Offered Rs 14K cr to banks as settlement: Vijay Mallya’s UB tells SC

News Network
September 30, 2020

mallya.jpg

New Delhi, Sep 30 : Fugitive liquor baron Vijay Mallya’s United Breweries (Holding) Ltd on Wednesday told the Supreme Court that it had offered over Rs 14,000 crore to various banks to settle its dues and that the company’s assets exceeded its total debt.

Senior advocate C.S. Vaidyanathan, appearing for United Breweries, submitted before a bench comprising Justices U.U. Lalit, Vineet Saran and S. Ravindra Bhat that the response of the banks had been received.

He contended that since the company’s assets exceeded the total debt, it was not the case wherein the company should be directed to wind up.

He insisted that the Enforcement Directorate (ED) had attached many assets of the company, as a result of which none was available to the banks.

“The total amount offered is over Rs 14,000 crore whereas the total due amount is Rs 6,203 crore plus interest. But the allocation has been only Rs 430 crore,” Vaidyanathan contended.

He added that not a single attached property had been actually attached by the ED since 2009.

Vaidyanathan said that the petitioner was the guarantor though the loans were taken by Kingfisher and others.

The submissions were made during hearing of United Breweries’ plea to challenge the Karnataka High Court order to uphold the winding-up of the company.

The counsel submitted that not a single asset had been acquired since 2009 when bank loans were allegedly siphoned off overseas. In response, Justice Lalit queried: “Has the attachment order been challenged?”

The counsel said that an appeal was filed in the Prevention of Money Laundering Act Tribunal, adding that they were told that the attachment order was for satisfying debts and the bulk of assets were in the form of shares.

He argued that the PMLA probe revealed that a major part of the total money sanctioned by the IDBI Bank was remitted outside India, and used for payments for aircraft and spare parts.

The investigation concluded that IDBI loans were not backed by marketable commodities, while orders for provisional attachment were passed on the ground of involvement in money-laundering, Vaidyanathan said.

Senior Advocate Mukul Rohatgi, representing the State Bank of India, submitted that the appeal was devoid of merits.

In the last hearing, the apex court had queried whether a company’s attached assets could be considered for liquidation for the settlement of debt. The bench will hear the matter on Thursday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
October 10,2020

kangana.JPG

Tumkur, Oct 10: A Karnataka court on Friday ordered registration of an FIR against actor Kangana Ranaut for her now-deleted tweet on farmers' protests over recently passed farm laws.

The Tumkuru court's order came on a complaint, which was filed by lawyer Ramesh Naik.

Farmers in some parts of the country, mainly in Punjab are protesting against the three farm laws- Farmers Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Service Act, 2020, and The Essential Commodities (Amendment) Act, 2020.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
October 12,2020

khushboo.JPG

New Delhi, Oct 12: Actor-turned-politician Khushbu Sundar was dropped from the position of Congress national spokesperson by the party on Monday and is scheduled join to the Bharatiya Janata Party (BJP) in New Delhi.

The Congress through a release dropped the Tamil Nadu leader from the post of AICC Spokesperson today "with immediate effect."

Sundar, along with former Indian Revenue Services (IRS) Officer Saravana Kumar, who had taken voluntary retirement, will join the BJP at around 12:30 pm at an event in party headquarters in the national capital.

Sundar's crossover is taking place at a time when BJP is trying to expand its footprint in Tamil Nadu.

The Legislative Assembly elections in Tamil Nadu are scheduled to take place next year. BJP's ally All India Anna Dravida Munnetra Kazhagam (AIADMK) has already announced Edappadi K Palaniswami will be its chief ministerial candidate in the upcoming polls.

However, BJP leaders from the State have said that they want to have a bigger say, courtesy it being a national-level party.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
October 12,2020

rain.JPG

Bengaluru, Oct 12: The authorities have sounded a red alert in Coastal Karnataka warning the people of heavy rain in the District for two days.

The red alert for the region has been issued for October 13. Yellow alert — warning of heavy rainfall — has been issued for October 12, 14 and 16.

Besides, the authorities have also issued orange alerts in parts of North Interior and South interior including at Bagalkot, Belagavi, Raichur, Yadgir, Kalaburagi, Chikmagalur, Hassan, Kodagu and Shivamogga Districts.

The State had received 27 per cent excess rainfall from June to September against normal rain of 23 pc. As against the normal 840.7 mm, the State received 1,063.9 mm rainfall during the period.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.