Consortium of banks reject Mallya's Rs 4000 crore repayment offer

April 7, 2016

News Delhi, Apr 7: A consortium of banks led by State Bank of India today rejected the proposal in the current form offered by liquor baron Vijay Mallya and his companies to pay Rs 4,000 crore by September towards settlement of his loan before the Supreme Court, which directed him to disclose his total assets by April 21.

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The consortium also asked the Supreme Court that directions be passed to ensure presence of Mallya in the country to show his bona fides that he was serious about settling his dues.

A bench comprising Justices Kurian Joseph and R F Nariman asked Mallya and his companies to file their response by April 21 indicating how much amount they can deposit in the Supreme Court to prove their bona fides.

After a brief hearing of 20 minutes, the bench posted the matter for further hearing on April 26.

At the outset, the consortium of banks told the apex court that it is not averse to the settlement but Mallya has to show his bona fides by being present in the country.

"Vijay Mallya has to prove his bona fides by presenting himself for suitable negotiation and presenting a contingency plan that he is getting money from X and Y and then he will pay to the banks," senior advocate Shyam Divan, appearing for the consortium of banks, said.

"For suitable negotiations, he should be present and should declare all his movable, immovable, tangible and intangible assets in both in India and abroad," he said.

Divan said that the proposal given by Mallya in the present form has been rejected and it was conveyed to him after which he made a second offer last evening which is under consideration.

He said that for suitable negotiation Mallya needs to be in the country and before the court so that it is known what he plans to do and how.

Senior advocate C S Vaidyanathan, appearing for Mallya, said they have got the response from the consortium of banks after which they have replied to it last evening.

Vaidyanathan said he needs some time to seek further instructions on the decision taken by the consortium of banks.

The consortium of banks agreed to his submission after which the bench asked Mallya to file his response by April 21.

"Respondents (Mallya and his companies) should disclose all the properties -movable, immovable, tangible, intangible- and shareholding, both in India and abroad, to show his bona fides for the substantial negotiation," the bench said.

"Respondents (Mallya and companies) should indicate in their response how much money they are willing to deposit in the court to show their bona fides," it said.

The court also allowed Oriental Bank of Commerce to be impleaded as party in the matter.

Mallya, who is facing legal proceedings for alleged default of loans worth over Rs 9,000 crore from various banks, had on March 30 expressed willingness for a settlement by offering a proposal to pay back Rs 4,000 crore by September this year.

The proposal, which had been submitted in a sealed cover, covered an amount of Rs 6,903 crore and was placed jointly by Mallya and his companies - Kingfisher Airlines Ltd, United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd.

The banks had requested the bench that the proposal should be kept in a sealed cover till negotiations were going on for the settlement.

The liquor baron's counsel had told the apex court that the proposal had been prepared after discussions with Mallya, currently in United Kingdom, through video conferencing.

The bench had given time to the consortium of banks to look into the proposal and respond.

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News Network
December 16,2025

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Prime Minister Narendra Modi on Monday held talks with Jordan’s King Abdullah II in Amman, during which the two leaders discussed ways to further strengthen bilateral relations, with the Prime Minister outlining an eight-point vision covering key areas of cooperation.

Describing the meeting as “productive”, PM Modi said he shared a roadmap focused on trade and economy, fertilisers and agriculture, information technology, healthcare, infrastructure, critical and strategic minerals, civil nuclear cooperation, and people-to-people ties.

In a post on social media platform X, the Prime Minister praised King Abdullah II’s personal commitment to advancing India–Jordan relations, particularly as both countries mark the 75th anniversary of the establishment of diplomatic ties this year.

“Held productive discussions with His Majesty King Abdullah II in Amman. His personal commitment towards vibrant India-Jordan relations is noteworthy. This year, we are celebrating the 75th anniversary of our bilateral diplomatic relations,” PM Modi said.

The meeting took place at the Al Husseiniya Palace, where the two leaders also exchanged views on regional and global issues of mutual interest. According to the Ministry of External Affairs (MEA), both sides agreed to further deepen cooperation in areas including trade and investment, defence and security, counter-terrorism and de-radicalisation, fertilisers and agriculture, infrastructure, renewable energy, tourism, and heritage.

The MEA said both leaders reaffirmed their united stand against terrorism.

PM Modi arrived in Amman earlier on Monday and was received by Jordanian Prime Minister Jafar Hassan, who accorded him a formal welcome. Following the talks, King Abdullah II hosted a banquet dinner in honour of the Prime Minister, reflecting the warmth of bilateral ties.

Jordan is the first leg of PM Modi’s three-nation tour. From Amman, the Prime Minister will travel to Ethiopia at the invitation of Prime Minister Abiy Ahmed Ali, marking his first official visit to the African nation. The tour will conclude with a visit to Oman.

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News Network
December 13,2025

New Delhi: School-going children are picking up drug and smoking habits and engaging in consumption of alcohol, with the average age of introduction to such harmful substances found to be around 13 years, suggesting a need for earlier interventions as early as primary school, a multi-city survey by AIIMS-Delhi said.

The findings also showed substance use increased in higher grades, with grade XI/XII students two times more likely to report use of substances when compared with grade VIII students. This emphasised the importance of continued prevention and intervention through middle and high school.

The study led by Dr Anju Dhawan of AIIMS's National Drug Dependence Treatment Centre, published in the National Medical Journal of India this month, looks at adolescent substance use across diverse regions.

The survey included 5,920 students from classes 8, 9, 11 and 12 in urban government, private and rural schools across 10 cities -- Bengaluru, Chandigarh, Delhi, Dibrugarh, Hyderabad, Imphal, Jammu, Lucknow, Mumbai, and Ranchi. The data were collected between May 2018 and June 2019.

The average age of initiation for any substance was 12.9 (2.8) years. It was lowest for inhalants (11.3 years) followed by heroin (12.3 years) and opioid pharmaceuticals (without prescription; 12.5 years).

Overall, 15.1 per cent of participants reported lifetime use, 10.3 per cent reported past year use, and 7.2 per cent reported use in the past month of any substance, the study found.

The most common substances used in the past year, after tobacco (4 per cent) and alcohol (3.8 per cent), were opioids (2.8 per cent), followed by cannabis (2 per cent) and inhalants (1.9 per cent). Use of non-prescribed pharmaceutical opioids was most common among opioid users (90.2 per cent).

On being asked, 'Do you think this substance is easily available for a person of your age' separately for each substance category, nearly half the students (46.3 per cent) endorsed that tobacco products and more than one-third of the students (36.5 per cent) agreed that a person of their age can easily procure alcohol products.

Similarly, for Bhang (21.9 per cent), ganja/charas (16.1 per cent), inhalants (15.2 per cent), sedatives (13.7 per cent), opium and heroin (10 per cent each), the students endorsed that these can be easily procured.

About 95 per cent of the children, irrespective of their grade, agreed with the statement that 'drug use is harmful'.

The rates of substance use (any) among boys were significantly higher than those of girls for substance use (ever), use in the past year and use in the past 30 days. Compared to grade VIII students, grade IX students were more likely, and grade XI/XII students were twice as likely to have used any substance (ever).

The likelihood of past-year use of any substance was also higher for grade IX students and for grade XI/XII students as compared to grade VIII students.

About 40 per cent of students mentioned that they had a family member who used tobacco or alcohol each. The use of cannabis (any product) and opioid (any product) by a family member was reported by 8.2 per cent and 3.9 per cent of students, respectively, while the use of other substances, such as inhalants/sedatives by family was 2-3 per cent, the study found.

A relatively smaller percentage of students reported use of tobacco or alcohol among peers as compared to among family members, while a higher percentage reported inhalants, sedatives, cannabis or opioid use among peers.

Children using substances (past year) compared to non-users reported significantly higher any substance use by their family members and peers.

There were 25.7 per cent students who replied 'yes' to the question 'conflicts/fights often occur in your family'. Most students also replied affirmatively to 'family members are aware of how their time is being spent' and 'damily members are aware of with whom they spend their time'.

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News Network
December 16,2025

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The deletion of over 58 lakh names from West Bengal’s draft electoral rolls following a Special Intensive Revision (SIR) has sparked widespread concern and is likely to deepen political tensions in the poll-bound state.

According to the Election Commission, the revision exercise has identified 24 lakh voters as deceased, 19 lakh as relocated, 12 lakh as missing, and 1.3 lakh as duplicate entries. The draft list, published after the completion of the first phase of SIR, aims to remove errors and duplication from the electoral rolls.

However, the scale of deletions has raised fears that a large number of eligible voters may have been wrongly excluded. The Election Commission has said that individuals whose names are missing can file objections and seek corrections. The final voter list is scheduled to be published in February next year, after which the Assembly election announcement is expected. Notably, the last Special Intensive Revision in Bengal was conducted in 2002.

The development has intensified the political row over the SIR process. Chief Minister Mamata Banerjee and her Trinamool Congress have strongly opposed the exercise, accusing the Centre and the Election Commission of attempting to disenfranchise lakhs of voters ahead of the elections.

Addressing a rally in Krishnanagar earlier this month, Banerjee urged people to protest if their names were removed from the voter list, alleging intimidation during elections and warning of serious consequences if voting rights were taken away.

The BJP, meanwhile, has defended the revision and accused the Trinamool Congress of politicising the issue to protect what it claims is an illegal voter base. Leader of the Opposition Suvendu Adhikari alleged that the ruling party fears losing power due to the removal of deceased, fake, and illegal voters.

The controversy comes amid earlier allegations by the Trinamool Congress that excessive work pressure during the SIR led to the deaths by suicide of some Booth Level Officers (BLOs), for which the party blamed the Election Commission. With the draft list now out, another round of political confrontation appears imminent.

As objections begin to be filed, the focus will be on whether the correction mechanism is accessible, transparent, and timely—critical factors in ensuring that no eligible voter is denied their democratic right ahead of a crucial election.

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