Regulations
SC notice to Mallya on contempt plea by lender banks
The Supreme Court on Monday issued notice to businessman Vijay Mallya on a plea by the lenders seeking contempt proceedings against him for not making full disclosure of assets held by him, his wife and children in India and abroad.
 
As the bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman issued notice to Mallya, who is the chairman of the now defunct Kingfisher Airlines, Attorney General Mukul Rohatgi told the court that the businessman was not candid about the court order and he was accountable for the "public money" that he owed to the lenders.
 
Rohatgi said Mallya had not disclosed US $45 million he had got from British liquor company Diageo. 
 
The petitioner -- a consortium of banks led by the State Bank of India (SBI) that lent money to Kingfisher Airlines -- told the court that Mallya has not complied with its April 7 order asking him to fully disclose the details of assets held by him, his wife and children.
 
The top court by its April 7 order had directed Mallya to disclose all the assets -- movable and immovable, tangible and intangible -- and other shareholdings and beneficial interests in India and abroad held by him, his wife and children by April 21.
 
By the April 7 order, the court had also asked Mallya to indicate the amount that he was prepared to deposit before it to show his bona fides for a meaningful negotiation with the banks seeking the recovery of loans advanced to Kingfisher Airlines.
 
The consortium of 13 banks headed by the SBI is seeking the recovery of more than Rs 9,000 crore in the principal and interest, loaned to Mallya's Kingfisher Airlines.
 
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.

User

Salman Khan acquitted in poaching cases
The Rajasthan High Court on Monday acquitted Bollywood actor Salman Khan in the 18-year-old blackbuck and chinkara poaching cases.
 
Salman had appealed before the Jodhpur bench of the high court challenging a lower court verdict handing him a one and five-years term in the two separate cases of poaching. 
 
The hearing was completed in the last week of May and the order reserved by the high court.
 
"He has been acquitted in both the cases by the high court," Salman's counsel Hastimal Saraswat said.
 
Khan was accused of killing a blackbuck and chinkara in two separate incidents.
 
One of the animals was killed at Bhawad on the outskirts of Jodhpur on September 26, 1998, and the other at Ghoda Farms on September 28, 1998.
 
Shooting for the film "Hum Saath Sath Hain" was on at the time.
 
Salman had earlier been lodged in Jodhpur jail in the cases.
 
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.

User

COMMENTS

anil r vanjari

4 months ago

Yeh to honaa hi thaa !! Whether it is animals or human beings, their life is of no value against the action of celebrities, especially those who attend the PM's oath-taking ceremony in a front row.

Satellites provide pointers, but no signs of aircraft yet
An Indian Air Force (IAF) aircraft which disappeared on Friday with 29 people on board remained missing on Sunday despite an intensive search and rescue operation, codenamed 'Operation Talash", and some pointers were provided by indigenous satellites.
 
A senior defence ministry official said indigenous satellites have provided some pointers and ships are searching the indicated area, but nothing has been spotted. 
 
The navy has pressed a flotilla of vessels including a submarine to locate the missing AN-32 which went off the radar two days ago over the Bay of Bengal just half hour after taking off from Chennai on its journey to Port Blairr.
 
There has been no trace of the plane or debris. There are also no signals from the transporter, officials said.
 
According to Indian Coast Guard, an international safety network was activated as part of the search and rescue procedures for alerting the merchant ships passing through the region.
 
The Coast Guard said ships like MV Harsh Vardhana enroute from Port Blair to Chennai, MV Sebat and MV Delice were directed to keep a sharp look out for survivors or debris.
 
An experienced pilot of the Indian defence forces told IANS: "Normally it would take a week for the debris to float in such cases. But search and rescue operations have to be carried out."
 
According to him, if the plane broke into several parts, then there may be a possibility of some debris floating.
 
But if it falls into the sea without breaking, then it may take nearly a week for some items to come to the surface from the sea depth.
 
"As per our calculations the sea depth in the area of search is around 3,500 metres," T.M. Balakrishnan Nair, Head, Information Services Group, Indian National Centre for Ocean Information Services (INCOIS), told IANS over phone from Hyderabad.
 
He said the organisation was running models estimating the distance to where the plane debris would have been carried by the sea current.
 
"In the Bay of Bengal there are several whirlpools that may have dragged down the debris," he added.
 
Eastern Naval Command chief Vice Admiral H.C.S. Bisht said that a large number of ships, helicopters and aircraft are contributing to the search.
 
"We are also seeking ISRO's help to get satellite imagery of that area so that we have at least some information... Parallelly we are also reaching out to families," he said.
 
Defence Minister Manohar Parrikar, after reviewing the search and rescue operations on Saturday, had asked the commanding officers to keep in touch with families of those on board the missing aircraft.
 
Bisht said the search has been made difficult by the monsoon weather conditions over the sea.
 
"The only challenge we are facing is of monsoon condition, rough seas; another challenge is the depth which is around 3,500 meters and at some points even more than that," he said.
 
The cloud base is low and it is raining continuously in the area, he said.
 
"We are continuously searching the area. As of now we have 12 ships. We will be increasing the assets. We are also doing regular aerial surveillance. The aim is to harness as many resources as possible."
 
The missing aircraft, an upgraded AN-32 belonging to 33 Squadron, took off from Tambaram Air Force Station in Chennai at 8.30 a.m. and was expected to land at Port Blair in the Andaman and Nicobar Islands at 11.30 a.m.
 
The recorded transcript of Chennai air traffic radar showed the last pickup of the aircraft was 151 nautical miles east of Chennai when it was observed to have carried out a left turn with rapid loss of height from 23,000 feet.
 
The AN-32 is a twin engine turboprop, medium tactical transport aircraft of Russian origin. It can carry a maximum load of around 6.7 tonnes or 39 paratroopers. Its maximum cruise speed is 530 kmph.
 
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.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)