PMLA case: No more time can be given to Vijay Mallya to respond, says ED

Liquor baron Vijay Mallya's lawyer on Monday sought more time to file reply on the Enforcement Directorate's notice in connection with the Prevention of Money Laundering Act (PMLA) Appellate Tribunal case.

The lawyer argued that he has not received some of the notices till date despite him sharing his Mauritius address.

In response to this, the ED lawyer argued that as per the law, no more time could be given to Mallya for response on the application, adding that even the court is powerless to give time beyond one week as mandated by the Fugitive Offenders law.

On August 25, the Central Bureau of Investigation (CBI) countered charges leveled by Mallya that condition in Mumbai's Arthur Road Jail is "inhuman" by submitting a video in London's Westminster Magistrates Court, which showed proper facility in the Cell Number 12, where the absconding businessman would be lodged after extradition.

Mallya case effect? India building better jails for fugitive millionaires

The largest and oldest prison in India’s financial hub Mumbai will get a new block of cells that will meet international norms on prisoner rights. The reason: fugitive businessmen are citing poor jail conditions to stave off extradition.

The Mumbai Central Prison, popularly known as the Arthur Road Jail, is demolishing an old structure to make way for the block, the Times of India newspaper reported, citing an official it did not identify. The government is in the process of improving standards of prisons across Maharashtra state in line with standards in the US and Europe, Rajvardhan, inspector general, prisons, said in a phone interview.

“We don’t want anyone saying they don’t want to come back to the country,” he said. The government doesn’t extend any “special treatment” to anyone, he said, declining to comment on facilities that will be provided.

Vijay Mallya returns to UK court for closing arguments in extradition trial

Embattled liquor tycoon Vijay Mallya, wanted in India on fraud charges, returned to Westminster Magistrates' Court in London on Tuesday for closing arguments in his high-profile extradition trial.

The 62-year-old former Kingfisher Airlines boss, who has been on bail on an extradition warrant since his arrest in April last year, is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 90 bn.

He arrived at the court along with his son Siddharth.

"At the end of the day, the courts will decide," Mallya tells reporters outside the court.

At the last hearing in the case on April 27, the Central Bureau of Investigation (CBI) had received a boost in the case as Judge Arbuthnot confirmed that the bulk of the evidence submitted by the Indian authorities will be admissible in the case.

The CBI had submitted a detailed set of documents to the UK court, which includes its case of conspiracy against former IDBI Bank Deputy Managing Director BK Batra, who was referred to in court as a new "villain" of sorts in the case.

UK court wants video of Mumbai jail where Vijay Mallya might be kept

A UK court on Tuesday asked the Indian authorities to submit within three weeks a video of a cell at the Arthur Road Jail in Mumbai where they plan to keep Vijay Mallya post-extradition, as it set September 12 for closing arguments in his high-profile extradition trial.

Mallya, wanted in India on fraud charges, appeared before the Westminster Magistrates' Court in London where both defence and prosecution presented clarifications on Barrack 12 at Arthur Road Jail in Mumbai, where Mallya is to be held post-extradition.

After hearing the arguments, Judge Emma Arbuthnot asked the Indian authorities to submit within three weeks a video of the Barrack 12 of the Arthur Road Jail.

The Judge set the next hearing, for closing submissions, on September 12 and extended Mallya's bail until then.

Earlier, Mallya said the allegations of money laundering and stealing money against him are "completely false."

India seeks UK help in extradition of Mallya, Lalit Modi

India on Thursday sought the help of United Kingdom forearly extradition of liquor baron Vijay Mallya and former IPL honcho Lalit Modi andin locating diamantaire Nirav Modiduring the third Indo-UK home affairs dialogue here, officials said.

New Delhi also asked London not to allow the British territory to be used for anti-India activities by Kashmiri and Khalistani separatists.

"We have sought the help of the authorities in the UK in extradition of our wanted persons. The process is on and everyone knows because of our proactive action, Mallya had to go to a court in the UK," an official privy to the two-hour long meeting here.

While the Indian delegation was led by Union Home Secretary Rajiv Gauba, the UK team was led byPatsy Wilkinson.

Vijay Mallya loses $1.55-bn 'asset freeze' case: All you need to know

In a major blow to business tycoon Vijay Mallya, a UK high court on Tuesday ruled in favour of Indian banks seeking to collect more than $1.55 billion from him. The court refused to overturn an Indian court's worldwide order for freezing of Mallya's assets.

Mallya and his now defunct Kingfisher Airlines are embroiled in several court cases ranging from money laundering to tax evasion and loan defaults. The tycoon has been on an self-imposed exile in the UK since he left India on March 2, 2016.

What the judgment implies

The UK high court judgment will enable banks to enforce an earlier judgment of an Indian court against Mallya's assets in England and Wales. The worldwide freezing order prevents Mallya from "removing any assets from England and Wales up to that value or to in any way dispose of, deal with or diminish the value of his assets in or outside of this jurisdiction, up to the same value".

Who were the applicants?

The litigation in the Queen's Bench Division of the commercial court in England's High Court of Justice lists State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co Pvt Ltd as applicants.

Smart spending: You can rent a yacht and live a day like a billionaire

Any mention of yachts evokes images of the luxury boats owned by the wealthiest men in the world – the size of their ships directly proportional to the amount of money that's spent on them. In that world, bigger is better; and around the globe, yachts have been a billionaire pursuit – from Aristotle Onassis's 99-metre superyacht ‘Christina O’ to absconding billionaire Vijay Mallya's 95-metre ‘Indian Empress’. But what most may not know is that it's possible to sail like a billionaire even if for a day or two because most owners lease their boats out when they aren't using them. Case in point – can you rent ‘Ashena’ – a 45-metre superyacht with five cabins owned by Raymond's boss Gautam Singhania? It's possible if you cough up Rs 800,000 a day, and if that's too steep for the wallet, there are other options that cater to every budget.

In the island metropolis of Mumbai, the business of boats is a less flashy affair with most owners being avid sailors as opposed to grandstanding tycoons who throw champagne parties for hundreds of people after an F1 race when docked in Monte Carlo or Barcelona. Which also means that ‘Ashena’ is an exception, and most of the boats range between 10 metres and 20 metres. A 20-metre boat can host a party for two dozen people with ease. These boats can be leased for an evening or a weekend from any one of the couple dozen companies such as Gateway Charters, Sailing Stuff and Yacht Charters India in Mumbai. The upside: it's cheaper than shelling out a few lakhs for a ballroom at a five-star hotel in the city.

News digest: Bharat-22 ETF, GST rate cut, Mallya's trial, and more

SoftBank set to take driver's seat in Ola

Japanese investment giant SoftBank is close to acquiring an additional 10-12 per cent stake in ANI Technologies, the parent company of Ola, to increase its holding in the ride-hailing firm to around 50 per cent ahead of its planned investment in global rival Uber. SoftBank will pay between $400 million and $500 million to Tiger Global, the second-largest backer of Ola, to give the US firm a partial exit, people familiar with the development told Business Standard on condition of anonymity. Read more

Reliance Industries, Adani, REC issue $1.7-billion bonds

Reliance Industries, Adani Abbot Point Terminal, and Rural Electrification Corporation (REC) on Monday launched bond issues overseas worth $1.7 billion in order to reduce their finance costs. The bond issues follow last week’s upgrade by Moody’s of India’s sovereign rating from the lowest investment grade Baa3 to a notch higher at Baa2. The agency has also upgraded the ratings of several public sector companies such as State Bank of India, Indian Oil Corporation, Oil and Natural Gas Corporation, and NTPC as well as those of private sector lender HDFC Bank. Read more

Vijay Mallya's extradition trial confirmed from December 4

Vijay Mallya, 61, the beleaguered Indian businessman facing an extradition demand from the Indian government in a British court, will fight the attempt to drag him back to India not just on the issue of poor prison conditions in India, but on the alleged demerits of New Delhi’s argument. Read more
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UK rejects India's request to extradite Vijay Mallya twice

A British court currently hearing the extradition case of embattled liquor baron Vijay Mallya has rejected two extradition requests by the Indian authorities in recent weeks.

Judges at Westminster Magistrates' Court in London ruled in favour of UK-based alleged bookie Sanjeev Kumar Chawla on October 16 and also discharged a fraud case against a British Indian couple, Jatinder and Asha Rani Angurala, on October 12.

The rulings come just weeks before the extradition case against Mallya, wanted in India on loan defaults to several banks amounting to about Rs 9,000-crore, comes up for its next case management hearing on November 20 to determine the course of the extradition trial scheduled to start on December 4.

The case against Chawla, the key accused in the cricket match-fixing scandal involving former South African captain Hanse Cronje in 2000, was discharged by District Judge Rebecca Crane on human rights grounds over severe conditions in Tihar Jail in Delhi where he was to be held on being extradited.

The judge said she was satisfied there was a prima facie case against Chawla over his role in the fixing of "cricket matches played between India and South Africa during the tour of the South African Cricket Team to India under the captainship of Hansie Cronje in February-March 2000".

However, on hearing expert evidence from Dr Alan Mitchell, a licenced medical practitioner and a former medical officer at a Scottish prison, she ruled in favour of Chawla on the grounds that his human rights would be violated in Tihar Jail under Section 87, Article 3 relating to "prohibition of torture, or inhuman or degrading treatment".
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Govt may soon be able to seize assets of economic offenders who flee India

The law ministry has given its concurrence to a draft bill that will give powers to the government to confiscate property of economic offenders and defaulters who flee India, albeit with a new provision, official sources said.

It wants a "Saving Clause" to be incorporated in the Fugitive Economic Offenders Bill 2017 before it is introduced in the Lok Sabha in the ensuing winter session of Parliament, they said.

A saving clause provides for certain exception(s) in a statute. It enables the repealed law to be in force with respect to some existing rights.

The proposed law will be applicable in cases where the value of offences is over Rs 100 crore.

The bill flows from Finance Minister Arun Jaitley's 2017 -18 Budget speech promising legislative changes or even a new law to confiscate the assets of such fugitives. It seeks to deter economic offenders from evading the process of Indian law by fleeing the country.

The bill proposes to allow the Financial Intelligence Unit (FIU), the premier technical snoop wing under the finance ministry, to file an application for the declaration of fugitive economic offender for confiscation of their assets.

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Vijay Mallya row: India asks UK to ensure early extradition

India on Thursday asked the United Kingdom to ensure early extradition of fugitive businessman Vijay Mallya who is facing cases of bank loan default to the tune of Rs 9,000 crore by his now-defunct Kingfisher Airlines.

Union Home Secretary Rajiv Mehrishi raised the issue of early completion of the extradition process of Mallya, during his talks here with his UK counterpart Patsy Wilkinson, the second permanent secretary in the the British Home Office.

The issue of presence of certain Sikh militant elements in the UK, sharing of intelligence inputs on a real-time basis particularly with regard to the ISIS - both from ISIS-held territories, and modules being busted in the UK and Europe, were also discussed at the two-hour-long meeting, official sources said.

Counter-terror cooperation between India and Britain besides a host of other issues figured in the parleys.

Matters relating to the Mutual Legal Assistance Treaty, strengthening of the intelligence-sharing mechanism and visa- related issues were also deliberated upon, the sources said.

61-year-old Mallya, who has been living in Britain since last year, was arrested by Scotland Yard last month on India's extradition request.

Within hours of his arrest, Mallya, who is accused of cheating and fraud, was released on bail by a London court.

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