End of Good Times Now? Mallya wants Arnab behind bars for slander, deceit

March 11, 2016

mallya3 New Delhi, Mar 11: Under fire from the media, politicians and middle class, liquor baron Vijay Mallya, who owes Rs 9,000 crore to various banks, has reiterated that he is not an absconder but an international business man who travels to and from India frequently.

Mallya had left the country on 2 March, the day the State Bank of India filed a petition in the Bengaluru debt recovery tribunal seeking to impound his passport.

In a series of tweets, Mallya said he has not fled from India:

He has also accused the media of carrying out a witch hunt:

And also a veiled threat to the media:

The banks, who gave him loans after loans to keep his dying aircraft afloat, also came under fire:

It is the second time in as many weeks that Mallya is clarifying that he is not an absconder.

However, this time his clarification raises serious questions since this has come at a time when media reports have details about how he managed to fly out the country just a day after he attended the Rajya Sabha session.

A report in The Times of India on Friday says "the "wilful defaulter's" flight out of India (on 2 March) was in the lap of luxury". Giving out further details, the report citing a government official says that Mallya flew out in Jet Airways' Delhi-London flight 9W 122 on 2 March on a first class ticket. He was also accompanied by a woman and had seven huge baggages, the report says, which doesn't quite seem like a business trip.

Also if he is indeed not an absconder why did he not disclose his location in at least his tweets?

However, PTI had earlier reported that he may be in his country home in an English village about an hour's drive north of London.

The UB Group chairman and Rajya Sabha member is thought to have driven to his 'Ladywalk' estate in the village of Tiwen near St Albans in Hertfordshire from his London home near Baker Street area earlier this week, the report said.

This is likely to be true as he had only last month after his sweetheart deal with Diageo said that he wanted to move to the UK to be closer to his children.

"My statement as to my personal future after quitting Diageo/USL — that I want to spend more time in England closer to my children — has been grossly distorted and mis-portrayed.

I wish to reduce my business commitments gradually and devote more time to my family, and that my resignation from United Spirits was a step in this direction," he had said in the statement after the deal.

As part of the deal he resigned as chairman and director of United Spirits, the company he had sold to Diageo; agreed not to compete with Diageo in spirits business the world over for the next five years; and not to interfere in its Indian arm's business matters. Mallya was also to get a severance package of $75 million of which he may have already received $40 million as initial payment.

Even his tweet about the asset declaration in the Rajya Sabha has to be taken with a pinch of salt. A report in NDTV says the affidavit he filed in 2010, when he became the Rajya Sabha member for the second time, shows that he has no property and debt.

However, contrary to the declaration that he owns no property, PTI report says Mallya owns plush properties in California and the UK, has one of the biggest country homes on Queen Hoo Lane in the village of Tewin.

Moreover, attorney general Mukul Rohatgi had told the Supreme Court that abroad Mallya has assets, both movable and immovable, which are far excessive to loans secured by him here.

The Supreme Court on Monday ordered to issue notice for him to return to India with his passport. It is expected to be served to him via the Indian High Commission in London some time this week, the sources have told PTI.

However, the Indian mission has so far issued no statement on the timeline of the notice.

He likes to drop in at the local pubs during his visits there but has not been spotted around the village so far this week, choosing to stay inside his 30-acre estate guarded by customary iron gates that mark most sprawling country estates in English villages, the PTI report said.

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News Network
January 6,2020

Jan 6: India’s Finance Ministry has delivered a challenge to its revenue collectors: meet tax targets despite $20 billion of corporate tax cuts.

Through a video conference on Dec. 16, officials were exhorted to meet the direct tax mop-up target of 13.4 trillion rupees ($187 billion), a government official told reporters. Collection in the eight months to November grew at 5% from a year earlier, against the desired 17%.

The missive shows Prime Minister Narendra Modi’s urgent need to buoy public finances in a slowing economy where April-November tax collections were half the amount budgeted. Authorities withheld some payments to states and have capped ministries’ expenditure as the fiscal deficit ballooned beyond the target.

The government’s efforts to maintain its deficit goal goes against advice from some quarters, including central bank Governor Shaktikanta Das, who urged more spending to spur economic growth.

It’s uncertain though how much room Modi’s administration has to boost expenditure, given that it may already be borrowing as much as 540 billion rupees through state-run companies, a figure that isn’t reflected on the federal balance sheet. Uncertainty about public finances pushed up sovereign yields in November and December, compelling Das to announce unconventional policies to keep costs in check.

“This is not a time to conceal the fiscal deficit by off-budget borrowing or deferring payments,” said Indira Rajaraman, an economist and a former member of the Reserve Bank of India’s board. “If they were to stick to the target, that would be catastrophic because there is so much pump-priming that is needed right now.”

GDP grew 4.5% in the quarter ended September, the slowest pace in more than six years as both consumption and investments cooled in Asia’s third-largest economy. Only government spending supported the expansion, piling pressure on Modi to keep stimulating.

S&P Global Ratings warned in December it may downgrade India’s sovereign ratings if economic growth doesn’t recover. Government support seems to be waning now, with ministries asked to cap spending in the final quarter of the financial year at 25% of the amount budgeted rather than 33% allowed earlier. This new rule will hamstring sectors including agriculture, aviation and coal, where not even half of annual targets have been disbursed.

As the federal government runs short of money, it’s been delaying payouts to state administrations.

Private hospitals have threatened to suspend cash-less services to government employees over non-payment of dues, while a builder informed the stock exchange about delayed rental payments from no less than the tax office itself.

India is considering a litigation-settlement plan that will allow companies to exit lingering tax disputes by paying a portion of the money demanded by the government, the Economic Times newspaper reported Saturday.

The move will help improve the ease of doing business besides unlocking a part of the almost 8 trillion rupees ($111 billion) caught up in these disputes. The step, which is being considered as part of the annual budget, could also bridge India’s fiscal gap.

Finance Minister Nirmala Sitharaman has refused to comment on the deficit goal before the official budget presentation due Feb. 1.

A deviation from target, if any, “will need to be balanced with a credible consolidation plan further-out,” said Radhika Rao, an economist at DBS Group Holdings Ltd. in Singapore.

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News Network
January 30,2020

Mumbai, Jan 30: Speaking at an event, Samajwadi Party (SP) leader Abu Azmi's son and businessman, Farhan Azmi said that if CM Uddhav Thackeray will build lord Ram's Temple at Ayodhya then he will build Babri Masjid there. He said, "My problem is with Uddhav Thackeray.

I respect him a lot and if in Shiv Sena somebody really deserves respect, then it is no other than Uddhav Thackeray. He never runs a government and I don't think he is running his party correctly.

If being the Chief Minister, Uddhav Thackeray says he is going to Ayodhya on 7th March, I will also go with him. He will build lord Ram's Temple and we will build Babri Masjid."

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Agencies
February 23,2020

Motera, Feb 23: A day before US President Donald Trump's visit to Ahmedabad, a makeshift VVIP entry gate erected outside the newly-built cricket stadium in Motera area here collapsed due to gusty winds on Sunday morning, an official said.

The entire incident was recorded by a bystander and aired on local television channels.

The makeshift entry gate was made of welded steel rods and covered in flex banners.

After some time, a portion of another makeshift gate structure at the stadium's main entrance also collapsed due to the windy weather, another official said.

No one was injured in both the incidents and work was underway to put the structures back in place, he said.

"The (VVIP) entry gate collapsed when fabrication work was going on. It was not a major incident. No one was injured in the incident," said Special Commissioner of Police, Crime Branch, Ajay Tomar said.

President Trump and Prime Minister Narendra Modi will participate in a roadshow here on Monday and later address the 'Namaste Trump' event at the Sardar Patel Stadium in Motera area where over one lakh people are expected to be present.

The stadium has already received 'Building Use' permission from the Ahmedabad Municipal Corporation, an official earlier said.

It is the world's largest stadium with a capacity to accommodate 1.10 lakh spectators.

The stadium has been rebuilt after demolishing the old one which had a seating capacity of 49,000 spectators.

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