Diabytes
Vijay Mallya loan News
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The ED moved the special court seeking to declare the London based industrialist a fugitive economic offender under the Fugitive Economic Offender Act 2018.
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Mallya said that he should be given a hearing and a fair treatment.
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The Enforcement Directorate wants Mallya to be declared as a fugitive economic offender and his properties to be confiscated under the act.
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The Supreme Court on Friday told the government that it would proceed against beleaguered businessman Vijay Mallya, who has been held guilty of contempt, only when he is produced before it.
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Fugitive Mallya has been on the radar of the Indian agencies for a long time now and the government has been in talks with the UK government for his extradition over charges of multi-crore loan default by a consortium of Indian banks.
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Congress came out openly in support of former Prime Minister Manmohan Singh following allegations that UPA regime felicitated loans to Vijay Mallya's now defunct Kingfisher Airlines.
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The CBI on Monday four former executives of IDBI Bank including a former chairman of the bank in the alleged money laundering case involving beleaguered businessman Vijay Mallya.
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Finance Minister Arun Jaitley referred to the Mallya loan issue as a "terrible legacy" which the NDA government had inherited from UPA.
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The consortium of banks had approached the apex court seeking its intervention in bringing back Mallya to India and also the repayment of money which the beleaguered businessman had taken.
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Vijay Mallya, Chairman of the now-defunct Kingfisher Airlines, is facing action after defaulting on over Rs 9,000-crore loan from 17 banks.
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The UB Group chairman, who is being chased in connection with an alleged debt of around USD 1.4-billion linked to the collapsed Kingfisher Airlines, has been based in the UK since March this year.
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A Hyderabad local court on Wednesday adjourned the Vijay Mallya cheque bounce matter to June 6.
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Finance Minister Arun Jaitley has said that absconding liqour baron Vijay Mallya has hurt the system as well as his own class of businesses.
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Banks in India have expressed their willingness to settle the loan deal with absconding liquor baron Vijay Mallya provided there is a government cover to it
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Government had cancelled Mallya's passport weeks after he flew first-class to London on March 2. Public sector banks had also knocked on the doors of the Supreme Court to recover the loans.
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Finance Minister Arun Jaitley said that he is not surprised by the UK government's stand on liquor baron Vijay Mallya's deportation.
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The MEA quoted the UK government saying that it recognises the seriousness of allegations made against the liquor baron and will fully cooperate with government of India.
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