SC asks Mallya to disclose his foreign assets in a month

October 25, 2016

New Delhi, Oct 25: The Supreme Court today directed beleaguered businessman Vijay Mallya to give complete details of his assets outside India in four weeks, saying it was of the "prima facie view" that he has not made proper disclosure of his assets.

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A bench of Justices Kurian Joseph and R F Nariman also pulled up Mallya for not giving details of USD 40 million which he had received from British firm Diageo on February this year.

"We are prima facie of the view that the report has not made a proper disclosure in respect of our order of April 7, 2016, directing to make complete disclosure of assests and in particular, the receipt of USD 40 million as when it was received and how it has been dealt till date," the bench said.

It also asked Mallya, who had earlier informed the court about his properties in India, to disclose complete details of his assets abroad in four weeks.

The bench posted the matter for further hearing on November 24.

A consortium of banks including SBI had on August 29 told the Supreme Court that Mallya had deliberately not made full disclosure of his assets including the USD 40 million which he received on February 25 from the British firm Diageo.

On July 25, the apex court, after noting the submissions by Attorney General Mukul Rohatgi, had issued notice to Mallya on the banks' plea and asked him to respond.

Rohatgi told the court that Mallya had provided wrong details of his assets in a sealed cover to the apex court.

AG had further alleged that 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.

Rohatgi had said that the liquor baron had 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 maintained that the banks had no right over information regarding his overseas movable and immovable assets as he was an NRI since 1988.

Mallya 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.

Comments

Rikaz
 - 
Tuesday, 25 Oct 2016

Government cant do anything on this fellow....tragedy....looted billions...need to see if SC has the authority to do that....end of the day this looter will be enjoying with every penny....

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News Network
May 19,2024

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In a heart-wrenching turn of events, the serene town of Banavasi in Sirsi taluk of Karnataka’s Uttara Kananda district, was struck by tragedy. A young boy lost his life after being struck by lightning on a fateful Saturday evening around 4p.m.

The victim, identified as 16-year-old Sajid Ashfaque Ali, was a bright tenth-grade student at Eden Way High School. Full of dreams and youthful energy, Sajid was enjoying an innocent game with his friends on the Jayanthi High School grounds when the unthinkable happened.

As ominous clouds gathered and rain began to pour, an unexpected bolt of lightning pierced the sky, striking Sajid. His friends watched in horror as he collapsed. Despite the desperate rush to get him to the hospital, Sajid's injuries proved fatal, and he passed away, leaving his family and community in shock and grief.

The rain that had started earlier that afternoon became a backdrop to this devastating incident, casting a pall over the Banavasi police station limits. Sajid’s body has been taken to the government hospital for a post-mortem examination, as the community grapples with the sudden and tragic loss of such a young life.

The tragic death of Sajid Ashfaque Ali is a poignant reminder of the unpredictability of nature and the fragile thread of life. His memory will linger in the hearts of those who knew and loved him, a young life taken too soon.

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News Network
May 19,2024

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Naturals Ice Cream founder Raghunandan Kamath passed away following a brief illness. Born to a mango vendor in a village in Mangaluru, Kamath went on to establish Naturals, an ice cream parlour estimated to be worth Rs 400 crore today. 

"Our thoughts on the sad demise of our patron and founder of Naturals Ice Cream, Late Raghunandan Kamath. Indeed a very sad and unfortunate day for us," the company said.

Mr Kamath grew up helping his father in selling mangoes in a village Karnataka's Mangaluru. This was when he learned the art of picking the ripe fruit, plucking it, sorting it, and preserving it.

As the legend goes, a young 14-year-old Kamath boarded a train from Mangaluru and came to Mumbai (then Bombay). 

After working at his brother’s restaurant, Kamath had an idea — if ice creams have fruit flavours, why can’t they have real fruits. He decided to fill this void in the market. But unsure of whether customers would come, he began his business with serving pav-bhaji as the main dish and the ice cream as an add on.

His first ice cream parlour was launched in 1984 in Juhu, with the initial menu featuring around 12 flavours, each being a testament to the knowledge he acquired during the time he assisted his father in Mangaluru.

The demand kept growing and he opened five more outlets in 1994. Currently, it has over 165 outlets across 15 cities.
 
His story was captured expansively in ‘Intelligent Fanatics of India’, a book co-authored by Mumbai-based journalist Pooja Bhula.

Inspired by his mother's techniques, Kamath also developed innovative machines to streamline production and ensure consistency, notes the company website.

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News Network
May 28,2024

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Mangaluru: Attempting to take political advantage of lack of space in a Masjid, wherein a few people had to offer last Friday prayers on a narrow stretch of an interior road for a few minutes in Mangaluru, the Vishwa Hindu Parishad has warned of holding mass recitation of Hanuman Chalisa, if instances of offering namaz on the road is reported from anywhere in Dakshina Kannada.

VHP leader Sharan Pumpwell said “instances of offering namaz on roads and public places have come to light in the district. It is a conspiracy to create unrest in the district.”

“The district administration should take action against those who offered namaz on the road. If such incidents recur, the VHP will hold recitation of Hanuman chalisa on the same spot,” he warned. 

In fact, the VHP members submitted a memorandum to Kadri police to take action against those who offered namaz on the road. The police should consider the incident seriously.

In a memorandum, they claimed in spite of having enough space at the masjid, by offering namaz on the road has caused inconvenience to the public.

It may be recalled that the video of a few offering namaz on the street in Kankanady had gone viral on social media, drawing criticism from various quarters.

Commissioner of Police Anupam Agrawal said that a case has been registered against unknown persons for offering prayers on the road at Mangaluru East Police station limits.

FIR has been registered under IPC Sections 341, 283, 143 and 149 and investigation is in progress.

The Commissioner said "video of unknown persons offering prayers on the public road in front of a masjid on May 24 was being circulated in social media. The video was verified and was found that it posed hindrance to the movement of public and vehicles."

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