Companies & Sectors
Supreme Court refuses to entertain plea by Vijay Mallya-led Kingfisher Airlines
The Supreme Court refused to entertain a petition filed by Kingfisher Airlines against being declared as wilful defaulter, saying it has become infructuous as the GRC of United Bank of India has already passed an order
The Supreme Court on Tuesday refused to hear a special leave petition moved by Kingfisher Airlines (KFA), against being declared a wilful defaulter by United Bank of India. 
A bench comprising justices AR Dave and UU Lalit said, "Your (KFA's) grievance has been, that Grievance Redressal Committee (GRC) should not decide the matter but they had already decided it, therefore your plea is infructuous". 

Kingfisher Airlines had alleged that the order by GRC was passed on Monday, ignoring the plea that their director should be allowed to be represented through lawyers.
The GRC had asked KFA directors to be present before it but no one turned up. Instead, they sent a letter through their lawyer stating that they had filed a public interest litigation (PIL) in Supreme Court and pending the judgement the bank should not proceed in this regard.
After the Supreme Court said that the plea has become infructuous, the airline counsel submitted that they would challenge the GRC order before the concerned High Court.
Kolkata-based state-run lender United Bank of India has became the first lender to declare debt-ridden Kingfisher Airlines and its promoter Vijay Mallya as wilful defaulters. Post this declaration, these persons and the entity would not be able to borrow from the bank in future. They would also lose Director-level positions in companies. Criminal proceeding could also be initiated against these persons if warranted.
“We have declared Vijay Mallya and three other directors of Kingfisher Airlines as wilful defaulters,” Deepak Narang, executive director of United Bank had said.
The GRC of United Bank also declared KFA directors Ravi Nedungadi, Anil Kumar Ganguly and Subash Gupte as wilful defaulters.
Subsequently, other banks such as State Bank of India (SBI), IDBI Bank and Punjab National Bank have also initiated the process of declaring KFA and its directors as wilful defaulters.
United Bank’s exposure to Kingfisher Airlines was around Rs350 crore as part of consortium led by SBI.




2 years ago

Kingfisher Airlines (KFA) the carrier, which stopped operations in October 2012, allegedly did not deposit the service tax collected on ticket sales with the department and diverted the money for other purposes.

The government has failed to take stern action will be taken against service tax evaders and provisions in the Finance Act relating to arrest and prosecution will be enforced in right earnest.

"The service tax dues representing the sovereign debt has priority of recovering tax dues vis-a-vis state banks and other consortium banks,"."The dues will be around Rs 100 crore, including interest."

So it is toke Vijay Mallya and 3 other executives need to made reside in TIHAR for misappropriation

Pulse Beat
FDA’s About Turn on Aspirin
For years, I have been saying that giving aspirin to healthy people, in the hope of preventing heart attacks, could end up killing them instead of saving them. Aspirin is capable of inducing fatal brain or gut haemorrhage, but that didn’t seem to have bothered any doctor. I am happy that the US Food and Drug Administration (US FDA), which is under the clutches of the drug lobby, has now made a 180-degree turn by publishing this latest advice:
“FDA has concluded that the data do not support the use of aspirin as a preventive medication by people who have not had a heart attack, stroke or cardiovascular problems, a use that is called ‘primary prevention’. In such people, the benefit has not been established but risks—such as dangerous bleeding into the brain or stomach—are still present.”
Blood Thinner Fraud
Dabigatran, a new blood thinner in the market, widely prescribed by doctors in metropolitan cites in India, is really a potential killer. One of the leading German drug firms, which produced and tried to market it vigorously even in the USA, deliberately lied to the US FDA about the drug’s capacity to result in fatal bleeds. These bleeds were found almost impossible to control. British Medical Journal’s researcher, Deborah Cohen, has now found that an internal document was not shown to the drug regulators deliberately. This document proves that they knew even before releasing the drug, that it had serious side-effects, like severe bleeding. The company has recently settled a whopping 4,000 lawsuits (state and Federal) over the drug, agreeing to pay out $650 million in damages. My humble advice to doctors is NOT to prescribe newer drugs without having seen the real documents about the drug in question.  
Natural Control of Cholesterol Levels
Oatmeal, avocadoes, fish and walnuts are all heavily advertised as natural cholesterol-lowering foods. Although I cannot vouch for their efficacy in reducing cholesterol, I dare say that they are all good foods, nonetheless. But what escapes me is why people are desperate to lower their blood cholesterol levels. Cholesterol, which is also produced by our liver, has some good functions in the body too. What lies at the root of many of our problems is not cholesterol but a sedentary lifestyle.
Meditation and Relaxing Techniques Are Good for Overall Health
For those who need scientific persuasion about the benefits of yoga, the Mayo Clinic ( lists a range of meditative techniques, from tai chi and mantra meditation to yoga and visualisation, that may provide health benefits. They feel that, “during meditation, you focus your attention and eliminate the stream of jumbled thoughts that may be crowding your mind and causing stress. This process may result in enhanced physical and emotional well-being.”
How Do Trees Help Keep People Healthy?
This is what Henry David Thoreau wrote in 1862:  “I cannot preserve my health and spirits unless I spend four hours a day at least—and it is commonly more than that—sauntering through the woods and over the hills and fields, absolutely free from all worldly engagements.” Most of us cannot afford to do that in today’s world. In a wonderful book, Blinded by Science, Mathew Silverstone, a scientist in London, explains how his only son’s fatal chronic fatigue syndrome (CFS) got completely cured by hugging a tree in their garden daily for two hours! 
This is anecdotal information you might say. But science says that trees take away a lot of air pollution in any area. This may be one reason why we feel good in their company. 


LIC Housing Fin Asked To Pay Rs2.3 Lakh for Loss of Documents
New Delhi District Consumer Disputes Redressal Forum, presided over by CK Chaturvedi, asked Life Insurance Corporation Housing Finance Ltd (LICHFL) to pay Rs2.3 lakh compensation for loss of documents submitted by two doctors, Dr Mukesh Kumar and Dr Renu Bala, residents of Delhi, who had taken a home loan from LICHFL.
“After considering all facts, we find that the loss of conveyance deed in name of complainants in office of Opposite Party (OP) is admitted fact, due to imperfection in securing it properly in safe custody,” the Forum said.
The complainants had alleged that they had submitted three documents to the company—fifth and final demand letter, payment challan and conveyance deed—which were lost. 
The Forum noted that though the company was denying that it had the other two documents, the complainants were reminding it from day one to return these and they could not be disbelieved.
“However, at this stage, all the three documents being not traceable by OP (company), all it can do is to issue a certificate to the complainants, in pursuance to this decision to say that original conveyance deed of the particular property of complainants, was deposited by complainants with it and same has been lost by it,” it said.
The Forum also directed the company to approach DDA for re-construction of a duplicate conveyance deed, with endorsement from the registrar that the original was registered with it and that it was lost.


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