worth of bad loans. The documents, however, don't specify the entry time of these "write-offs''. India's largest public sector bank has dropped the money, mostly wilfully defaulted, into a specially created dustbin for "toxic loans" called Advance Under Collection Account (AUCA), technically known as a write-off. Information on the bank's clean-up comes a week after the government said it was targeting black money hoarders by demonetizing high-value currency notes, a move that has seen millions queue up outside banks across the country to exchange their money. Now, loans given to Vijay Mallya's Kingfisher Airlines, which heads the wilful defaulters' list with outstanding dues of almost Rs 1,201 crore, and 62 others will not be shown in the bank's balance sheet. Following the defunct airlines in the top 20 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). Most of these write-off accounts are those of wilful defaulters. SBI has put all such accounts into AUCA, says its internal report seen by this correspondent. "The main advantage which the bank will have by transfer to AUCA is that banks gross NPAs amount and net additions in NPAs during the quarter will be reduced to the extent of the amount of transfer to AUCA. It will bring down gross advance by the same amount," the reports states. SBI did not send any reply to several emails and reminders sent by this reporter. Questions sent to top five "write-off" companies also didn't get any reply. The top five Kingfisher Airlines owes a total of Rs 6,963 crore to 17 banks, of which SBI's loan is Rs 1,201 crore. Recently, an e-auction of Mallya's Kingfisher Villa in Goa failed to find any buyer. Sources said that SBICAP Trustee did not get earnest money deposit (EMD) from even a single bidder. KS Oil, once a leading edible oil player under the brand names Kalash and Double Sher in the mustard oil segment, turned defaulter and got added to the top 20 list of write-off accounts. KS Oil has allegedly indulged in the diversion of funds from its core business. The company invested huge amounts on plantations in Indonesia and Malaysia but failed to get the expected returns. Though the loan account has been restructured, the company has been unable to revive itself. Lenders have also withdrawn the company from CDR (corporate debt restructure). KS Oil was declared NPA in 2013 with effect from September 30, 2011. As with Kingfisher, the recovery effort was futile as e-auction of five units failed due to lack of bidders. The third in the list of write-off accounts, Surya Pharmaceutical, was named a wilful defaulter in 2013. The company allegedly indulged in fraud, diversion of funds in retail and education sectors. SBI has symbolic possession of eight properties and is struggling for another in Jammu and Kashmir. A forensic audit from E&Y tagged this a fraud account. Ajay Kumar Vishnoi's promoted GET Power Ltd was declared wilful defaulter on August 23, 2016. The company's mismanagement and the delay in projects led to trouble for the promoters. The fifth in the list, Sai Info, has dues of Rs 375 crore and was declared wilful defaulter on August 26, 2016. In June 2013, the company's main promoter Sunil Kakkad absconded but was brought back to India and arrested. Kakkad is now out on bail. The company has cancelled two high value projects – from the Department of Posts and a Mumbai CCTV surveillance project – worth Rs 2,200 crore. This account has also been declared a fraud. SBI could not get any recovery and could only get symbolic possession of some of the properties. What are the write-offs? Banks exercising write-offs is a unique idea to clear bad loan impacts on balance sheets. Banks use the RBI approved tool, Advance Under Collection Accounts (AUCA), in which transfer of accounts to a specific AUCA is an NPA reduction strategy. It is resorted to after exhausting all avenues of recovery, restructuring and compromises. By writing-off bad and doubtful assets, banks can improve NPA ratios through cleansing of the balance sheet and tax benefits. All write-offs, except where one-time settlement or compromises are involved, irrespective of outstanding, should be treated as technical write-offs and parked in AUCA; recovery process of these accounts will continue till resolution of these accounts. (This report first appeared in DNA)

India's largest public sector bank drops loans worth more than Rs 7,000 crore?from 63 defaulters

Beleaguered Indian businessman Vijay Mallya&#39;s counsel today approached a local court in Delhi pointing out that the liquor baron wishes to return to India.&nbsp; 
 
The counsel&nbsp;told the court that he wants to return to India but he cannot because his passport has been revoked, Indian news agency ANI tweeted. 
 
&nbsp;
<div class="twitter-block">
<blockquote class="twitter-tweet" data-conversation="none" data-lang="en">
Vijay Mallya&#39;s counsel in court: He(Mallya) has clear intention to co operate but it has become impossible to travel back to the country
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/774150663982895104">September 9, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
 
 
Mallya, who has been in London since March 2, had his diplomatic passport revoked by the Indian government in a bid to get him deported back to India. 
 
His counsel deposed in the court that Mallya had clear intention to cooperate but it had become impossible to travel back to the country, ANI tweeted. 
 
Earlier in April, Mallya had said that he had no intentions of returning to India. He&nbsp;had sought a &quot;reasonable&quot; settlement with Kingfisher Airlines&#39; lenders. 
 
Last week, the&nbsp;enforcementdirectorate had seized assets worth&nbsp;Rs 6,630 crore, assets and shares, belonging to the business tycoon in the wake of money-laundering accusations against him. &nbsp;&nbsp; 
 
Mallya&#39;s&nbsp;Kingfisher Airlines owes over Rs 6,000 crore plus interest and penalties to its consortium of 17 lenders, led by State Bank of India (SBI).&nbsp; 
 
(WION)&nbsp; 
 
&nbsp;

The beleaguered Indian businessman has been in London after he was accused of money laundering

Beleaguered Indian businessman Vijay Mallya's counsel today approached a local court in Delhi pointing out that the liquor baron wishes to return to India. The counsel told the court that he wants to return to India but he cannot because his passport has been revoked, Indian news agency ANI tweeted. Vijay Mallya's counsel in court: He(Mallya) has clear intention to co operate but it has become impossible to travel back to the country — ANI (@ANI_news) September 9, 2016 Mallya, who has been in London since March 2, had his diplomatic passport revoked by the Indian government in a bid to get him deported back to India. His counsel deposed in the court that Mallya had clear intention to cooperate but it had become impossible to travel back to the country, ANI tweeted. Earlier in April, Mallya had said that he had no intentions of returning to India. He had sought a "reasonable" settlement with Kingfisher Airlines' lenders. Last week, the enforcementdirectorate had seized assets worth Rs 6,630 crore, assets and shares, belonging to the business tycoon in the wake of money-laundering accusations against him. Mallya's Kingfisher Airlines owes over Rs 6,000 crore plus interest and penalties to its consortium of 17 lenders, led by State Bank of India (SBI). (WION)

Defaulter businessman Vijay Mallya 'wants to return home'

The United Breweries Ltd management said Vijay Mallya would continue as UBL chairman. 
 
The management sought legal opinion from Chug Yogendra Pal, a former chief justice of India. 
As per law, Vijay Mallya can continue as chairman, he said.&nbsp; 
 
The Press Trust of India quoted him saying, as of now, the Enforcement Directorate &quot;had not attached&quot; any properties and shares of UBL and Mallya, which does not disqualify him from the post of chairman. 
 
The Kingfisher mogul has a money laundering case against him and his associates. The ED issued its second attachment order for Mallya&#39;s assests worth Rupees 6,630 crore on September 5 and seized his farmhouse worth Rupees 25 crore, flats in Bengaluru worth Rupees 565 crore and fixed deposits of Rupees 10 crore. 
 
The Enforcement Directorate took over the investigation into the default of loan taken from nationalised banks, including the State Bank of India. 
 
The total attachment has gone up to Rupees 8,041 crore as the attached assets worth Rupees 1,411 crore was included. 
 
A provisional attachment order, issued under the Prevention of Money Laundering Act, said it was confiscating shares of USL, United Breweries Ltd and McDowell Holding Company, jointly owned by Mallya and UBHL. 
 
The agency said the assets were &quot;proceeds generated out of criminal activity&quot; of the alleged default of bank loans as it claimed he had &quot;criminally conspired&quot; with Kingfisher Airlines and United Breweries Holdings to obtain funds from the banks. 
 
Of this total amount, the principal Rupees 4,930.34 crore still remains unpaid. 
 
(WION with inputs from PTI) 
 
 
&nbsp;

Since the Enforcement Directorate 'had not attached' any properties and shares of UBL and Mallya, it does not disqualify him

The United Breweries Ltd management said Vijay Mallya would continue as UBL chairman. The management sought legal opinion from Chug Yogendra Pal, a former chief justice of India. As per law, Vijay Mallya can continue as chairman, he said. The Press Trust of India quoted him saying, as of now, the Enforcement Directorate "had not attached" any properties and shares of UBL and Mallya, which does not disqualify him from the post of chairman. The Kingfisher mogul has a money laundering case against him and his associates. The ED issued its second attachment order for Mallya's assests worth Rupees 6,630 crore on September 5 and seized his farmhouse worth Rupees 25 crore, flats in Bengaluru worth Rupees 565 crore and fixed deposits of Rupees 10 crore. The Enforcement Directorate took over the investigation into the default of loan taken from nationalised banks, including the State Bank of India. The total attachment has gone up to Rupees 8,041 crore as the attached assets worth Rupees 1,411 crore was included. A provisional attachment order, issued under the Prevention of Money Laundering Act, said it was confiscating shares of USL, United Breweries Ltd and McDowell Holding Company, jointly owned by Mallya and UBHL. The agency said the assets were "proceeds generated out of criminal activity" of the alleged default of bank loans as it claimed he had "criminally conspired" with Kingfisher Airlines and United Breweries Holdings to obtain funds from the banks. Of this total amount, the principal Rupees 4,930.34 crore still remains unpaid. (WION with inputs from PTI)

Vijay Mallya to continue as United Breweries Ltd chairman

Indian spirits maker United Spirits Ltd (USL) said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya. 
 
The internal inquiry revealed actual and potential diversions of about 9.1 billion rupees ($135.5 million) and other potentially improper transactions amounting to about 3.1 billion rupees involving USL and its subsidiaries between October 2010 and July 2014, the company said in a filing to stock exchanges after a board meeting on July 9. 
 
USL plans to involve concerned authorities to determine culpability&nbsp; 
 
USL said that some of the transactions appeared to have been initiated before that period. The company, a unit of Diageo, also said that independent experts had been engaged to assist in the inquiry. 
 
&quot;These improper transactions identified in the additional inquiry involved, in most cases, the diversion of funds to overseas and Indian entities that appear to be affiliated or associated with USL&#39;s former non-executive chairman Dr. Vijay Mallya,&quot; the company said. 
 
Mallya is wanted by Indian authorities for questioning and the government says that his defunct Kingfisher Airlines owes banks $1.4 billion. Mallya flew to Britain in March and in an interview with Reuters last week said that the amount owed is probably half of what is being reported. 
 
The 60-year-old beer baron&#39;s diplomatic passport, which he carried as a member of the Indian parliament&#39;s upper house, was revoked in April, with a judge in Mumbai issuing a non-bailable warrant for his arrest. 
 
USL said that only a court or regulatory authority would be in a position to determine fault or culpability in relation to the transactions it investigated, adding that it would send copies of its findings to concerned authorities immediately and cooperate with any inquires. 
 
The overseas beneficiaries of the funds were companies where Mallya has a material direct or indirect interest, while Indian recipients include, in most cases, now defunct Kingfisher Airlines, the company said. 
 
Mallya dubs allegations as &#39;unfortunate&#39; 
&nbsp; 
In a statement today, Mallya described USL&#39;s allegations as &quot;surprising and unfortunate&quot;. 
 
&quot;I can only reiterate that all transactions were legal, above board and approved by USL auditors, the USL board and shareholders. Over and above this, Diageo conducted extensive due diligence on USL prior to acquiring shares,&quot; he said. 
 
In the interview with Reuters, Mallya said he was willing to answer questions about his business dealings but was reluctant to return to his homeland &quot;unless assured of a fair trial in India, if at all there needs to be a trial&quot;. 
 
Mallya agreed in February to give up his chairmanship and board position at United Spirits. 
 
The company said at the time that it would continue to pursue a claim for the recovery of 13.37 billion rupees of loans to former group company United Breweries Holdings Ltd (UBHL). 
 
United Spirits said on Saturday that it would make a further provision of 217 million rupees in light of the additional findings and take action against employees named in the inquiry. 
 
(Reuters)

Mallya is wanted by Indian authorities for questioning and the government says that his defunct Kingfisher Airlines owes banks $1.4 billion

Indian spirits maker United Spirits Ltd (USL) said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya. The internal inquiry revealed actual and potential diversions of about 9.1 billion rupees ($135.5 million) and other potentially improper transactions amounting to about 3.1 billion rupees involving USL and its subsidiaries between October 2010 and July 2014, the company said in a filing to stock exchanges after a board meeting on July 9. USL plans to involve concerned authorities to determine culpability USL said that some of the transactions appeared to have been initiated before that period. The company, a unit of Diageo, also said that independent experts had been engaged to assist in the inquiry. "These improper transactions identified in the additional inquiry involved, in most cases, the diversion of funds to overseas and Indian entities that appear to be affiliated or associated with USL's former non-executive chairman Dr. Vijay Mallya," the company said. Mallya is wanted by Indian authorities for questioning and the government says that his defunct Kingfisher Airlines owes banks $1.4 billion. Mallya flew to Britain in March and in an interview with Reuters last week said that the amount owed is probably half of what is being reported. The 60-year-old beer baron's diplomatic passport, which he carried as a member of the Indian parliament's upper house, was revoked in April, with a judge in Mumbai issuing a non-bailable warrant for his arrest. USL said that only a court or regulatory authority would be in a position to determine fault or culpability in relation to the transactions it investigated, adding that it would send copies of its findings to concerned authorities immediately and cooperate with any inquires. The overseas beneficiaries of the funds were companies where Mallya has a material direct or indirect interest, while Indian recipients include, in most cases, now defunct Kingfisher Airlines, the company said. Mallya dubs allegations as 'unfortunate' In a statement today, Mallya described USL's allegations as "surprising and unfortunate". "I can only reiterate that all transactions were legal, above board and approved by USL auditors, the USL board and shareholders. Over and above this, Diageo conducted extensive due diligence on USL prior to acquiring shares," he said. In the interview with Reuters, Mallya said he was willing to answer questions about his business dealings but was reluctant to return to his homeland "unless assured of a fair trial in India, if at all there needs to be a trial". Mallya agreed in February to give up his chairmanship and board position at United Spirits. The company said at the time that it would continue to pursue a claim for the recovery of 13.37 billion rupees of loans to former group company United Breweries Holdings Ltd (UBHL). United Spirits said on Saturday that it would make a further provision of 217 million rupees in light of the additional findings and take action against employees named in the inquiry. (Reuters)

United Spirits 'uncovers' fund diversions by Vijay Mallya entities

Liquor Baron Vijay Mallya commented that&nbsp;Indian authorities trying to recover about $1.4 billion from his collapsed Kingfisher Airlines had no legitimate reason&nbsp;for confiscating certain assets in a money laundering case.

The Enforcement Directorate (ED) tweeted on Saturday that it had &quot;attached&quot; properties worth 14.11 billion Indian rupees ($210.78 million) in the case involving a loan from state-owned IDBI Bank to Kingfisher to buy properties abroad.

The assets were purchased several years before Kingfisher was launched, Mallya said in a statement to the media on Sunday.

&quot;There is no rationale nor any legal basis for the series of actions initiated by the ED which is now making it more difficult to raise resources to pay the banks,&quot; Mallya said.

The ED says Mallya&#39;s United Breweries Group used 4.3 billion rupees of Kingfisher bank loans to buy property overseas.

Mallya&#39;s statement said Kingfisher had provided evidence that the funds were used for legitimate business purposes.

Creditors, led by State Bank of India, have rejected an offer of partial repayment by Mallya, who had given a personal guarantee for the Kingfisher loan. They want the former billionaire, who is living in Britain, to attend a hearing in India&#39;s Supreme Court.

The foreign ministry in April revoked a diplomatic passport that he carried as a member of parliament&#39;s upper house. A judge in Mumbai has non-bailable warrant for his arrest.&nbsp;(Reuters) 
&nbsp;

Tycoon says assets were bought before his now-bankrupt airline was launched

Liquor Baron Vijay Mallya commented that Indian authorities trying to recover about $1.4 billion from his collapsed Kingfisher Airlines had no legitimate reason for confiscating certain assets in a money laundering case. The Enforcement Directorate (ED) tweeted on Saturday that it had "attached" properties worth 14.11 billion Indian rupees ($210.78 million) in the case involving a loan from state-owned IDBI Bank to Kingfisher to buy properties abroad. The assets were purchased several years before Kingfisher was launched, Mallya said in a statement to the media on Sunday. "There is no rationale nor any legal basis for the series of actions initiated by the ED which is now making it more difficult to raise resources to pay the banks," Mallya said. The ED says Mallya's United Breweries Group used 4.3 billion rupees of Kingfisher bank loans to buy property overseas. Mallya's statement said Kingfisher had provided evidence that the funds were used for legitimate business purposes. Creditors, led by State Bank of India, have rejected an offer of partial repayment by Mallya, who had given a personal guarantee for the Kingfisher loan. They want the former billionaire, who is living in Britain, to attend a hearing in India's Supreme Court. The foreign ministry in April revoked a diplomatic passport that he carried as a member of parliament's upper house. A judge in Mumbai has non-bailable warrant for his arrest. (Reuters)

Mallya: No legitimate basis for authorities to confiscate my assets

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