Indian businessman seeks to sell $2bn worth assets to repay creditors

Since then, the Indian financial authorities have increased their crackdown on record levels of bad loans at lenders, especially at state-run banks which account for the bulk of the soured assets.

Businessman Vijay Mallya, who is being pursued by Indian authorities over unpaid loans tied to his defunct Kingfisher Airlines, said on Tuesday he was trying to sell assets worth about 139bn rupees ($2.04bn) to repay creditors.
India has asked Britain to extradite Mallya to face trial after the liquor and aviation tycoon fled there in March 2016.
The businessman said in a statement he and his UB Holdings Ltd filed an application on June 22 before a regional high court in India seeking permission to sell the assets that are under judicial supervision.
Indian government’s Enforce­­ment Directorate, which fights financial crimes, also filed an application on the same day seeking to declare Mallya a “fugitive economic offender” and sought to confiscate 125bn rupees worth of his assets.
Mallya, who denies the charges against him, said any objection by the Enforcement Directorate or Central Bureau of Investigation to his proposals to sell assets “will clearly demonstrate that there is an agenda against me beyond recovery of dues to Public Sector Banks.” “All my efforts are either ignored or misunderstood,” Mallya said in a statement.
The Karnataka High Court in Southern India has yet to give a verdict on Mallya’s request to sell assets.
Kingfisher, which stopped flying in October 2012, owed banks about 90bn rupees ($1.3bn) when Mallya left India more than two years ago.
Since then, the Indian financial authorities have increased their crackdown on record levels of bad loans at lenders, especially at state-run banks which account for the bulk of the soured assets.
Lawyers for Mallya, who co-owns the Force India Formula One team, have opposed his extradition to India saying the case against him was politically motivated.
“I have become the ‘Poster Boy’ of bank default and a lightning rod of public anger,” Mallya said in his statement. India has dismissed charges that its pursuit of Mallya is driven by politics, with its lawyer at an extradition hearing at a London court accusing Mallya of never intending to repay the money borrowed by Kingfisher.

COMMENTS

Name

Accident Adventure Agriculture Airport Animals Army Arson Article automobile Banks belief birds Bureaucracy BUSINESS Calamity celebration charity Child trafficking civic Clash Climate collapse Commerce Communication Corruption Court Crime crimes culture currency Cyber crime Defence Department Development Development And Industry Diplomacy disaster Drugs Earthquake Economy Education Election Electricity Embassy Employment Energy Entertainment Environment Excavation Execution exhibition Explosion export Family Famine Fashion felciation festival Finance fire flood Food/Agriculture food/health Foreigners Forests fraud Freight Fuel FUNERAL Hajj handicapped HANG Health Hiousing History Hotel Human Rights Infotainment int International internationl journalist Judiciary justice Kashmir KIDNAPPING labour Landslide language Lawyers Legislation Leisure lightning literature Local Manifesto Media Migrants Minorities MIRACLE mis mishap mishaps Money Laundering Moon Murder n NAB Narcotics National Nature obituary Petroleum Pilgrims Police POLITICS pollution poverty power Prison prisoners Probe project Properties Protest Railway Religion relion Rescue Rivalry Science Security Sentence Services shemales Sikh Community smoking smuggling Social Social Media Social Welfare Space sports strike Students Suicide Suicide Attack Taxation Technology telecom Terrorism Tourism Trade Trade Union Traditions Training transgender Transport Travel Tyranny Vacancies vehicle vendetaa Visa water Weapons weather wedding woman Women Working class youth
false
ltr
item
South Punjab News : Indian businessman seeks to sell $2bn worth assets to repay creditors
Indian businessman seeks to sell $2bn worth assets to repay creditors
Since then, the Indian financial authorities have increased their crackdown on record levels of bad loans at lenders, especially at state-run banks which account for the bulk of the soured assets.
https://3.bp.blogspot.com/-sVpShjxAO9w/WzPTaybfYEI/AAAAAAAA94c/i2TrkYX_Qv0RI8IyYX19JZmO9jnkcxugQCLcBGAs/s1600/mall.jpg
https://3.bp.blogspot.com/-sVpShjxAO9w/WzPTaybfYEI/AAAAAAAA94c/i2TrkYX_Qv0RI8IyYX19JZmO9jnkcxugQCLcBGAs/s72-c/mall.jpg
South Punjab News
http://www.southpunjabnews.com/2018/06/indian-businessman-seeks-to-sell-2bn.html
http://www.southpunjabnews.com/
http://www.southpunjabnews.com/
http://www.southpunjabnews.com/2018/06/indian-businessman-seeks-to-sell-2bn.html
true
949454145819430215
UTF-8
Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy