Vijay Mallya - Revision history

Pdewan: /* History */

2024-07-27T22:07:25Z

‎History

Pdewan at 22:06, 27 July 2024

2024-07-27T22:06:38Z

Jyoti: /* ‘No evidence that prosecution was politically led’ */

2018-12-22T08:55:44Z

‎‘No evidence that prosecution was politically led’

Jyoti: /* Delays in evidence arriving from India */

2018-12-22T08:54:21Z

‎Delays in evidence arriving from India

Jyoti: /* 2002- 2015: most parties, most agencies helped Mallya */

2018-12-22T08:23:13Z

‎2002- 2015: most parties, most agencies helped Mallya

Jyoti: /* Timeline */

2018-09-26T21:40:14Z

‎Timeline

Jyoti: /* Loans */

2018-07-03T23:47:13Z

‎Loans

Jyoti: /* 2018: UK court awards BOC $90m against Mallya */

2018-05-10T09:31:24Z

‎2018: UK court awards BOC $90m against Mallya

Pdewan: /* Pinky Lalwani, third wife?/ 2018 */

2018-03-30T19:37:29Z

‎Pinky Lalwani, third wife?/ 2018

Pdewan: /* Timeline */

2018-03-30T19:30:37Z

‎Timeline

@@ Line 11: / Line 11: @@
 =History=
 [[File: Vijay Mallya's debt, some facts.jpg|Vijay Mallya's debt, some facts; Graphic courtesy: [http://epaperbeta.timesofindia.com//Gallery.aspx?id=16_03_2016_008_013_001&type=P&artUrl=STA-TOI-STICS-16032016008013&eid=31973 ''The Times of India''], March 16, 2016|frame|500px]]
 [http://epaperbeta.timesofindia.com//Article.aspx?eid=31973&articlexml=Whos-who-of-India-served-on-Kingfisher-Airlines-16032016013023 ''The Times of India''], Mar 16 2016
@@ Line 31: / Line 32: @@
 The airline flew for just six months after this and was grounded in October 2012. As hope of KFA flying again diminished and then vanished, all remaining independent directors quit.
 =A profile=
 Mallya, was declared as 'wilful defaulter' by lenders following huge debts on his Kingfisher Airlines. He was ranked at 84th position in 2013, with a net worth of USD 800 million. Earlier, in March 2013, Mallya was dropped from Forbes global rich list, while he had moved out of the billionaire league way back in 2012. Amid huge debt burden and mounting losses at Kingfisher Airlines, Mallya's fortunes has been declining continuously over the recent years. The airline owes Rs 7,600 crore to 17 banks.

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-[[File: Vijay Mallya's debt, some facts.jpg|Vijay Mallya's debt, some facts; Graphic courtesy: [http://epaperbeta.timesofindia.com//Gallery.aspx?id=16_03_2016_008_013_001&type=P&artUrl=STA-TOI-STICS-16032016008013&eid=31973 ''The Times of India''], March 16, 2016|frame|500px]]
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 =History=
 [http://epaperbeta.timesofindia.com//Article.aspx?eid=31973&articlexml=Whos-who-of-India-served-on-Kingfisher-Airlines-16032016013023 ''The Times of India''], Mar 16 2016
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 “He has not disclosed in full his properties in India and overseas, as well as his interests in these companies being controlled directly or indirectly by him,“ the agency said. There were substantial movable properties such as the shares of various public limited companies held by Mallya and his UB Holdings.

← Older revision		Revision as of 08:55, 22 December 2018
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	Mallya had questioned Asthana’s professional integrity during the trial but Arbuthnot rejected the allegations and said, “I find that there is no evidence that Mr Asthana has acted corruptly. I noted the (Indian) Supreme Court cleared Mr Asthana of the allegations made against his integrity and there was no reliable or significant evidence produced by the defence expert, Prof Lawrence Saez, which undermined that finding.” The judge added that there was “no evidence that the prosecution was corrupt or politically led”.		Mallya had questioned Asthana’s professional integrity during the trial but Arbuthnot rejected the allegations and said, “I find that there is no evidence that Mr Asthana has acted corruptly. I noted the (Indian) Supreme Court cleared Mr Asthana of the allegations made against his integrity and there was no reliable or significant evidence produced by the defence expert, Prof Lawrence Saez, which undermined that finding.” The judge added that there was “no evidence that the prosecution was corrupt or politically led”.
		+
		+	=== The loans funded many things, including vanity projects===
		+	[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F12%2F11&entity=Ar01005&sk=03DD5E29&mode=text Naomi Canton, ‘Loans used to fund anything, including two vanity projects’, December 11, 2018: ''The Times of India'']
		+
		+
		+	UK Judge Emma Arbuthnot rejected controversial businessman Vijay Mallya’s allegations against the CBI and the claim that the condition in Indian jails was not safe.
		+
		+	She took a dim view of Mallya’s dealings, noting that his case was one of either failure by design, with possible financial motives, or that banks were beguiled by a “glamorous, flashy, famous, bejewelled, bodyguarded, ostensibly billionaire playboy who charmed and cajoled these bankers into losing their common sense and persuading them to put their own rules and regulations to one side”.
		+
		+	The development, coming close on the heels of the government’s success in securing the extradition of alleged AgustaWestland chopper scam middleman Christian Michel from the UAE, was immediately hailed by the government and BJP as evidence of their resolve in tracking down economic fugitives who had fled the country.
		+
		+	Outside court, Mallya said, “It’s unfortunate the judge has found a prima facie case that I made misrepresentations to IDBI Bank to loan money to my airline. I have my rights. My legal team will review the judgment in detail and consider various options and then decide the way forward. Do I regret being in a situation where I am paying legal fees? Yes, I do. I could have been doing something more productive with my time. But so long as I have proper rights, I will enforce them.”
		+
		+	Mallya’s lawyer Clare Montgomery QC, who was not present, had argued that Mallya was the victim of political persecution. Arbuthnot said, “I do not think he is being punished on account of his political opinions. I find because both Congress and BJP blame him for the losses of state banks I feel that it means there is no sign this is a false case amounted against him to assuage his CBI political masters as Saez would have,” she said referring to one of the defence witnesses, Prof Lawrence Saez, an academic at SOAS who has since passed away.
		+
		+	The judge also said there was no reason to suspect the credentials of CBI investigating officer Rakesh Asthana, who handled the case till he was sent on leave along with agency director Alok Verma over their public feud. “I find no evidence Asthana acted corruptly. I note the Supreme Court cleared Asthana of the allegations made against his integrity,” she added.
		+
		+	Pinky Lalwani, an associate of Mallya, who was in the public gallery, looked extremely upset as the judgment was read out while the businessman, who was in the dock, remained calm.
		+
		+	Arbuthnot listed examples of misrepresentation and fraud Mallya made when he took out loans for his airline that included various values Mallya gave the Kingfisher Airlines’ brand, the projected profits of the airline and the value of his and its net worth, as well as what the loans would be used for. She said, “There is a prima facie case of making false representations to make a gain for himself or others.”
		+
		+	She said Mallya used Kingfisher Airlines loans to fund anything, including “two vanity projects” — his Formula 1 racing team and a corporate jet for his own use — when the airline was on the verge of collapse. She also said Mallya’s investment of his $40 million payout from Diageo in a trust for his three children “was a diversion of funds in a flagrant breach of court orders, clear evidence of dispersal and misallocation of funds”.

	=Financial misdeeds=		=Financial misdeeds=

← Older revision		Revision as of 08:54, 22 December 2018
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	The chairman of UB Group, which brews Kingfisher Beer and is co-owner of the Sahara Force India Formula One racing team, is accused of defaulting on loans of more than Rs 9,000 crore after Kingfisher Airlines, which he founded, collapsed in 2012 following years of losses. He is also accused of money laundering, fraudulently obtaining credit and other financial crimes.		The chairman of UB Group, which brews Kingfisher Beer and is co-owner of the Sahara Force India Formula One racing team, is accused of defaulting on loans of more than Rs 9,000 crore after Kingfisher Airlines, which he founded, collapsed in 2012 following years of losses. He is also accused of money laundering, fraudulently obtaining credit and other financial crimes.
		+
		+	==2018 Dec: UK judge permits extradition Mallya to India==
		+	[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F12%2F11&entity=Ar00104&sk=58BCC38F&mode=text Naomi Canton, Vijay for govt as London court says Mallya can be sent home, December 11, 2018: ''The Times of India'']
		+
		+	[[File: The Mallya case in the Westminster Magistrates’ Court- the charges and the 2018 Dec ruling.jpg\|The Mallya case in the Westminster Magistrates’ Court: the charges and the 2018 Dec ruling <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F12%2F11&entity=Ar00104&sk=58BCC38F&mode=text Naomi Canton, Vijay for govt as London court says Mallya can be sent home, December 11, 2018: ''The Times of India'']\|frame\|500px]]
		+
		+	''No Immediate Extradition, He Can Still Appeal''
		+
		+	In a landmark success for Indian investigating agencies and a political boost to the Modi government, a UK judge on Monday ordered extradition of controversial businessman Vijay Mallya to India where he is wanted to face charges of fraud and money laundering.
		+
		+	Mallya, who fled the country in March 2016 in the wake of rising heat over his Rs 9,000 crore bank defaults, lost a key legal battle with the UK court rejecting allegations that the
		+
		+	CBI and ED were working on political directions and he was being framed in a false case.
		+
		+	Judge Emma Arbuthnot told Mallya, 62, at Westminster Magistrates’ Court on Monday, “I am ordering your extradition.” But she added, “You may have a long process in front of you,” referring to his appeal rights even as she rejected Mallya’s plea that he was victim of a witch-hunt. He remains on conditional bail.
		+
		+	The case will now be sent to the home secretary for a decision on whether to order his extradition. However, Mallya can appeal in the Court of Appeals, the Supreme Court and even the European Court of Justice, depending on how Brexit plays out. He said his legal team would review the verdict and consider options. Arbuthnot, however, made it clear that the CBI had a solid case against the businessman, rejecting his entire defence.
		+
		+	===‘No evidence that prosecution was politically led’===
		+	[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F12%2F11&entity=Ar01001&sk=C3121427&mode=text Neeraj Chauhan, ‘No evidence that prosecution was politically led’, December 11, 2018: ''The Times of India'']
		+
		+
		+	''Asthana Gets UK Judge’s Clean Chit''
		+
		+	The UK court’s order to extradite Vijay Mallya has vindicated the Central Bureau of Investigation (CBI) after the agency battled the defence’s arguments ranging from accusations that it was working on a political agenda to the condition of Indian jails before the quality of its evidence prevailed.
		+
		+	The development also marks a boost for the agency’s special director Rakesh Asthana, who supervised the CBI’s effort to get the fugitive liquor baron back. In fact, this was the second win scored by the agency under him after the extradition of Christian Michel, the alleged middleman in the AgustaWestland deal.
		+
		+	An upbeat CBI issued a statement on Monday saying it hoped to bring Mallya back as soon as possible and pointed to judge Emma Arbuthnot’s remarks that “there is a great deal of evidence provided by government of India”.
		+
		+	“We are strong on law and facts and we were confident while perusing the extradition process,” CBI spokesperson Abhishek Dayal said.
		+
		+	The CBI, which started probing Mallya in 2014 first as part of a preliminary enquiry and later after registering a case in July 2015, faced numerous hurdles, including his flight to London on March 2, 2016. The probe picked up pace only after CBI formed a special investigation team in June 2016 with Asthana and joint director Sai Manohar to probe the Mallya fraud and the VVIP chopper scam. Asthana filed a chargesheet against Mallya and led extradition proceedings in London for one and a half years.
		+
		+	Mallya had questioned Asthana’s professional integrity during the trial but Arbuthnot rejected the allegations and said, “I find that there is no evidence that Mr Asthana has acted corruptly. I noted the (Indian) Supreme Court cleared Mr Asthana of the allegations made against his integrity and there was no reliable or significant evidence produced by the defence expert, Prof Lawrence Saez, which undermined that finding.” The judge added that there was “no evidence that the prosecution was corrupt or politically led”.

	=Financial misdeeds=		=Financial misdeeds=

← Older revision		Revision as of 08:23, 22 December 2018
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	That notice was changed a month later to 'report' when he leaves the country. CBI officials say it was a technical mistake that was corrected. Curiously, Mallya left India on the same day banks moved debt recovery tribunal to seek his arrest and seize his passport.		That notice was changed a month later to 'report' when he leaves the country. CBI officials say it was a technical mistake that was corrected. Curiously, Mallya left India on the same day banks moved debt recovery tribunal to seek his arrest and seize his passport.
		+
		+	==2012-18==
		+	[[File: Vijay Mallya’s legal troubles, in India and the UK- 2012-18.jpg\|Vijay Mallya’s legal troubles, in India and the UK: 2012-18 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F12%2F11&entity=Ar01006&sk=DAB7367B&mode=image December 11, 2018: ''The Times of India'']\|frame\|500px]]
		+
		+	'''See graphic''':
		+
		+	''Vijay Mallya’s legal troubles, in India and the UK: 2012-18''

	=Business, as in 2006=		=Business, as in 2006=

← Older revision		Revision as of 21:40, 26 September 2018
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	Mallya arrested by Scotland Yard, granted bail		Mallya arrested by Scotland Yard, granted bail
		+
		+	==2002- 2015: most parties, most agencies helped Mallya==
		+	[https://timesofindia.indiatimes.com/business/india-business/bjp-congress-cbi-everybody-helped-vijay-mallya/articleshow/65808730.cms Congress, BJP, CBI: How all helped fugitive businessman Vijay Mallya, September 14, 2018: ''The Times of India'']
		+
		+
		+	"I met the finance minister before I left, repeated my offer to settle with the banks. That is the truth." As fugitive liquor baron Vijay Mallya uttered these words outside a London court, a blame game ensued.
		+
		+	Congress pinned the blame on finance minister Arun Jaitley while BJP went so far as to say that Mallya's Kingfisher Airlines was in fact Rahul Gandhi’s company that he owns by proxy. The fact is, both parties helped Mallya at various stages of his success and crisis. Here’s how:
		+
		+	'''RAJYA SABHA ENTRY'''
		+
		+	Both BJP and Congress helped Vijay Mallya enter Rajya Sabha, with help from JD(S). He was elected to the Rajya Sabha in 2002 as an independent member from Karnataka with the support of Congress and JD (S). In 2010, he got elected for a second term with the backing of BJP and JD(S).
		+
		+	'''BAD LOANS GET WORSE'''
		+
		+	The airline, launched in 2005, kept on expanding furiously and piling loans despite making big losses as early as 2009. Banks kept lending him money to rollover Kingfisher's loans and that, some say, wouldn't have been possible without political support, especially since many of these banks were government owned.
		+
		+	A consortium of 17 banks collectively lent over Rs 7,000 crore to the crisis-ridden airline.
		+
		+	'''ESCAPE'''
		+
		+	That's been the focus of politics ever since the disgraced tycoon said that he met finance minister Arun Jaitley in Parliament before he left for London. BJP MP Subramanian Swamy had alleged earlier (and now Congress does too) that CBI, which was probing Kingfisher's financial irregularities, had issued a notice in October 2015 to block Mallya from trying to leave India.
		+
		+	That notice was changed a month later to 'report' when he leaves the country. CBI officials say it was a technical mistake that was corrected. Curiously, Mallya left India on the same day banks moved debt recovery tribunal to seek his arrest and seize his passport.

	=Business, as in 2006=		=Business, as in 2006=

@@ Line 511: / Line 511: @@
 =Loans=
 ==Loan disbursement by IDBI==
 [http://timesofindia.indiatimes.com/business/india-business/vijay-mallyas-holiday-meeting-with-idbi-banks-ex-cmd-led-to-hasty-sanction-of-rs-350-crore-loan-ed/articleshow/56849799.cms  Vijay Mallya's holiday meeting with IDBI bank's ex-CMD led to hasty sanction of Rs 350 crore loan: ED, Jan 29, 2017, The Times of India]

← Older revision		Revision as of 09:31, 10 May 2018
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	Mallya, 62, also faces trial in India over alleged loan defaults to the tune of Rs 9,000 crore.		Mallya, 62, also faces trial in India over alleged loan defaults to the tune of Rs 9,000 crore.
		+
		+	==2018: Mallya loses in UK court ==
		+	[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F05%2F09&entity=Ar00306&sk=FBBB609F&mode=text May 9, 2018: ''The Times of India'']
		+
		+
		+	Fugitive businessman Vijay Mallya suffered a major setback in his legal battles after a British high court judge ruled that an Indian judgment against him can legally be enforced against his assets in England and Wales.
		+
		+	UK enforcement officers can now take steps to enforce the Indian judgment, which could include seizing and selling off Mallya’s assets.
		+
		+	UK high court judge Andrew Henshaw QC ruled in favour of a consortium of 13 state-owned Indian banks led by State Bank of India, to which Mallya owes more than Rs 9,000 crore.
		+
		+
		+	'''Banks mull enforcement options'''
		+
		+	UK HC judge Andrew Henshaw ruled the judgment dating January 19, 2017 of the Debt Recovery Tribunal (DRT), Bengaluru, which says Mallya owes Indian banks Rs 6,203 crore plus interest (Rs 9,863 crore as of Nov 22, 2017), can now legally be registered in England.
		+
		+	In his written judgment, Henshaw said: “There is a risk of the value of Mallya’s assets deteriorating, and, or, being subject to claims by other creditors, and a risk of Mallya being declared bankrupt. Mallya’s departure from India, to where he has never since returned, and his resistance to India’s application to extradite him to face trial on serious criminal charges, provide some grounds for regarding him as a fugitive from justice.”
		+
		+	On Nov 24, 2017, the banks had registered the judgment of the Indian DRT in English courts and obtained a freeze order stating that Mallya cannot dispose of or diminish his worldwide assets up to value of £1,145,000,000 (Rs 10,210 crore). But Mallya had applied to set the order registering the judgment aside and for the freeze order to be discharged.
		+
		+	Paul Gair, partner at TLT, the UK law firm representing the banks, told TOI: “In dismissing Mallya’s application, the HC has demonstrated its willingness to recognise judgments granted by courts in other jurisdictions, giving parties opportunities to enforce their judgments against any assets held here. This case also sets a strong precedent for parties to secure a worldwide freezing order when enforcing judgments against wilful defaulters. Banks are now considering the enforcement options available to them to recover sums due from Mallya under DRT judgment, which is now enforceable in England and Wales.”
		+
		+	George Hayman QC, representing Mallya, sought nod to appeal against registering the Indian judgment in the UK on grounds that DRT judgment was “not sealed with a seal which shows there is no upper limit on the pecuniary jurisdiction”, which he said was necessary for the judgment to be capable of registration as a judgment in England according to Reciprocal Enforcement of Judgments (India) Order.

	=Extradition from the UK=		=Extradition from the UK=

@@ Line 109: / Line 109: @@
 =Personal life=
 == Pinky Lalwani, third wife?/ 2018==
+[[File: pinky lalwani.jpg| Pinky Lalwani|frame|500px]]
 [https://photogallery.indiatimes.com/news/india/rahul-gandhi-arrested-on-way-to-restive-mandsaur/rahul-gandhi-waves-to-his-supporters-at-naya-gaon/articleshow/59066259.cms   Met the girl who is all set to tie the knot with Vijay Mallya, Pinky Lalwani  | Mar 28, 2018 | IndiaTimes/ ''The Times of India'']
@@ Line 126: / Line 126: @@
 Pinky Lalwani was also present with Mallya at the extradition case at Westminster Magistrates Court in London.
 Vijay Mallya is still legally married to his childhood friend Rekha Mallya. It seems that he has something special for air hostesses as his first wife Sameera Tyabjee was also an air hostess.
 ==Earlier…==
 Earlier, liquor baron Vijay Mallya was arrested from his residence in London. He had been declared an absconder by the Indian Prevention of Money Laundering Act (PMLA) court in a money laundering case.

@@ Line 106: / Line 106: @@
 . SBI and some other banks declared Vijay Mallya wilful defaulter for not paying their loans.
 =Timeline=
 [http://timesofindia.indiatimes.com/india/rise-and-fall-of-the-king-of-good-times/articleshow/58255783.cms  Vijay Mallya loan default case: Rise and fall of the King of Good Times , April 19, 2017: The Times of India]