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

News Network
September 30, 2020

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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.

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News Network
November 26,2024

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Former minister and ex-MLC C M Ibrahim claimed that he still heads the original JD(S) and asked former prime minister and party supremo H D Deve Gowda to cut ties with the BJP, so that the party can be strengthened again. He also said options are being explored to either strengthen the JD(S) or to float a new regional party.

He was speaking to media persons, in Mysuru, on Monday, after meeting JD(S) MLA and former minister G T Deve Gowda, who has expressed his displeasure that he has been sidelined in the party and the party leaders have indicated his retirement from politics.

He stated, “If Deve Gowda had joined the Congress, during the last Assembly election, he would have been a minister now. We retained him in the JD(S), to strengthen the party. Now, efforts are being made to strangulate Deve Gowda’s political career. I have discussed all matters with Deve Gowda. In two days, I will start a Karnataka state tour and meet some leaders. After that, I will meet Deve Gowda again, and then decide on the further course of action.”

Ibrahim said, “The original JD(S) is ours. I am still its state president. All documents and accounts are in our name. Even now, if Deve Gowda leaves BJP’s company and returns, we will build the JD(S) again”.

“Union Minister H D Kumaraswamy should mend his ways and stop making JD(S) into a family-owned company. The JD(S)’s situation has become hopeless. Its love for the BJP is over. He should understand this,” he said.

“When I was with Kumaraswamy, he spent just Rs 4 crore in Channapatna and won by 20,000 votes. Now, without me, he spent Rs 150 crore and still lost by 25,000 votes. Without Muslims’ support, the JD(S) cannot win a single seat. Now, it is proved that 19 MLAs of the JD(S) won in 2023, because of Muslims,” he added.

Speaking on other options available, Ibrahim said, “We have not yet decided to go with the Congress. We are only considering to establish a third front. Whether it is founding a new regional party, forming a third front, or strengthening the JD(S), will be decided shortly.”

Earlier during the day, before meeting Deve Gowda, Ibrahim had said, that 12 to 13 JD(S) MLAs were dissatisfied with the party, but like Deve Gowda, were enduring pain.

“Now, I have started the task of uniting them. I as the JD(S) state president, it is my responsibility to address our MLAs’ grievances. At present, the JD(S) is on fire and all JD(S) MLAs want to protect their respective constituency. Hence, they have started speaking one by one,” he said.

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News Network
November 19,2024

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News Network
November 18,2024

Advisors to US President-elect Donald Trump have instructed his allies and associates to refrain from using the inflammatory language they previously employed when discussing issues related to migrants and the deportation of asylum seekers, in a bid to avoid “looking like Nazis.”

US media reports said that Trump’s associates had been asked to stop using the word “camps” to describe potential facilities that would be used to accommodate migrants rounded up in deportation operations across the country.

The reports said the US president-elect’s allies had been ordered to stave off such charged terms as they would bring to mind “Nazis,” and be used against Trump.

“I have received some guidance to avoid terms, like ‘camps,’ that can be twisted and used against the president, yes,” one Trump ally told American monthly magazine Rolling Stone.

“Apparently, some people think it makes us look like Nazis.”

The presidential advisers also cautioned surrogates and allies to keep racist terms, which have dogged Trump’s campaign, out of their remarks.

They said with Trump’s heated rhetoric that used to compare undocumented immigrants to “animals” and his slight that they are “poisoning the blood of our country,” detractors did not need to reach too far to find parallels to Nazi Germany.

Stephen Miller, who Trump tapped to be his deputy chief of staff of policy, specifically used the word “camps” to describe holding facilities that he hoped the military could put together for immigrants.

Tom Homan, who served as the acting director of Immigration and Customs Enforcement and is chosen by Trump to be in charge of the US borders, was no stranger to such language.

“It’s not gonna be a mass sweep of neighborhoods,” he said in an interview earlier this week. “It’s not gonna be building concentration camps. I’ve read it all. It’s ridiculous.”

Becoming a little more forthright about the new government’s aggressive deportation plans, Homan likened the early days of the Trump administration to the initial invasion of Iraq in 2003.

“I got three words for them – shock and awe,” he said. “You’re going to see us take this country back.”

Trump made immigration a central element of his 2024 presidential campaign but unlike his first run, which was mainly focused on building a border wall, he has shifted his attention to interior enforcement and the removal of undocumented immigrants already in the United States.

People close to the US president and his aides are laying the groundwork for expanding detention facilities to fulfill his mass deportation campaign promise.

The businessman-turned-politician deported more than 1.5 million people during his first term.

The figure do not include the millions of people turned away at the border under a Covid-era policy enacted by Trump and used during most of Biden’s term.

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