Mallya deliberately didn't disclose full assets: Banks to SC

August 29, 2016

New Delhi, Aug 29: A consortium of banks including SBI today told the Supreme Court that beleaguered businessman Vijay Mallya had deliberately not made full disclosure of his assets including USD 40 million which he received in February from a British firm.vijay-mallya-7591

Attorney General Mukul Rohatgi, appearing for the consortium of banks, told a bench of justices Kurian Joseph and R F Nariman that Mallya has not disclosed the amount which he received in February while he had filed the reply in March.

The Attorney General said that as per the Supreme Court rules, Mallya has to appear before the court after a notice has been served upon him in a contempt petition.

Rohatgi said that since Mallya had not been granted exemption from appearance, he should not be heard anymore.

Senior advocate C S Vaidyanathan, appearing for Mallya, told the bench that they have filed a petition for recall of apex court's earlier order and said that no contempt has been made.

He also said that the apex court's earlier order to disclose the assets has been complied with.

The bench then asked the Attorney General to file a response to Mallya's petition for recall of its earlier order and posted the matter on September 27.

Earlier, on July 25, the apex court had issued notice to Mallya on plea of consortium of banks which alleged that he had not disclosed his full assets including USD 40 million received by him from a British firm.

The apex court, after noting the submissions by Attorney General, had issued notice to Mallya and asked him to respond.

On July 14, Rohatgi claimed that Mallya had provided wrong details of his assets in a sealed cover to the apex court.

He further said a lot of information had also been concealed, including a cash transaction to the tune of Rs 2500 crore, which amounted to contempt of court.

Earlier, the Supreme Court had sought details of assets from Mallya in a sealed cover.

Recently, the consortium of banks had alleged that Mallya was not cooperating in the investigation of cases against him and was averse to disclosing his foreign assets.

In a rejoinder affidavit to Mallya's reply, the banks had said that disclosure of overseas assets by him and his family was significant for recovering the dues.

Rohatgi had earlier said that the beleaguered businessman has also not agreed to deposit "substantial amount" as part of of Rs 9,400 crore loan due on him to establish his bonafide".

Mallya had said the banks had no right over information regarding his overseas movable and immovable assets as he was an NRI since 1988.

He had also claimed that as an NRI, he was not obliged to disclose his overseas assets, and added that his wife and three children, all US citizens, also need not disclose their assets.

The court on April 7 had directed Mallya to disclose by April 21 the total assets owned by him and his family in India and abroad while seeking an indication from him when he would appear before it.

It had asked Mallya, who owes over Rs 9,000 crore to around 17 banks, to deposit a "substantial amount" with it to "prove his bonafide" that he was "serious" about meaningful negotiations and settlement.

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Agencies
June 25,2020

New Delhi, Jun 25: The Congress on Thursday asked Prime Minister Narendra Modi why has not India gained anything from the "strange bonhomie" which it claimed he shared with China.

Seeking to turn the tables on the ruling party, Congress spokesperson Pawan Khera said the BJP also shared bonhomie with the Communist Party of China (CPC) with several party-level exchanges taking place in the past.

He sought to know whether India's borders have become safe after these exchanges in the last many years.

The Congress leader asked what has the country gained out of these exchange delegations and why are the borders insecure despite the bonds that the two ruling parties of India and China share with each other.

"There is a strange kind of bonhomie between Narendra Modi and China, a two decade old bonhomie. Why doesn't the country get the benefit of that bonhomie," he asked at a virtual press conference.

Khera said all that the Congress will continue to question is about the political will that just does not get visible when it comes to China.

"Whatever is happening on the border today, is it despite the bonhomie which you have with China, or is it because of the bonhomie which you have with China. The country needs to know," he asked.

"We do want to ask you, if as president of the party, Rajnath Singh, Nitin Gadkari and Amit Shah have been sending delegations,  strengthening the bonds between the Communist Party of China and the BJP. What has the country gained out of these bonds? Why are the borders insecure despite these bonds that you have," he also asked.

The ruling has hit out at the Congress for signing an MoU with China's Communist Party and has questioned its "bond" with the ruling party in China.

Khera also asked what role did the India Foundation, an organisation run by National Security Adviser Ajit Doval's son has in strengthening the bonds with China.

"Why does India Foundation keep visiting these countries? Who do they meet? What's the outcome? What's the role of NSA Ajit Doval's son- Shaurya Doval? He keeps attending these meetings through India Foundation? These are important questions in the light of what is happening," he asked.

Khera said the prime minister is showing "red eyes" to those who are asking him questions instead of showing them to the enemy.

"It is time to stand with the Army and show red eyes to China," he said.

The Congress leader said questions will be asked to Modi especially when there are definitive reports, satellite images of incursions in the Ladakh region of India by the Chinese.

He alleged that China laps up the comment of Modi and uses it across the world that the Indian prime minister says that China is in its own territory and Galwan is theirs.

"After a lot of pressure, PMO contradicted what the prime minister said. This kind of a goof up is unpardonable," he alleged.

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News Network
March 13,2020

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

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News Network
March 27,2020

New Delhi, Mar 27: The death toll due to COVID-19 rose to 17 in the country on Friday and the number of coronavirus cases climbed to 724, according to the Health Ministry. In its updated figures at 9.15 am, the ministry stated that four deaths were reported from Maharashtra while Gujarat had registered three deaths.

Karnataka has reported two deaths so far, while Madhya Pradesh, Tamil Nadu, Bihar, Punjab, Delhi, West Bengal, Jammu and Kashmir and Himachal Pradesh have reported one death each.

According to the data, the number of active COVID-19 cases in the country stood at 640, while 66 people were either cured or discharged and one had migrated. The total number of 724 cases included 47 foreign nationals, the ministry said.

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