Banks working with UK agencies on Mallya: SBI MD

Agencies
July 6, 2018

New Delhi, Jul 6: Indian banks are working very closely with various agencies, including in the UK, to recover maximum out of assets owned by Vijay Mallya after a British court allowed them to search and seize properties of the fugitive liquor baron, SBI MD Arijit Basu said today.

"We have been able to come this far because of efforts that was taken in a very coordinated manner by all agencies including the government. We are very happy with the court order and with this kind of order we have we should be able to go after those assets," he told reporters here.

The SBI is the leader of consortium of 13 banks that lent about Rs 9,000 crore to Mallya's now defunct Kingfisher Airlines.

Without giving a specific number, Basu said: "there are various laws which operate between different countries that allow us to go beyond our national borders. With the effort that we have made, we have got worldwide freezing order. Going by the assets that we have, we feel that it will be significant amount of the debt if not whole amount".

Asked about timeline for auction, he said, banks are working very closely with all agencies and lawyer in London as to how High Court Enforcement Order (HCEO) can be enforced.

State Bank of India has appointed valuer to assess the value of assets of Mallya.

Asked about recovery in India, Basu said, the consortium has recovered Rs 963 crore from auction of Mallya's Indian assets.

The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.

It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based. However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.

"The High Court Enforcement Officer, including any enforcement agents acting under his authority, may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn... and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to the First Defendant (Mallya)," notes the order by Justice Byran, dated June 26.

"The High Court Enforcement Officer, including any Enforcement Agent acting under his authority, may use reasonable force to enter the Property if necessary," it states.

Giving the background of the case, Basu said, banks have worked really hard for the last 2-3 years to try and get recovery order which has been given by the debt recovery tribunal because many of the assets which this person holds are not in the country but outside.

Last consortium meeting took place on May 30 following which the bank appointed lawyer in London, he said, adding that the concerted efforts of banks resulted in this landmark order.

The order relates to the UK’s Tribunal Courts and Enforcement Act 2007 and follows a UK High Court ruling in May, which refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the Indian banks were entitled to recover funds.

It marked the first recorded case of a judgment of the Debt Recovery Tribunal (DRT) in India being registered by the English High Court, setting a legal precedent.

Mallya has made an application in the Court of Appeal seeking permission to appeal against the order, which remains pending.

Mallya, who is separately fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crores, had recently issued a media statement condemning the charges against him as politically motivated.

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News Network
June 27,2020

New Delhi, Jun 27: Fuel prices were hiked by the oil marketing companies for the 21st day in a row on Saturday. Petrol and diesel will now cost Rs 80.38/litre and Rs 80.40/litre respectively in the national capital.

The price of petrol is increased by Rs 0.25 per litre while that of diesel by Rs 0.21 per litre.
Rates differ from state to state depending on the incidence of value-added tax (VAT).

Notably, oil marketing companies have been adjusting retail rates in line with costs after an 82-day break from rate revision amidst the COVID-19 pandemic. These firms on June 7 restarted revising prices in line with costs.

The Congress party had called the increase in the price of petrol and diesel 'unjust', 'thoughtless' and demanded from the Central government to roll back increase with immediate effect and pass on the benefit of low oil prices directly to the citizens of this country.
In an official statement, the Congress Working Committee (CWC) had said that no government should levy and impose such unacceptable strain on its people.

Before the nation entered the lockdown, the average price of petrol and diesel in Delhi was Rs 69.60 per litre and Rs 62.30 per litre respectively.

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Agencies
April 13,2020

With the beginning of Ramzan just about 10 days away, Maulana Khalid Rashid Firangi Mahali, the chairperson of the Islamic Centre of India and the Imam of Aishbagh Eidgah has issued an advisory to people on how to observe Ramzan during the lockdown.

In his appeal, the Sunni cleric, who is a member of the All India Muslim Personal Law Board (AIMPLB), has urged people that the holy month of Ramzan is likely to begin from April 25. The lockdown may also be extended beyond April 14.

"In this case, it is advised that people observe roza (fast) and do iftar (meal to break the fast) in the evenings at their homes. There should be no congregational prayers in the mosque but only at homes. Only those who stay or are staying at a mosque should pray there and that too while maintaining adequate social distance," said Maulana Khalid Rashid Firangi Mahali in a video message.

The cleric, in the 12-point advisory, has asked people to fast as is mandatory in Islam and to pray for the end of the pandemic, during the month of worship.

The advisory says that those who used to arrange for iftar of poor and needy persons at the mosque, should continue to do so this year as well but the food should be distributed to the needy.

"Those who conducted Iftar parties in Ramzan should give the money kept for it in charity. Not more than five people should be present at any time at a mosque," the cleric added.

Earlier for April 8 and April 9, both Shia and Sunni clerics had appealed to the people to stay indoors and pray on the occasion of Shab-e-Baraat, respectively. To ensure full compliance of the lockdown, the gates of several graveyards in the city were locked up by the caretakers since traditionally Muslims visit graves of their ancestors on Shab-e-Baraat--the night of Allah's forgiveness, to pray for their ancestors.

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News Network
February 22,2020

New Delhi, Feb 22: China is delaying grant of clearance to India's proposal to send an Indian Air Force flight to carry relief material for people affected by coronavirus in the neighbouring country and bring back Indians from its city of Wuhan, official sources said Saturday.

India was to send a C-17 military transport aircraft to Wuhan, the epicentre of the coronavirus outbreak, on February 20 but the plane could not take off as permission was not granted for the flight.

"China is deliberately delaying grant of clearance for the evacuation flight," a high-level source said.

The aircraft was to carry a large consignment of medical supplies to China and bring back more Indians from Wuhan.

Sources said the Chinese side continued to maintain that there was no delay in granting permission for the flight to go, but "inexplicably" the clearance has not been given.

In a letter to President Xi Jinping earlier this month, Prime Minister Narendra Modi conveyed India's solidarity to the people and government of China in meeting the challenge of the coronavirus outbreak and offered to provide assistance to the country.

India then put together relief supplies in pursuance of Modi's commitment as a token of India's solidarity, particularly in the 70th year of the anniversary of diplomatic relations between the two countries.

"These supplies have been offered even as India faces tremendous shortage itself, given our ethos of helping others in their hour of need," said a source aware of the issue.

The items being supplied are gloves, surgical masks, feeding pumps and defibrillators based on the requirements as indicated by the Chinese side.

India's national carrier Air India has already evacuated around 640 Indians from Wuhan in two separate flights.

According to estimates, over 100 Indians are still living in Wuhan. A sizeable number of countries have evacuated their citizens from China and restricted movement of people and goods to and from the country in view of the massive outbreak of coronavirus there.

Indian nationals in Wuhan continue their long wait for the flight. The delay is causing them and their family members in India tremendous mental anguish, said the sources.

They said relief and evacuation flights from other countries including by France are allowed to operate by China but the permission has not come through in India's case.

"Are they not interested in Indian aid provided as our token of support? Why are they creating roadblock in evacuating our nationals from Wuhan and putting them under hardship and mental agony?" said a person aware of the issue.

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