UK: Mallya trial resumes, more defence witnesses to depose

Agencies
December 11, 2017

London, Dec 11: The trial to prove a prima facie case of fraud against fugitive liquor baron Vijay Mallya resumes here today to determine if he can be extradited to India to face charges over his erstwhile Kingfisher Airlines.

The 61-year-old will be back in the dock at Westminster Magistrates' Court in London for day four of the hearing when his defence led by barrister Clare Montgomery, is set to depose two further witnesses in its attempt to prove that the airline's alleged default of around Rs 9,000 crore worth of bank loans was the result of business failure rather than "dishonest" and "fraudulent" activity by its owner.

Meanwhile, it has emerged that the businessman is also facing a parallel litigation in the Queen's Bench Division of the commercial court in England's High Court of Justice brought by a consortium of Indian banks to freeze his global assets.

The State Bank of India, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co Pvt Ltd are listed as applicants of that claim against Mallya and related concerns named as Ladywalk LLP, Rose Capital Ventures Ltd and Orange India Holdings.

Lawyers for Mallya have been granted an extension to respond to that case due to his ongoing extradition trial, expected to conclude on Thursday.

Margaret Sweeney, from the accounts team of Force India - Mallya's Formula 1 racing team, and legal expert Martin Lau are set to be deposed by his defence team at the extradition hearing today.

Judge Emma Arbuthnot will hear the case over some "interruptions" as Uber's appeal against the cancellation of its operating license in London is expected to open in the same court today.

Last week, the defence claimed that a consortium of Indian banks led by State Bank of India (SBI) had rejected an offer by the liquor baron in early 2016 to pay back nearly 80 percent of the principal loan amount owed to them.

While deposing a banking expert last week, Mallya's counsel Montgomery questioned whether her client's offer to pay back around Rs 4,400 crores of the principal debt amount on April 6, 2016, should have been "dismissed out of hand" just a day later by the banks.

Paul Rex, who was described as a banker by profession who served as an independent expert in the field for over 20 years, said that banks tend to partially provision for loans unpaid over a long period and such an offer would have helped avoid "further loss".

"A commercial bank would assess such an offer against other routes of repayment. If that offer is higher than could be expected from other sources, it would be an attractive option for banks to consider," he said, adding that state-owned banks, in particular, tend to be more susceptible to "political pressure".

However, the Crown Prosecution Service (CPS) arguing on behalf of the Indian government countered that assertion in its cross-examination, indicating that the reason such a repayment offer would have been rejected was that the banks knew Mallya had the means to pay back the entire amount due.

There are plenty of reasons why even a state bank may take a view to reject such an offer, such as if it comes from a "dishonest" person who is known to have "plenty of money to repay" the entire amount if he wants to, CPS barrister Mark Summers stated during his cross-examination.

He also made a reference to the "debtor" (Mallya) throwing a birthday party costing around 2 million pounds as a factor which could have influenced the banks' decision to reject the offer.

The cross-examination of Rex was left incomplete at the end of the third day of the trial last Thursday, to be taken up again tomorrow afternoon.

In his cross-examination, Summers had highlighted a particular "washing machine activity" picked up by the government of India that involved sums amounting to around 10 -15 million pounds being funnelled between UB Group companies to wrongly claim obligations of equity infusions into struggling Kingfisher Airlines were being met.

Indian government sources have described its case, being presented by the CPS, as "very strong".

Mallya's legal team had claimed earlier in the trial that the case against him was "politically motivated" and that it was being used as an opportunity to make "political capital" by the ruling BJP as well as Congress and Shiv Sena.

The prosecution's case rests on "three chapters of dishonesty" by Mallya misrepresentations to various banks to acquire loans, the misuse of the loans, and his conduct after the banks recalled the loans.

Mallya, who has been based in the UK since March 2016, was arrested by Scotland Yard on an extradition warrant in April this year and has been out on bail on a bond worth 650,000 pounds.

If the judge rules in favour of extradition at the end of the trial, the UK home secretary must order Mallya's extradition within two months. However, the case can go through a series of appeals in higher UK courts before arriving at a conclusion.

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News Network
April 26,2020

Dubai, Apr 26: The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

Financial institutions have been directed to stop transfers from these accounts and deny access to deposit boxes.

Currently in India and facing a string of charges, Shetty is the founder of NMC Health.

The heathcare provider was placed into administration by a UK court recently following an application by the Abu Dhabi Commercial Bank (ADCB) which alone has an exposure of $981 million (Dh3.6 billion).

Overall, UAE banks have a combined exposure of more than Dh8bn to NMC which owes money to Oman-based banks and financial institutions as well.

Probing credit facilities
The Central Bank has sought information about credit facilites extended to the Shettys along with details of their safe deposit boxes and the financial transfers they have made till date.

A similar advisory has been issued for NMC Healthcare and NMC Holding, based on the decision of the Head of Plenary Fund Prosecution.

The Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.

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Angry Indian
 - 
Monday, 27 Apr 2020

when you make money with good country you should not make doka to that country, first of all we indian have bad name in GCC now this will make more dought on indian hindus..

 

after BJP come to power in india,our country is acting like maron, this will only end with final WAR.

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News Network
June 15,2020

Sitamarhi, Jun 15: Eyewitness accounts from locals in Bihar's Sitamarhi district recount the brutality and intimidation by Nepal's security personnel who on June 12 had resorted to unprovoked firing on a group of people at the international border, which left one Indian dead and two others injured.

"18-20 shots were fired for over one hour and everyone is in shock even now," said Nitish Kumar, a resident of Jankinagar recalling the incident that took place early on Friday morning.

Nepal's Armed Police Force (APF) opened fire at the Lalbandi-Jankinagar border in which three men - Vikesh Yadav, Umesh Ram and Uday Thakur - suffered gunshot injuries. Vikash Yadav succumbed to his injuries on Friday itself.

Another person Lagan Kishore, who was at the border with his family to meet his daughter-in-law, a Nepali national and her family, said he was detained by the APF personnel who dragged him to the other side of the border.

Lagan Kishore said that the Nepali personnel abused and hit him with rifle butts and even abused his son and later resorted to firing.

Several residents of Jankinagar, who spoke to media, termed the incident as "unfortunate and shocking".

Nitish Kumar recalled: "A family was here to meet their in-laws (Nepali nationals). The daughter-in-law was talking to her family while her husband and her father-in-law sat a little distance away. Suddenly I saw Nepali personnel abusing her husband who complained about it to his father. All of a sudden the Nepali forces started thrashing them and then opened fire. They also took the father into custody."

"We were all shocked. I could hear about 18-20 gunshots fired over a period of one hour," Kumar said.

Another local, Ajit Kumar, said he was perplexed with the behaviour of the Nepali Police.

"There used to be no problems earlier. We don't understand what happened to the Nepal Police that day. The firing is unfortunate. If this continues, how will people in the border area live?" he questioned.

Ajit Kumar stated that such an incident has taken place for the first time. "People from here go to work in fields in Nepal and their people come to work in our fields. Such a thing has happened for the first time. About 80 per cent of our people are married to Nepalis," he said.

Many people who live in the adjoining districts of Bihar, which shares over 600 kilometres of border with Nepal, have relatives on either side of the border.

Meanwhile, Nepali police have claimed that Lagan Kishore, who was taken into custody following the firing by APF and handed over to Indian Security Forces at no man's land on June 13, was detained for trying to snatch a weapon from one of their personnel during an altercation.

However, both Kishore and his family have denied the claims and said he was "dragged" across the border and was beaten.

Kishore said that during the firing he had rushed towards the Indian side but Nepalese personnel hit him with rifle butt and took him to Nepal's Sangrampur. He was also asked to confess that he was taken into custody from the Nepali side.

"We ran to return to India when they started firing, but they dragged me from the Indian side, hit me with a rifle butt and took me to Nepal's Sangrampur. They told me to confess that I was brought there from Nepal. I told them you can kill me but I was brought there from India," said Kishore.

Kishore's son also said that Nepali personnel started abusing them and hit him and his father.

Speaking to ANI, Kishore's son said, "We went to meet my brother-in-law. Security personnel started abusing me but I could not understand their language. However, my brother's wife asked them to not abuse. After that, they came to the Indian side and hit me. I told my father about the incident and he confronted them."

"They started beating him and called fellow personnel who started firing and dragged my father from the Indian side, hit him with a rifle butt and took him to Nepal''s Sangrampur," he said.

Relations have become strained between India and Nepal after the latter released a map showing parts of Indian Territory-Lipulekh, Kalapani and Limpiyadhura as its own.

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May 18,2020

New Delhi, May 18: Very severe cyclonic storm ‘Amphan’, over central parts of South Bay of Bengal, has intensified into extremely severe cyclonic storm, the India Meteorological Department (IMD) said on Monday. The weather department has warned that ‘Amphan’ may turn into a “super cyclonic storm’.

According to experts, North Odisha coast will face the maximum impact of cyclone Amphan when it makes landfall.

“Wind speed expected to be 110-120 kmph, gusting up to 130 kmph. Balasore, Bhadrak, Jajpur, Mayurbhanj dist can be affected on 20 May (when it makes landfall), IMD Bhubaneswar scientist Umashankar Das told news agency ANI.

The IMD has said that ‘Amphan’ will cross West Bengal - Bangladesh coasts between Digha (WB) and Hatiya island - in the afternoon/evening of May 20 as very severe cyclonic storm.

Earlier, the IMD had warned that ‘Amphan’, over central parts of South Bay of Bengal, will intensify into an extremely severe cyclonic storm on Monday.

“Very Severe Cyclonic Storm (VSCS) ‘AMPHAN’ over central parts of South Bay of Bengal near latitude 12.5°N and longitude 86.4°E, about 870 km nearly south of Paradip (Odisha). To intensify further into an Extremely Severe Cyclonic Storm (ESCS) in the next six hours,” the IMD said in a tweet on Monday.

National Disaster Response Force (NDRF) has sent its 10 teams to Odisha and seven teams to West Bengal in view of the approaching Cyclone Amphan, news agency reported.

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