State Bank of India, the country’s largest lender, is set to initiate bankruptcy proceedings against fugitive businessman Vijay Mallya in the UK to mount additional legal pressure on him for the recovery of loans, two people aware of the plan said
“Banks have managed to successfully get a freeze over his international assets. We hope to recover a substantial amount once we are done with all the legal action against Mallya,” this person said.
VICTORY OF TRUTH
Mallya, who is undergoing an extradition trial in a UK court over fraud and money laundering charges by Indian authorities, lost a lawsuit filed by 13 Indian banks in a UK court two weeks ago. Judge Andrew Henshaw refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to almost $1.55 billion. The victory for the banks will enable them to enforce the Indian judgment against Mallya’s assets in England and Wales.
MODI slammed British Officials over conditions of Indian jail and said British jailed Gandhi, Nehru in same prisons
India’s first Prime Minister Jawaharlal Nehru has been much pilloried over the past four years. As it turns out, Nehru came to Modi’s rescue when the latter met UK Prime Minister Theresa May earlier this year on the sidelines of the Commonwealth Heads of Government Meeting. External Affairs Minister Sushma Swaraj shared that after disgraced industrialist Vijay Mallya complained that Indian jails were in poor condition, a British court suggested a team would inspect them.
The issue came up for discussion during May’s meeting with Modi. According to Swaraj, Modi told May that these were the same jails where the British had imprisoned Mahatma Gandhi, Nehru and others. “For your courts to question the conditions in these same jails is therefore not correct,” Modi, according to Swaraj, told May.