New Delhi [India], Jan. 11 : The Supreme Court on Wednesday will hear the plea filed by SBI-led consortium of banks against liquor baron Vijay Mallya for recovery of more than Rs 9,000 crore from him.
The consortium of banks had approached the apex court seeking its intervention in bringing back Mallya to India and also repayment of money which the beleaguered businessman, who has absconded to England, had taken.
The banks, in their plea, told the apex court that there was an outstanding loan of almost Rs. 9,000 crores against the businessman.
The banks have argued that the business tycoon has not been candid with the court regarding his assets, citing the failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd.
New Delhi [India], Nov. 4 : The Patiala House Court in Delhi will on Friday hear a case filed against liquor baron Vijay Mallya in connection with a cheque bounce case.
In August, the court asked Mallya to be present in the court on November 4. It has also asked the Ministry of External Affairs to send a non-bailable warrant to Mallya in London where he is currently staying.
GMR-led Delhi International Airport (DIAL), which operates the capital's Indira Gandhi International Airport (IGIA), had moved the Patiala House Court after three cheques, each for Rs 7.5 crore, issued by Mallya's Kingfisher Airlines were not honoured.
The grounded airline had issued the cheques towards payment for services availed by them at the IGIA here
New Delhi: State-run United Bank of India on Monday became the first lender to declare debt-ridden Kingfisher Airlines and its promoter Vijay Mallya as wilful defaulters.
"We have declared Vijay Mallya and three other directors of Kingfisher Airlines as wilful defaulters," United Bank of India Executive Director Deepak Narang said.
The Grievance Redressal Committee (GRC) of the bank has declared directors Ravi Nedungadi, Anil Kumar Ganguly and Subash Gupte as wilful defaulters.
Kingfisher employees continue to struggle to make both ends meet as there is no ray of hope of the grounded airline's revival. Flamboyant Vijay Mallya has so far tabled three separate revival plans to the civil aviation regulator but all the three plans failed to convince the regulator.
Many of beleaguered Kingfisher Airlines' employees, including pilots and engineers, has left the company to try their luck somewhere else; while many others are still with the company, hoping that it would revive.
Grounded Kingfisher Airlines' owner Vijay Mallya and United Breweries Holdings Ltd's managing director Harish Bhat have been summoned by the Delhi High Court over French deal fallout.
On Monday, the Delhi High Court directed the Mallya and Bhat to appear before it on 29th of October, and explain their stance in a matter where a French supplier of turbo aircrafts has sought execution of a decree amounting to $18 million against the grounded carrier.
Liquor baron and Chairman of United Breweries Holdings Ltd (UBHL) Vijay Mallya's beleaguered carrier Kingfisher Airlines Ltd on Tuesday got four week's time from the Karnataka High Court for submitting a concrete plan to revive the carrier.
Kingfisher Airlines Chairman Vijay Mallya suffered another setback on Saturday after lenders to his beleaguered airline took possession of the Kingfisher House.
The possession of the Kingfisher House was taken by the State Bank of India (SBI) - the biggest lender to Kingfisher Airlines. The Mumbai-based Kingfisher House is the headquarters of the grounded airline.
The property will be used auctioned and proceeds from the sale would be used to repay loans. The airline owes more than Rs 6,027 crore to lenders.
New Delhi, July 30 : Force India team principal Vijay Mallya feels the Indian government needs to resolve the tax issues faced by the Formula 1 teams.
Mallya's comments on a day when F1 boss Bernie Ecclestone confirmed to IANS that the Indian Grand Prix will be dropped for 2014 to return in the first half of 2015.
F1 teams have been finding it tough to deal with India's strict tax policies, including the customs duties levelled on them and the drivers on each visit.
Mallya said it would be a pity if tax issues jeopardise the Indian GP, which started in 2011.
A group of Kingfisher Airlines are reportedly camping at the Kingfisher House, close to the Mumbai airport's domestic terminal, demanding their pending dues.
The group of 50-60 agitating employees is demanding a meeting with promoter Vijay Mallya to make him aware of their financial problems.
They said they were given their salaries for months, and they had run out of their patience. They warned that they would get more employees as well as their family members to join them to reinforce their protest.
It is believed that the troubled Kingfisher Airlines is planning to approach the aviation sector regulator, the Directorate General of Civil Aviation (DGCA) with a new revival plan for the company.
Kingfisher Airlines' chief executive officer Sanjay Agarwal is set to meet the Director-General of Civil Aviation today to submit a new plan for the revival of the company's flights. The DGCA had earlier announced its decision to suspend the airlines licence as it believed that the company is unable to carry out its operations smoothly.
Shanghai, April 8 : Sahara Force India team principal Vijay Mallya Monday said his team has overcome the wheel nut issue ahead of the Formula 1 Chinese Grand Prix this weekend.
Wheel nut problem in both Force India cars during the Malaysia round caused the team's first double-retirement since Japan 2010.
It was a disappointing result for the Silverstone outfit which showed good pace in qualifying to go with its best ever start to a season in Melbourne.
At least 612 Indians, including Lok Sabha member Vivekanand Gaddam and Kingfisher-promoter Vijay Mallya, have stashed huge amounts of money in secretive tax havens, a global journalistic investigation exposed.
The International Consortium of Investigative Journalists (ICIJ) and its partner media houses conducted a detailed investigation into secretive tax haven users, and found that as many as 120,000 companies and nearly 130,000 individuals from around the globe are registered with different secretive tax havens.
Silverstone (England), March 28 : Sahara Force India has extended its association with Mercedes-Benz and will use its engines from the 2014 season when new regulations come into effect.
The long-term agreement will see Mercedes-Benz supply Force India with a complete power unit, transmission and all associated ancillary systems in 2014 when 1.6 litre turbocharged V6 engines replace the existing 2.4 litre V8s.
Germany-based DVB, one of the leading global aviation financing banks, has demanded civil aviation regulator DGCA to de-register two planes Kingfisher Airlines' planes.
Official sources revealed that DVB officials yesterday met DGCA chief Arun Mishra and pressed the regulator for de-registration of the two Kingfisher planes. Kingfisher Airlines' executive vice president Hitesh Patel was also present in the meeting.
The troubled Kingfisher Airlines has not submitted any revival plan for resuming its operations in the country, according to Ajit Singh, Minister for Civil Aviation, Government of India.
"All they have to do is satisfy DGCA that they can do safe operation and sustain operations. They have to give a plan -- a financially viable plan. Hehas not given that so far," he said.
Debt-laden grounded carrier Kingfisher Airlines is on track to receive funds from United Spirits, UB Group's chairman Vijay Mallya assured on Tuesday.
Mr. Mallya claimed that United Spirits had received all regulatory approvals for its proposed stake sale to British firm Diageo Plc.
The Kingfisher-promoter was speaking to reporters following a meeting with Union Finance Minister P Chidambaram.
Speaking to reporters Mr. Mallya said, "CCI approval has been received. All regulatory approvals have been received. So that's why it (the deal) is on track."
Proceeds from the United Spirits-Diageo deal will be used to slash Kingfisher Airlines' (KFA's) huge debt, the UB group has confirmed.
Vijay Mallya-led Kingfisher is burdened with a bet mountain of Rs 7,500 crore, and its losses widened to Rs 755.17 crore in the December quarter, from Rs 444.26 crore in the corresponding period of the previous year.
India's aviation regulator Directorate General of Civil Aviation (DGCA) said on Friday that the revival plan involving an investment of Rs. 650 crore of Kingfisher Airways is not enough for restarting the company's operations.
Kingfisher Chairman Vijay Mallya had filed the revival plan proposing the fresh investment to get planes back in regular service. The regulator believes that the proposal does not include any plans for repayment of dues to the airports in the country and may not be enough to ensure reliable services.
Vijay Mallya recently submitted a revival plan for his grounded carrier Kingfisher Airlines, suggesting an infusion of Rs 425 crore in phases, but it would not be easy for the carrier to implement the plan and resume operations.
Civil aviation regulator DGCA has reportedly not in a mood to allow Kingfisher Airlines to resume operations until it gets the nod from all stakeholders, including airport operators, oil companies and employees.
Vijay Mallya has submitted a revival plan for his grounded carrier Kingfisher Airlines, which lost its licence in October this year.
The revival plan involves a capital infusion of Rs 425 crore. As per the plan, the carrier will re-start operations with five to six aircraft and ramp up on viable sectors in the coming two months.
Mr. Mallya, who shared the revival plan in his meeting with a group of lenders on Monday, said he had also shared a complete recapitalization plan with the lender, and that the plan would be further discussed with a small group of lenders.