modi govt extradites augusta westland scam middleman

[Idassamed]

5 minutes ago, kittaya said:

Thanks bro

Modi Ni bokkalo vesthara

Baa, Mana desham lo bada nethalu entha pedda bokkalettina jail ki poye sances very low to 0.

[Kool_SRG]

Just now, JAPAN said:

motham isthanu antunnadu

but vaadi meedha chala cases vunnai like money laundering etc

and inka employees salaries and pensions , inka employee benefits emi ivvaledhu vaadu...chala cases vunnai inka

vaadu banks ki ivvalsinavi istha natunnadu anthe..migathavanni isthanani oppukovatledhu and inka cases vunnai ani india ravatledhu

Adhi ippudu propose chesindi mundu 2016 lo 6K pay out plan propose chesaadu but banks rejected it...

[Kool_SRG]

2 minutes ago, JAPAN said:

motham isthanu antunnadu

but vaadi meedha chala cases vunnai like money laundering, funds diversion, fraud transactions, etc

and inka employees salaries and pensions , inka employee benefits emi ivvaledhu vaadu govt ki inka employees ki pedha bokka pettadu...chala cases vunnai veeti meedha vadiki

vaadu banks ki ivvalsinavi istha natunnadu anthe..migathavanni isthanani oppukovatledhu and inka cases vunnai ani india ravatledhu

Vijay Mallya offers banks Rs6,000 crore debt repayment plan

Consortium of banks led by SBI seek a week’s time to consider Vijay Mallya’s proposal in Supreme Court

Published: Thu, Mar 31 2016. 03 42 AM IST

 

New Delhi: UB Group chairman Vijay Mallya on Wednesday offered to pay as much as Rs.6,000 crore to settle Rs.9,091 crore in dues his defunct Kingfisher Airlines Ltd owes to banks.

Mallya promised to pay Rs.4,000 crore upfront by end September and an additional Rs.2,000 crore if he wins a lawsuit filed against a plane engine maker, C.S. Vaidyanathan, the lawyer representing Mallya, told the Supreme Court on Wednesday. Vaidyanathan did not give details of the lawsuit.

Mallya, who was ranked the 45th-richest Indian with a net worth of $1 billion by Forbes in March 2012, left for London on 2 March, days before a group of creditors approached the Supreme Court to bar him from leaving the country. His Kingfisher Airlines, founded in 2005, was grounded in 2012 amid mounting debt and losses.

 

Mallya’s settlement offer to banks is not too bad, said Parag Jariwala, vice-president at Religare Capital Markets.

“The loss to banks on Kingfisher Airlines loans is actually less than the Reserve Bank of India’s loss given default (LGD) estimate,” said Jariwala.

LGD is a measure of actual loss to banks at the time of default.

 

“The actual loss if banks accept Mallya’s proposal will be just 7% on principal,” he said

Lawyers for Mallya submitted the settlement proposal to the court in a sealed envelope on behalf of United Breweries Holdings Ltd, Kingfisher Airlines and Mallya.

The consortium of banks, led by State Bank of India (SBI), sought a week’s time to consider the proposal. The case will be next heard on 7 April.

 

The nation’s top lender said it’s evaluating the offer.

“State Bank of India has received an offer for settlement of dues today which is being examined,” it said in a statement on Wednesday.

In the next hearing, lenders will likely tell the court if they will accept Mallya’s offer.

“If the banks do not accept the offer, then the case will continue. If they do, then they might even withdraw the cases against him,” said a lawyer familiar with the developments who did not want to be identified.

In a 13 March statement, Mallya claimed that banks had already recovered Rs.2,494 crore from Kingfisher Airlines since 2013.

The additional Rs.2,000 crore payment that Mallya promised to the banks relates to a lawsuit filed by Kingfisher Airlines in 2013 or 2014 before a civil court in Bangalore against a company for allegedly supplying defective engines for its aircraft, said S.S. Naganand, one of the lawyers appearing for the lenders’ consortium.

“KFA (Kingfisher Airlines) could have claimed in court those defective aircraft engines caused their airline business to decline and they have asked for compensation,” he said.

A bench comprising justices Kurian Joseph and Rohinton F. Nariman asked Mallya’s lawyers if the businessman was back in the country as the court had issued a notice to him earlier. To this, Vaidyanathan replied that Mallya was yet to return.

“He has had two rounds of meetings with banks through video conferencing,” he said.

On 9 March, the Supreme Court issued a notice to Mallya on the plea by a consortium of banks seeking to stop him from leaving the country.

“The court should ask him to appear here and bring his passport. We also want a disclosure of his assets,” attorney general Mukul Rohatgi had told the court. Rohatgi was representing the creditor-banks.

SBI, which has the biggest loan exposure to Kingfisher Airlines at Rs.1,600 crore, and 12 other banks moved the top court a day after a tribunal blocked Mallya from accessing a $75 million (about Rs.515 crore) payout promised to him by Diageo Plc. SBI declared Mallya a wilful defaulter in November last year.

On 25 February, Diageo agreed to pay Mallya $75 million over five years and drop all charges of financial impropriety against him in return for stepping down as chairman of United Spirits Ltd, a company now controlled by the UK liquor maker.

The other creditor banks include Axis Bank Ltd, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank Ltd, Indian Overseas Bank, Jammu and Kashmir Bank Ltd, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank and United Bank of India.

Shares of United Breweries Holdings surged 12.2% to Rs.20.70 on the BSE on a day the benchmark Sensex gained 1.76% to 25,338.58 points.

[Kool_SRG]

Vijay Mallya's offer to pay back chunk of loan was rejected by banks, claims defence

Mallya's defence during his extradition trial claimed that a consortium of Indian banks led by SBI rejected an offer by the liquor baron in early 2016 to pay back nearly 80 per cent of the loan.

Published: 07th December 2017 11:54 PM  |   Last Updated: 08th December 2017 01:00 AM

 

By PTI

LONDON: Vijay Mallya's defence during his extradition trial today claimed that a consortium of Indian banks led by State Bank of India (SBI) rejected an offer by the liquor baron in early 2016 to pay back nearly 80 per cent of the principal loan amount owed to them.

The Crown Prosecution Service (CPS) – arguing on behalf of the Indian government – countered that assertion, indicating that the reason such a repayment offer would have been rejected was that the banks knew Mallya had the means to pay back the entire amount due.

The 61-year-old businessman returned to the dock for day three of his extradition trial at Westminster Magistrates' Court in London to determine whether he can be forced to return to India to face charges of fraud and money laundering allegedly amounting to around Rs 9,000 crores.

While deposing a banking expert today, his counsel Clare Montgomery questioned whether her client's offer to pay back around Rs 4,400 crores of the principal debt amount on April 6, 2017 should have been "dismissed out of hand" just a day later by the banks.

 

 

Paul Rex, who was described as a banker by profession who has served as an independent expert in the field for over 20 years, said that banks tend to partially provision for loans unpaid over a long period and such an offer would have helped avoid "further loss".

"A commercial bank would assess such an offer against other routes of repayment. If that offer is higher than could be expected from other sources, it would be an attractive option for banks to consider," he said, adding that state- owned banks in particular tend to be more susceptible to "political pressure".

CPS barrister Mark Summers during his cross-examination stated that there were plenty of reasons why even a state bank may take a view to reject such an offer, like if it comes from a "dishonest" person who is known to have "plenty of money to repay" the entire amount if he wants to.

He also made a reference to the "debtor" [Mallya] throwing a birthday party costing around 2 million pounds as a factor which could have influenced the banks' decision to reject the offer.

The cross-examination of Rex was left incomplete at the end of the third day of the trial, to be taken up again on Tuesday afternoon.

The hearing itself will resume on Monday morning but is likely to have "interruptions" as the appeal of taxi hailing company Uber over the cancellation of its London license is also scheduled to open in the same court.

Thursday's hearing revolved around RexÂ’s testimony to analyse the credibility of the documents used by Mallya to seek loans from Indian banks for his then struggling Kingfisher Airlines.

Montgomery sought to back up her opening arguments that the CPS had failed to establish a prima facie case of fraud against her client.

The testimony by Rex was used to highlight that Mallya had no intention to act "fraudulently".

While the CPS stand is that Mallya did not intend to repay the loans he sought because his airlineÂ’s demise was inevitable, Montgomery is trying to establish that Kingfisher Airlines was suffering from consequences of a wider global financial crisis around 2009-2010 and that its failure was a result of factors beyond the companyÂ’s control.

Going over parts of his written witness statements, the banking expert pointed to an appraisal in February 2012 by SBI presented to the Reserve Bank of India (RBI) on the Kingfisher Airlines loan, seeking its recategorisation from "sub- standard" to "standard".

Rex, who highlighted that he has also served as an expert in a previous litigation involving State Bank of India (SBI) and the Board of Control for Cricket in India (BCCI) in the late 1990s, told the court that "banks tend to behave in a herd-like manner" and that banks hold their central banks in a very "high degree of deference".

Their assessment at this time is "quite straightforward", that despite facing severe constraints every effort is being made by the airline including an infusion of substantial funds, he noted.

"SBI is the largest bank in India and one of the most reputableÂ… If I was another bank, I would take note of the fact that SBI had supported a business in a positive way," Rex said.

In his cross-examination, Summers flagged a particular "washing machine activity" picked up by the government of India that involved sums amounting to around 10-15 million pounds being funnelled between UB Group companies to wrongly claim obligations of equity infusions into struggling Kingfisher Airlines were being met.

Indian government sources have described the CPS case as "very strong" and claimed they remain confident that based purely on the "merits of the case" and "documentary evidence", an Indian government victory is assured.v Laying out her counter-arguments before Judge Emma Arbuthnot, Montgomery had also called into question the "admissibility" of some of the evidence submitted by the CPS.

She claimed that much of the material was questionable and there were at least a dozen documents submitted which read like an identical "template".

The judge has asked both sides to submit a document laying out the factors for and against the admissibility of the evidence submitted by the Indian authorities by the end of this week.

But government sources have asserted that the evidence is based on a set template but the content within the documents cannot be described as a "template".

Mallya, who has been based in the UK since March 2016, was arrested by Scotland Yard on an extradition warrant in April this year and has been out on bail on a bond worth 650,000 pounds.

His extradition trial is scheduled to end on December 14, with Friday marked as non-sitting day.

[nokia123]

1 hour ago, Kool_SRG said:

Vijay Mallya's offer to pay back chunk of loan was rejected by banks, claims defence

Mallya's defence during his extradition trial claimed that a consortium of Indian banks led by SBI rejected an offer by the liquor baron in early 2016 to pay back nearly 80 per cent of the loan.

Published: 07th December 2017 11:54 PM  |   Last Updated: 08th December 2017 01:00 AM

 

By PTI

LONDON: Vijay Mallya's defence during his extradition trial today claimed that a consortium of Indian banks led by State Bank of India (SBI) rejected an offer by the liquor baron in early 2016 to pay back nearly 80 per cent of the principal loan amount owed to them.

The Crown Prosecution Service (CPS) – arguing on behalf of the Indian government – countered that assertion, indicating that the reason such a repayment offer would have been rejected was that the banks knew Mallya had the means to pay back the entire amount due.

The 61-year-old businessman returned to the dock for day three of his extradition trial at Westminster Magistrates' Court in London to determine whether he can be forced to return to India to face charges of fraud and money laundering allegedly amounting to around Rs 9,000 crores.

While deposing a banking expert today, his counsel Clare Montgomery questioned whether her client's offer to pay back around Rs 4,400 crores of the principal debt amount on April 6, 2017 should have been "dismissed out of hand" just a day later by the banks.

 

 

Paul Rex, who was described as a banker by profession who has served as an independent expert in the field for over 20 years, said that banks tend to partially provision for loans unpaid over a long period and such an offer would have helped avoid "further loss".

"A commercial bank would assess such an offer against other routes of repayment. If that offer is higher than could be expected from other sources, it would be an attractive option for banks to consider," he said, adding that state- owned banks in particular tend to be more susceptible to "political pressure".

CPS barrister Mark Summers during his cross-examination stated that there were plenty of reasons why even a state bank may take a view to reject such an offer, like if it comes from a "dishonest" person who is known to have "plenty of money to repay" the entire amount if he wants to.

He also made a reference to the "debtor" [Mallya] throwing a birthday party costing around 2 million pounds as a factor which could have influenced the banks' decision to reject the offer.

The cross-examination of Rex was left incomplete at the end of the third day of the trial, to be taken up again on Tuesday afternoon.

The hearing itself will resume on Monday morning but is likely to have "interruptions" as the appeal of taxi hailing company Uber over the cancellation of its London license is also scheduled to open in the same court.

Thursday's hearing revolved around RexÂ’s testimony to analyse the credibility of the documents used by Mallya to seek loans from Indian banks for his then struggling Kingfisher Airlines.

Montgomery sought to back up her opening arguments that the CPS had failed to establish a prima facie case of fraud against her client.

The testimony by Rex was used to highlight that Mallya had no intention to act "fraudulently".

While the CPS stand is that Mallya did not intend to repay the loans he sought because his airlineÂ’s demise was inevitable, Montgomery is trying to establish that Kingfisher Airlines was suffering from consequences of a wider global financial crisis around 2009-2010 and that its failure was a result of factors beyond the companyÂ’s control.

Going over parts of his written witness statements, the banking expert pointed to an appraisal in February 2012 by SBI presented to the Reserve Bank of India (RBI) on the Kingfisher Airlines loan, seeking its recategorisation from "sub- standard" to "standard".

Rex, who highlighted that he has also served as an expert in a previous litigation involving State Bank of India (SBI) and the Board of Control for Cricket in India (BCCI) in the late 1990s, told the court that "banks tend to behave in a herd-like manner" and that banks hold their central banks in a very "high degree of deference".

Their assessment at this time is "quite straightforward", that despite facing severe constraints every effort is being made by the airline including an infusion of substantial funds, he noted.

"SBI is the largest bank in India and one of the most reputableÂ… If I was another bank, I would take note of the fact that SBI had supported a business in a positive way," Rex said.

In his cross-examination, Summers flagged a particular "washing machine activity" picked up by the government of India that involved sums amounting to around 10-15 million pounds being funnelled between UB Group companies to wrongly claim obligations of equity infusions into struggling Kingfisher Airlines were being met.

Indian government sources have described the CPS case as "very strong" and claimed they remain confident that based purely on the "merits of the case" and "documentary evidence", an Indian government victory is assured.v Laying out her counter-arguments before Judge Emma Arbuthnot, Montgomery had also called into question the "admissibility" of some of the evidence submitted by the CPS.

She claimed that much of the material was questionable and there were at least a dozen documents submitted which read like an identical "template".

The judge has asked both sides to submit a document laying out the factors for and against the admissibility of the evidence submitted by the Indian authorities by the end of this week.

But government sources have asserted that the evidence is based on a set template but the content within the documents cannot be described as a "template".

Mallya, who has been based in the UK since March 2016, was arrested by Scotland Yard on an extradition warrant in April this year and has been out on bail on a bond worth 650,000 pounds.

His extradition trial is scheduled to end on December 14, with Friday marked as non-sitting day.

em matladuthunnadu vayya eedu? dabbulu thirigi kadathanante vaddhu ani endhuku antaru bank vallu...

[alpachinao]

1 hour ago, kevinUsa said:

 mallya said he will pay the principle not the interest 

Nuvvu india loan thesukoni eggotina same applies my friend made similar deal with ICICI 2 lacs loan kattala 5 yrs taruvatha only 1 lac kattinchukoni settle chesukunaru

[batman2]

1 hour ago, Kool_SRG said:

Maallya  long back pay back plan propose chesaadu to SBI but veellu assalu pattinchukola... Just were looking to auction his assests and recover money appudu oppukoni unte ento kontha already vachunu...

mallya was saying he will pay back only principal and not the interest

[batman2]

2 hours ago, kittaya said:

Thanks bro

Modi Ni bokkalo vesthara

rafael meedha allegation ento agusta meedha allegation endhio difference first thelusuko tharavaatha matladochi gani.....ila south indians izzath theeyaku plzzz

[batman2]

2 hours ago, kittaya said:

Thanks bro

Modi Ni bokkalo vesthara

rafael lo quid pro quo allegation undhi ambani ki offset partner ga endhuku icharu ani.....bribery money trail emi ledhu

 

[batman2]

@kittaya

tell me one political party in india which is ruling a state and doesnt give contracts on quid pro quo basis??

[batman2]

1 hour ago, alpachinao said:

Nuvvu india loan thesukoni eggotina same applies my friend made similar deal with ICICI 2 lacs loan kattala 5 yrs taruvatha only 1 lac kattinchukoni settle chesukunaru

mee friend meedha criminal case vundadhu gani he will never get loans again

[batman2]

3 hours ago, sattipandu said:

black money teeskochestheyy

bank defaulters list publish chesthey nenu malli modi ki vote esthaaa

nuvvu rahul gandhi vote veyyi.....neelanti vallaki vade correct. mee andhariki unemployment benefits Rs3000 per month isthaadu

[Kool_SRG]

1 hour ago, batman2 said:

mallya was saying he will pay back only principal and not the interest

But even then it was told to be good deal just a loss of around 6-7% on principal for banks... Anyways let them squeez out all the dues.

[sattipandu]

3 hours ago, kevinUsa said:

biggest joke of my lifetime 

its only a joke unless someone actaullay does it ani @batman2 cheppamanndu

16 minutes ago, batman2 said:

nuvvu rahul gandhi vote veyyi.....neelanti vallaki vade correct. mee andhariki unemployment benefits Rs3000 per month isthaadu

nenu vaani mokham meedha ummutha eduruga nilabadathey, nincompoop inbred idiot.

 pakodi ammukomani cheppinodini matuku danda esi dandam pettalani undhi 

emantaav sodhara?? Modi ni unemployment benefit kinda 2995 ivvamanu , Modi ke vestha naa vote 

[batman2]

21 minutes ago, sattipandu said:

its only a joke unless someone actaullay does it ani @batman2 cheppamanndu

nenu vaani mokham meedha ummutha eduruga nilabadathey, nincompoop inbred idiot.

 pakodi ammukomani cheppinodini matuku danda esi dandam pettalani undhi 

emantaav sodhara?? Modi ni unemployment benefit kinda 2995 ivvamanu , Modi ke vestha naa vote 

bodi pakodi ammukomani eppudu anale..........neeku language problem ayithe cheppu correctga translate chesi cheptha......ledhu nuvvu blind propoganda ne nammuthav ante em cheyyalem.....