Companies & Sectors
Mallya says he didn't flee from India
New Delhi : Business tycoon Vijay Mallya said on Friday that he had not fled India in the wake of legal issues and insisted that he had full faith in the country's judicial system.
 
"I am an international businessman. I travel to and from India frequently. I did not flee from India and neither am I an absconder. Rubbish," the Rajya Sabha member tweeted.
 
Rubbishing reports that the United Breweries group chairman had fled and was in London, Mallya said that he had full faith in the Indian judicial system.
 
And the MP added that he "respects and will comply with the law of the land".
 
Mallya also said that he does not want a trial by the media. "Once a media witch hunt starts, it escalates into a raging fire where truth and facts are burnt to ashes.
 
"News reports that I must declare my assets. Does that mean the banks did not know my assets or look at my parliamentary disclosures?" he asked in a series of tweets.
 
A consortium of 17 banks led by the State Bank of India want Mallya arrested for not repaying about Rs.9,000 crore he had borrowed.
 
On Wednesday, the Supreme Court gave Mallya two weeks to respond and fixed the next hearing on March 30.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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RBI orders probe into alleged frauds in loans to farmers
Nagpur : The Reserve Bank of India (RBI) has ordered a probe into allegations of irregularities committed by public, private and foreign banks to claim achievements of targets in lending to farmers and the agro-sector, an official said on Friday.
 
The probe has been ordered following a detailed memorandum listing the alleged frauds, submitted by the Vasantrao Naik Sheti Swavalamban Mission (VNSSM), a state-run body, in December.
 
The finance ministry had forwarded the VNSSM complaint to the Chief Vigilance Officer of RBI after which the probe was initiated, said VNSSM President Kishore Tiwari, who enjoys the rank of a minister of state.
 
"It is shocking that due to failure of banks to implement the RBI Targeted schemes, farmers and agro-sectors are suffering and the country has witnessed lakhs of farmland suicides, including over 25,000 in Maharashtra alone, in the past decade," Tiwari said.
 
He said that as per RBI's guidelines, all banks in the country were given a specific target of lending 18 percent of Adjusted Net Bank Credit or credit equivalent of Off-Balance Sheet Exposure, whichever is higher, to the agro-sector and farmers.
 
However, a study by the VNSSM revealed the massive alleged irregularities and frauds perpetrated by the concerned banks merely to tom-tom achievements of targets and sub-targets, thereby defeating the purpose of benefiting the farmers and agro-priorities sectors, Tiwari said.
 
The modus operandi reportedly involved forming fictitious farmers' Joint Liabilities Groups with fraudulent documents in the name of the farmers. The disbursements of crores of rupees of agro-credits never reached them though the targets were shown as 'achieved'.
 
Similarly, paper-borne schemes of agro-finance against collaterals of agricultural lands of the farmers at subsidized interest rates were shown, but immediately the entire amounts were turned and put in fixed deposits at higher interest rates, Tiwari said.
 
"Hence, though it was shown as disbursed on paper, in reality the money never reached the farmers and while the banks 'enriched' themselves, the poor farmers resorted to suicide. This is virtually a white collar crime," he said.
 
Another paper-borne scheme pertains to Agro Warehousing Receipt finance through Urban Cooperative Socieites by way of Cash Credit against agro-produce, said to be stored in warehouses against which the societies claimed finance for farmers at low interest rates. Again the entire amount was converted into FDs and did not reach the famers, according to Tiwari.
 
The VNSSM listed other methods to defeat the agro-sector and farmers with big Cash Credits made available at low interest rates to corporate houses for their farming businesses to show achievement of targets.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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AoL given three weeks to deposit Rs.5 crore
New Delhi : The National Green Tribunal on Friday gave three weeks to Art of Living (AoL) to pay environmental compensation of Rs.5 crore for holding World Culture Festival on the Yamuna floodplains in Delhi.
 
The NGT held a hearing on Friday over implementation of its Wednesday's order.
 
AoL told the tribunal that it will abide by the ruling and sought four weeks to deposit Rs.5 crore. 
 
The tribunal said that the AoL should pay Rs.25 lakh on Friday and the balance in three weeks.
 
The AoL's three-day cultural extravaganza starts on Friday.
 
The organisers have already spent Rs.25.63 crore for the event. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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