Kingfisher, Mallya propose in SC to repay Rs 4000 cr to banks

March 30, 2016

New Delhi, Mar 30: Liquor baron Vijay Mallya and Kingfisher Airlines Ltd today submitted in a sealed cover a proposal for repayment of Rs 4000 crore out of the loan amount of Rs 6903 crore to the consortium of banks led by State Bank of India by September this year.

Along with Mallya and Kingfisher, the proposal was also submitted by United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd.

mallyaA bench comprising Justices Kurian Joseph and R F Nariman allowed the consortium of banks a week's time to respond to the proposal and posted the matter for further hearing on April 7.

At the outset, senior advocate C S Vaidyanathan, appearing for Kingfisher and Mallya, submitted that they have given a proposal to the consortium of banks as to what can be done under the given circumstances.

He said the copy of the proposal was given today to the consortium of banks.

The senior advocate appearing for the consortium of banks said he would like to go through the proposal and then respond.

Vaidyanathan requested the bench that the proposal should be kept in a sealed cover for the time being, as negotiations were going on for the settlement and media hype could vitiate the atmosphere.

He said the proposal has been prepared after having discussions with the parties through video conferencing.

On March 9, the government had informed the apex court that Mallya, who is facing legal proceedings for allegedly defaulting loans of over Rs 9,000 crores from various banks, has left the country a few days back.

The bench had then issued notice to Mallya and sought his response within two weeks on pleas filed by the consortium of banks seeking direction for freezing his passport and his presence before the apex court.

The bench had allowed the plea of Attorney General that the notice to him can be served through his official Rajya Sabha email ID, the Indian High Commission at London, through counsel representing him before various high courts, Debt Recovery Tribunal and also through his company.

The AG had said that an amount of over Rs 9,000 crore was due to various banks and, on one pretext or the other, Mallya avoided to settle them.

Comments

Rikaz
 - 
Wednesday, 30 Mar 2016

As per law he should pay first those workers their salary, only then rest will take their money....

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Agencies
July 13,2020

Kolkata, July 13: Debendra Nath Roy, a member of the West Bengal legislative assembly (MLA) from the Bharatiya Janata Party (BJP), was found dead near his house in north Bengal’s Uttar Dinajpur district on Monday morning.

BJP leaders and his family members have alleged that he was murdered. 

BJP president JP Nadda has expressed “shock” at Roy’s “deplorable and suspected heinous killing” and condemned the incident.

He questioned the rise of “gunda raj” in West Bengal under Chief Minister Mamata Banerjee’s watch amid the worsening law and order in the state, which is slated to hold assembly polls next year, where the BJP is seen to be the primary challenger to the CM’s citadel.

“The suspected heinous killing of Debendra Nath Ray, BJP MLA from Hemtabad in West Bengal, is extremely shocking and deplorable. This speaks volumes of the gunda raj and failure of law and order in the Mamata Banerjee-led government. People will not forgive such a government in the future. We strongly condemn the incident,” he tweeted.

The BJP has demanded a Central Bureau of Investigation (CBI) probe into the lawmaker’s unnatural death.

His body was found in the balcony of a shop near his house at Bondol in Hemtabad, Uttar Dinajpur district, on Monday morning.

“The body has been sent for autopsy. We are investigating the case. No one has been detained for questioning or arrested so far,” said a police official from Uttar Dinajpur district, requesting anonymity.

“Roy was murdered. The way his body was found suggests that it was a premeditated murder and the accused tried to pass it off as a suicide. The ruling TMC (Trinamool Congress) is involved in his murder,” alleged Rahul Sinha, national secretary, BJP.

The TMC, however, refuted the BJP’s allegations.

“I heard that he (Roy) died by suicide. Police are investigating the case. Let the truth come out. If he has been murdered, then the culprits should be identified and punished as per law,” said Kanhaiyalal Agarwal, a TMC leader from Uttar Dinajpur district.

BJP leaders said some people had called Roy around 1 am on Monday and he went out of his home. His body was found on Monday morning.

Roy had won the Bengal assembly elections from Hemtabad on a Communist Party of India (Marxist) ticket in 2016, but joined the BJP last year.

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News Network
April 11,2020

Apr 11: India has sent back 20,473 foreigners who wanted to return to their countries following the Covid-19 global pandemic, it was revealed on Friday (April 10).

"So far, we have successfully evacuated 20,473 foreign nationals as of yesterday. This is an ongoing process," said Dammu Ravi, Coordinator on Covid-19 issues at the Ministry of External Affairs, MEA.

"This involves several countries," Ravi said during the daily government briefing on Covid-19, although he could not list the countries offhand. "We are receiving excellent cooperation from governments all over the world for this process."

Many foreigners, especially tourists, were stranded in India when domestic and international flights were abruptly cancelled last month in a bid to curb transmission of the coronavirus.

The Ministry of Tourism has asked stranded foreigners to get in touch with the government through a special portal started for the purpose, through their embassies in India and other sources to facilitate their evacuation if they wished to head home.

As of Friday evening, the Ministry of Health and Family Welfare had confirmed 6,761 Covid-19 cases in India, of whom 515 patients have been cured.

There were 206 deaths reported from across the country.

Two states, Punjab and Orissa, have extended the ongoing lockdown until April 30.

Prime Minister Narendra Modi will consult state chief ministers on Saturday to decide whether to extend the country-wide lockdown, which is due to end at midnight on April 14.

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Agencies
June 21,2020

New Delhi, June 21: Diesel prices rise to record high after 60 paise hike in rates, petrol up 35 paise; rates up by Rs 8.88 and Rs 7.97 in 15 days.

Petrol price in Delhi was hiked to Rs 79.23 per litre from Rs 78.88, while diesel rates were increased to Rs 78.27 a litre from Rs 77.67, according to a price notification of state oil marketing companies. 

In Bengaluru, petrol will be costlier by 37 paise at Rs 81.81 per litre, while diesel will cost 57 paise more per litre at Rs 74.43.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 15th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to a new high. The petrol price too is at a two-year high.

Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT. 

Petrol in Mumbai costs Rs 86.04 per litre and diesel is priced at Rs 76.69.

Prior to the current rally, the peak diesel rates had touched was on October 16, 2018 when prices had climbed to Rs 75.69 per litre in Delhi. The highest-ever petrol price was on October 4, 2018 when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

In 15 days of hike, petrol price has gone up by Rs 7.97 per litre and diesel by Rs 8.88 a litre.

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