Companies & Sectors
Vijay Mallya summoned by Bulandshahr Court for not paying pilot's dues

Finding Mallya prima-facie guilty of fraud and criminal breach of trust, The Bulandshahr Magistrate Court summoned the Kingfisher Airlines' chief along with the company vice chairman Roopi Arya


A Court in Bulandshahr has summoned Vijay Mallya, chairman-cum-managing director of now defunct Kingfisher Airlines. A pilot working for the carrier filed a petition in the court alleging that Kingfisher Airlines was withholding his payment dues.


Additional Chief Judicial Magistrate Umakant Jindal , after finding Mallya prima-facie guilty of fraud and criminal breach of trust under section 420 and 406 of IPC, has summoned him along with company vice chairman Roopi Arya.


The court's order came in the wake of a complaint filed in court by a co-pilot of the airline contending that the accused were not paying his dues amounting to over Rs28 lakh notwithstanding a written assurance by Arya.


Akash Sharma, the complainant, asserted that he had joined Deccan Aviation Company as a co-pilot in 2006 which was later taken over by Kingfisher that later abandoned its operation in 2012.


Despite assurances by Arya, Rs28.50 lakh were not paid to him, he alleged in his petition.


The court has also directed Bengaluru's Superintendent of Police to ensure attendance of the accused in the Court on 6th October.


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Swavalamban pension scheme to cover 80 lakh by FY15

PFRDA chairman Verma said the government aims to cover 80 lakh under the Swavalamban pension scheme by FY15


The Indian government is targeting about 80 lakh subscribers under its Swavalambam pension scheme, a part of the ambitious financial inclusion Jan-Dhan Yojana, by the end of this fiscal year.


RV Verma, chairman of the Pension Fund Regulatory and Development Authority (PFRDA), said, "It is already part and parcel of the Jan-Dhan scheme. The Swavalamban product is already there. We have right now about 30 lakh subscribers under the Swavalamban scheme. We are targeting 80 lakh subscribers by the end of this fiscal year".


He said the pension scheme is specially targeted towards the lowest segment of the population.


Verma said the banking industry is working in close co-ordination with the PFRDA and the Ministry of Finance to cover more people under the scheme.


Earlier during his address on the 'Skoch : Minimum Government, Maximum Governance' summit, Verma said: "The mission mode form of financial inclusion is to be a game changer. It needs to be given a mission mode format or else it will not work."


He said the products under Jan-Dhan scheme should be available to a larger section and should be economically viable.


There is also a need for the deepening of the financial sector so that the benefits reaches a larger section of the society, he said.


"Banks have to really go down. Products should be affordable and it should be provided to them at the least cost," Verma said.


However, he said, there are few challenges in this regard.


"It is a financial sector intervention so it should be reform oriented and should be commercially viable, socially acceptable and sustainable. We are incentivising the beneficiaries and trying to generate more wealth," he said.


He said the last-mile connectivity could be a reality with this new form of financial inclusion and there is no alternative but to have robust and sturdy Information Technology (IT) enabled process to make it a success.


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