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Banks have rejected debt-ridden <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s offer and now the Supreme Court has directed him to make a full disclosure of all assets. 
 
Not only this, the apex court has also sought reply on when Mallya would appear personally in the court after 17 lenders moved the court for the same. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-Rs-4000-crore-offer-doesnt-impress-banks-dont-want-any-terms-or-conditions/articleshow/51680083.cms">Vijay Mallya's Rs 4,000-crore offer doesn't impress banks; don’t want any terms or conditions</a> 
 
"There's no liquid money. Everything is tied up in contingencies. We will need court orders to pay," one of Mallya’s lawyers CS Vaidyanathan said. 
 
The next hearing of the case is on April 26. 
 
READ ALSO: <a href="http://www.businessinsider.in/To-recover-dues-Kingfisher-Airlines-logo-will-also-go-under-hammer/articleshow/51612220.cms">To recover dues, Kingfisher Airlines’ logo will also go under hammer</a> 
 
Meanwhile, the Enforcement Directorate had also asked Mallya to be present on April 9 regarding a Rs 900-crore loan from IDBI Bank. 
 The banks are seeking more than Rs 9,000 crore in dues from loans given to <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>, which is grounded since 2012. Mallya had left India last month for the UK.

Vijay Mallya to disclose assets, fly back to India as banks reject settlement offer

In a bid to recover more than Rs 9,000 crore, the lenders have now put <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines&amp;sortorder=effectivedate">Kingfisher Airlines’ logo</a> on sale with a base price of Rs 366.7 crore. 
 
The lenders have scaled up their efforts to recover the corpus amount from <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">Vijay Mallya.</a> The bids for the logo have to be submitted by April 30 and SBI Cap Trustee Co is in-charge of the auction process. 
 
“This is part of the 'sale of trademarks including the brand value of 'Kingfisher logo,” it stated. 
 
READ MORE: <a href="http://www.businessinsider.in/Vijay-Mallya-debt-fiasco-comes-to-some-good-use-for-Indian-business-schools/articleshow/51496588.cms">Vijay Mallya debt fiasco comes to some good use for Indian business schools</a> 
 
Also, brands and trademarks relating to the label mark of Kingfisher, Fly Kingfisher, the logo of the Flying Bird Device and the word mark 'Fly the Good Times' associated with KFA have been pledged with banks and will be for e-auction on April 30. 
 
However, there is a small catch as it is unclear how <a href="http://www.businessinsider.in/searchresult.cms?query=Heineken&amp;sortorder=effectivedate">Heineken</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=UNITED+BREWERIES&amp;sortorder=effectivedate">United Breweries</a> would take up the logo auction issue. As per reports, the trademarks and other promotional material surrounding the brand 'Fly the Good Times' belong to KFA and it is not clear how another beer company could use it. 
 
"There may not be any legal challenge in selling the brand, but there could be commercial challenges in terms of who would want to buy the brand," Prem Rajani, managing partner at Rajani Associates, a law firm, told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
Till now, banks have attempted to <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">sell Kingfisher House in Mumbai</a> but did not receive any bids since the base price of Rs 150 crore, too high for many. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
(Image: Indiatimes)

To recover dues, Kingfisher Airlines’ logo will also go under hammer

<keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, the former Indian liquor baron, will be making a rare public appearance in the United Kingdom tomorrow. He would be coming out of his shell to address a press conference ahead of the <keyword id="3475758" type="UNKNOWN" weightage="100" keywordseo="Formula-1-British-Grand-Prix">Formula 1 British Grand Prix</keyword>. 
 
Mallya fled India and has been in the UK since March, owing banks in India loans worth Rs 9000 crore, which he took for his now-defunct Kingfisher Airlines. 
 
At the press conference, he would be present alongside fellow team principals Maurizio Arrivabene (Ferrari), Eric Boullier (McLaren), Dave Ryan (Manor), Claire Williams (Williams) and Toto Wolff (Mercedes). 
 
Force India, the team that Mallya has in the British Grand Prix, has its factory at a stone's throw away from the circuit. 
 
<a href="http://data1.ibtimes.co.in/cache-img-1200-0/en/full/607103/1462615153_vijay-mallya-2008.jpg">Image source</a>

Mallya to come out of his shell to address Formula 1 British Grand Prix press conference

The long list of assets owned by <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who has been in news constantly since the past few days for <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms" target="_BLANK￿￿￿￿">fleeing away from the country</a> even though he owes state-run banks some 9000 crore rupees, has not been able to avoid the Indian government’s hawk eyes. 
 
Apparently, the government is all set to auction off Vijay Mallya's assets, which include his personal Airbus ACJ 319, so that his service tax dues of Rs 812 crore can be recovered. 
 
Mallya’s other assets that are about to be auctioned include five smaller ATRs and three helicopters belonging to Mallya's <a href="http://www.businessinsider.in/Govt-Rejects-Vijay-Mallya-As-Kingfisher-Airlines-Director/articleshow/45345410.cms" target="_BLANK￿￿￿￿">Kingfisher Airlines</a>. 
 
Also read: <a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms" target="_BLANK￿￿￿￿">Vijay Mallya - the escapee who didn't escape, apparently</a> 
 
"We are going ahead with the auction," a senior Central Board of Excise &amp; Customs (CBEC) official told ET. 
 
Even though the tax department wanted to arrest Mallya last year, it was rebuffed by a Mumbai metropolitan magistrate on the execution of a personal recognisance bond of Rs 50 lakh. Ecen then, the tax department had argued that Mallya could leave the country and had asked the court to ask him to surrender his passport, but that didn’t happen and as a result, <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms" target="_BLANK￿￿￿￿">Mallya has fled the country</a>. 
 
The news has come just a day after <a href="http://www.businessinsider.in/Another-woe-for-Mallya-Hyderabad-court-issues-non-bailable-warrant/articleshow/51392100.cms" target="_BLANK￿￿￿￿">Hyderabad court had issued a non-bailable warrant</a> against Mallya after he failed to appear in court in connection to a lawsuit by GMR Hyderabad International Airport Ltd. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/5/54/Vijaymallya.jpg">Image source</a>

Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

Mumbai’s <keyword id="861838" type="UNKNOWN" weightage="100" keywordseo="Kingfisher-House">Kingfisher House</keyword>, which used to be <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>'s flagship properties, is being auctioned online today by an arm of <a href="http://www.businessinsider.in/SBI-wants-Vijay-Mallya-arrested/articleshow/51240258.cms">State Bank of India</a>, one of the many banks that Mallya <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">owes huge loans</a> to. 
 
The base price for the Andheri office has been fixed at Rs.150 crore, and the bank has already received at least 15 offers for the property. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
The auction is taking place a day before Mallya has been summoned as a part of an investigation related to his unpaid loans to the state-run bank, in which he would have to be present in person. 
 
However, since Mallya is reportedly living in the UK after <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">fleeing the country</a>, it is certainly unknown if he would be coming to the investigations. 
 
<a href="http://timesofindia.indiatimes.com/thumb/msid-46361006,width-400,resizemode-4/46361006.jpg">Image source</a>

Mallya’s Kingfisher House in Mumbai now on auction by SBI for more than Rs 150 crore

<a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay Mallya</a> is reportedly in advanced talks with <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> to exit <a href="http://www.businessinsider.in/searchresult.cms?query=United+Spirits">United Spirits</a> completely. Mr. <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> is set to sell his entire stake (around 5%) in USL to <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> at the current market value. Post that, he will step down from the board of his company. 
 
This might end Mr. <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>’s scuffle with <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> on grounds of alleged fund diversion. He has also promised to settle his dues in <a href="http://www.businessinsider.in/searchresult.cms?query=Kingfisher+Airlines">Kingfisher Airlines</a> by the end of this fiscal. This deal would give him enough cash to settle a large chunk of the Rs. 6200 Crore debt. 
 
When contacted <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay </a><a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>'s spokesperson said, "We have no immediate plans to sell our stake in <a href="http://www.businessinsider.in/searchresult.cms?query=United+Spirits">USL</a> as we believe it is an excellent portfolio to retain." <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a>'s official statement is, "Do not comment on market speculations." 
 
Image credit: Indiatimes

Vijay Mallya no more the ‘King of Good Times’, to exit
United Spirits

Employees of the defunct <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines">Kingfisher Airlines</a> are vexed and their agony has a solid reason. Apart from not giving dues to several banks, which are now after him to pay Rs 7, 000 crore, <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA">Vijay Mallya</a> owes Rs 300 crore in salary to around 3000 employees. 
 Nearly 900 employees who are still employed with the <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> on paper and 2000 more who left since 2015 haven’t received their salaries. 
 
While many of the employees have changed their jobs, the ground staff, technicians and engineers are still unemployed. 
 
Irate employees had written an open letter to Mallya. “Your heart is impure and you have blood on your hands. We have so much to tell you but you won’t have patience and time to listen all that. Please do have regret and don’t set precedents dangerous to our country and aspiring entrepreneurs,” stated the employees in the open letter. 
 
READ MORE: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
Many people who have changed their jobs are also facing a tough time as they are not able to get income tax refunds for the <a href="http://www.businessinsider.in/searchresult.cms?query=IT+department">I-T department</a> keeps adjusting it against tax dues which wasn't submitted by Kingfisher. 
 
Kingfisher Airlines closed its operations in 2012 due to cash and credit issues. It sank with total dues of more than $2 billion to banks, taxmen, employees, leasing companies, airports and other business associates. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=banks">Banks</a> have been chasing Mallya to get back more than Rs 7,000 crore. 
 
READ MORE: <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">A little too late! Mallya flew out of India before banks could take a stay order against him</a>

‘You have blood on your hands’, employees of Kingfisher Airlines write to Mallya as he owes Rs 300 crore in salary

Yesterday, we told you how <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has been slammed with a <a href="http://www.businessinsider.in/Another-woe-for-Mallya-Hyderabad-court-issues-non-bailable-warrant/articleshow/51392100.cms">non-bailable warrant</a> in connection with a lawsuit by GMR Hyderabad International Airport Ltd. 
 
Now, the local court has slammed the former liquor baron with four more non-bailable warrants (NBWs) after he failed to appear in a court for bounced cheques worth Rs 2 crore to GMR Hyderabad International Airport Ltd. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
The warrants were issued by 11th Special Magistrate at Erramanjil Courts complex yesterday, and have to be executed by March 29. 
 
GMR counsel G Ashok Reddy had earlier said that a total of 11 cases involving Rs eight crore payment to GMR are pending. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
<a href="http://blogs-images.forbes.com/kenrapoza/files/2014/06/vijay-not-happy.jpg">Image source</a>

Four more NBWs against Mallya in Hyderabad court

<a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA">Vijay Mallya</a> has been summoned by the <a href="http://www.businessinsider.in/searchresult.cms?query=enforcement+directorate">Enforcement Directorate</a> (ED) and the liquor baron has got a week’s time to appear before it in the alleged default in payment of Rs 900 crore dues to <keyword id="6357560" type="CITY" weightage="20" keywordseo="IDBI-Bank">IDBI bank</keyword>. 
 
As per news reports, Mallya has to appear before ED on March 18. 
 
The sources said Mallya has also been asked to furnish documents related to his personal finances. 
 
The summons were issued on a day when A Raghunathan, a former Chief Financial Officer (CFO) of the grounded <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines">Kingfisher Airlines</a>, appeared before ED investigators at its office in the Ballard Pier area here. 
 
"We had summoned Raghunathan and he appeared before us for questioning this morning. 
 
The ED had issued summons to over half a dozen officials of the <a href="http://www.businessinsider.in/searchresult.cms?query=idbi+bank">IDBI bank</a> and Vijay Mallya-owned Kingfisher Airlines(KFA) under provisions of the PMLA wherein all the individuals have been asked to submit details about their personal finances and <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Returns (ITRs) of last five years to the investigators. 
 
According to the official, in his statement to the SFIO--recorded last month--, Raghunathan has put the blame on Mallya for the financial crisis that felled KFA and said he worked as per the directions from the latter.

Vijay Mallya has 7 days to return to India and appear before the ED

<keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who is under immense pressure from Indian state-run banks to repay the loans worth Rs 9000 crores that he had taken for the now defunct Kingfisher Airlines, has stated that he wishes to honour his commitments, and has <a href="http://www.businessinsider.in/Vijay-Mallya-makes-another-attempt-this-time-he-is-offering-Rs-6000-crore-settlement/articleshow/51822342.cms">offered a new settlement</a> to the main lender SBI. In a United Breweries Ltd board meeting that he attended by a video-conference, he also stated that he hopes to make a quick progress on the matter. 
 
Enforcement Directorate of India is looking forward to <a href="http://www.businessinsider.in/UK-refuses-to-deport-debt-laden-Vijay-Mallya-money-lenders-grope-in-dark/articleshow/52217798.cms">extradite Mallya from the United Kingdom</a>, the country that he fled to, but in the meeting, he said that the chairman of UBL has the support of the board and strategic partner Heineken. 
 
Also read: <a href="http://www.businessinsider.in/Parliaments-Ethics-Committee-wants-to-expel-Vijay-Mallya/articleshow/52107381.cms">Expel Vijay Mallya, Parliament’s Ethics Committee says on receiving his resignation</a> 
 
"We expressed concerns over the various issues and Mallya has assured us that he is in serious negotiations with the banks to repay the loans as soon as possible. He has said he is willing to return to India to answer all questions but he has to be assured of his safety and freedom," said Kiran Mazumdar-Shaw, an independent board member. 
 
"Performance of the company has been extremely good and there is no corporate governance issue that has impacted it owing to Mallya," he added. 
 
Executives aware of the matter said that Heineken has chosen to stand by Vijay Mallya in his tough times. 
 
"Mallya told us he has been <a href="http://www.businessinsider.in/Vijay-Mallya-safe-in-UK/articleshow/52041381.cms">wrongly accused</a> and has every intent to repay loans," said Sunil Alagh, also an independent board member. "For now, the board stands by him and sees no corporate governance issues and would monitor progress until the next (board) meeting in August." 
 
Mallya told the board he had been wrongly accused of money laundering and there was no evidence to justify the allegations. He said he was willing to return immediately if he was assured of<a href="http://www.businessinsider.in/SC-says-Vijay-Mallya-will-have-to-declare-all-his-assets-to-the-Banks-including-that-of-his-wifes-and-childrens/articleshow/51994174.cms"> safe passage</a>. "We all unanimously expressed our concerns to Mr Mallya and he told us that he is making serious efforts to repay the banks," said CY Pal, independent board member. 
 
"He also told us he had tried to repay Kingfisher Airlines' employee dues through United Breweries Holdings but was delayed since the Karnataka High Court has frozen accounts and assets." He expressed his keenness to return to India if safe passage was assured, Pal added. 
 
<a href="http://www.newsx.com/sites/default/files/field/image/Vijay-Mallya-Net-Worth.jpg">Image source</a>

Vijay Mallya will return to India but only if his safety and freedom are ensured

After United Bank of India’s suit, now state run financial company <keyword id="6357560" type="CITY" weightage="20" keywordseo="IDBI-Bank">IDBI Bank</keyword>, will declare defunct carrier <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> and its promoter <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> and its three directors as willful defaulters. 
	“Last week, IDBI too had sent a letter to the management regarding their outstanding debts. Vijay Mallya was summoned for a meeting with the senior officials of the bank today morning. But he skipped it,” disclosed a senior airline official. 

	 
	When BI India contacted the airline for a response, company spokesperson Prakash Mirpuri confirmed that IDBI Bank had sent them a letter. The spokesperson also added that the management has taken all necessary action and replied as appropriate. 

	 
	“It is not possible for a bank to simply declare anybody as a wilful defaulter without following the due process. The RBI circular is clear in this regard. We have robust and comprehensive answers backed by documentation to challenge any such move”, said Mirpuri sometime back. 
	 

	Interestingly, BI India yesterday reported that State Bank of India had sent a letter to KFA last week, demanding a response within a fortnight. And recently United Bank of India (UBI) declared the defunct airline and Mallya as wilful defaulters and becomes the first state-owned bank to do so. The airline plans to "vigorously challenge the UBI’s decision".

Increasing Troubles for Vijay Mallya: After UBI, IDBI To Declare Him As Wilful Defaulter

Even though <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>'s <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">Kingfisher Airlines</a> carried a negative credit rating, it still managed to get a loan of Rs 950-crore from IDBI Bank in October-November 2009, and that too within 20 days of applying. 
 
People investigating the Mallya fiasco believe that there certainly was some "pressure from the top," otherwise the loan would not have been passed, adding that this matter will be looked into. Investigators from <a href="http://www.businessinsider.in/Vijay-Mallya-has-7-days-to-return-to-India-and-appear-before-the-ED/articleshow/51360074.cms">Enforcement Directorate</a> (ED) who have been questioning IDBI's ex-chief Yogesh Agarwal say that they "have reasons to believe there was political intervention for Mallya". 
 
<a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Mallya</a>, who has been asked to appear before <a href="http://www.businessinsider.in/Vijay-Mallya-wont-come-to-India-before-April/articleshow/51442851.cms">ED on 2nd April</a>, will be questioned about the political favours that he received when it came to his loan applications. IDBI's Mallya loan files will also be examined closely to see if any margin notes were made about this political intervention. 
 "IDBI Bank has sanctioned loans to <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> following due process and prevailing guidelines. It may be mentioned that IDBI has fully cooperated with Central Bureau of Investigation and provided all clarification sought for in the matter," said the response of an IDBI Bank spokesperson. 
 
<a href="http://im.rediff.com/money/2016/mar/08mallya2.jpg">Image source</a>

ED smells ‘political pressure’ in IDBI’s 950 crore loan to Mallya

<ul><li>The Ministry of Home Affairs has empowered the <keyword id="107956" type="ORGANIZATION" weightage="20" keywordseo="Serious-Fraud-Investigation-Office">Serious Fraud Investigation Office</keyword> (SFIO) to request the issuance of look-out-circulars (<keyword id="6355098" type="UNKNOWN" weightage="20" keywordseo="LoC">LOC</keyword>) against people who are suspected of defaulting on large loans. </li><li>Last week, the same power was also granted to the CEOs of India’s public-sector banks, which have largely been the major casualties of these frauds and loan defaults. </li><li>Prior to these changes, the ability to request for LOCs was mainly extended to police authorities, the CBI, Enforcement Directorate, the home and external affairs ministries as well as regional passport offices and customs and tax officials. </li></ul>In the wake of a series of high profile banking scams and loan defaults this year, the most notable of which is <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">the Nirav Modi case</a>, the Indian government is trying to make it easier to prevent fraudsters from escaping the country and taking up residence elsewhere. To this effect, the Ministry of Home Affairs has empowered the Serious Fraud Investigation Office (SFIO), which is housed under the corporate affairs ministry, to request the issuance of <a href="https://indianexpress.com/article/india/centre-gives-sfio-powers-to-stop-defaulters-from-fleeing-the-country-5468015/">look-out-circulars </a>(LOC) against people who are suspected of defaulting on large loans. Last week, the same power was also granted to the<a href="https://www.livemint.com/Politics/lAjlD5SnzGYkS87SyKxVJI/Govt-authorises-public-sector-bank-CEOs-to-request-for-look.html"> CEOs of India’s public-sector banks</a>, which have largely been the major casualties of these frauds and loan defaults. However, as these public-sector banks aren’t official investigation agencies, the LOCs requested by them can be challenged in court. That is not the case with the SFIO. Prior to these changes, the ability to request for LOCs was mainly extended to police authorities, the CBI, Enforcement Directorate, the home and external affairs ministries as well as regional passport offices and customs and tax officials. A major reason why wilful defaulters like <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, <keyword id="571991" type="COMPANY" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> and Mehul Choksi were able to flee India for safer havens was because the agencies or entities that caught wind of their crimes did not have the authority to prevent them from fleeing and had to follow protocols and notify higher powers with said authority. By the time formal channels of communication were activated, it was too late. This is reportedly what happened in the case of Vijay Mallya, who fled India in March 2016. The CBI actually <a href="https://www.hindustantimes.com/india/cbi-ignored-immigration-alert-on-mallya-leaving-india-on-march-2/story-hW83mkAc6qVe14VyFVOIFJ.html">watered-down the LOC</a> it had filed against the liquor baron in October 2015 from “detain” to “inform” after citing a lack of evidence and Mallya’s supposed intention to cooperate, which eventually allowed him to leave the country. The CBI had actually taken over the case from the SFIO, which had been looking into the diversion of funds at Mallya’s companies in September 2015. By broadening the number of stakeholders that can ask for the arrest of a <keyword id="2168141" type="PERSON" weightage="20" keywordseo="Wilful-defaulter">wilful defaulter</keyword>, the move could decrease the chances of this happening again in the future, especially in instances where investigations by the police and CBI are hamstrung by “conflicts of interest” or they don’t follow through with arrests. A few months ago, the central government also passed the <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">Fugitive Economic Offenders Act</a>. The law allows the Enforcement Directorate to seize the domestic as well as foreign assets of “economic offenders” who have left the country so their creditors may recover their dues. The crimes involve amounts of ₹1 billion or more. SEE ALSO: <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</a> <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam</a> <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance</a>

You Searched For "Vijay Mallya dues" and got 13 results

Vijay Mallya to disclose assets, fly back to India as banks reject settlement offer

BI India Bureau

To recover dues, Kingfisher Airlines’ logo will also go under hammer

BI India Bureau

Mallya to come out of his shell to address Formula 1 British Grand Prix press conference

BI India Bureau

Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

BI India Bureau

Mallya’s Kingfisher House in Mumbai now on auction by SBI for more than Rs 150 crore

BI India Bureau

Vijay Mallya no more the ‘King of Good Times’, to exit United Spirits

BI India Bureau

‘You have blood on your hands’, employees of Kingfisher Airlines write to Mallya as he owes Rs 300 crore in salary

BI India Bureau

Four more NBWs against Mallya in Hyderabad court

BI India Bureau

Vijay Mallya has 7 days to return to India and appear before the ED

BI India Bureau

Vijay Mallya will return to India but only if his safety and freedom are ensured

BI India Bureau

Increasing Troubles for Vijay Mallya: After UBI, IDBI To Declare Him As Wilful Defaulter

Purba Das

ED smells ‘political pressure’ in IDBI’s 950 crore loan to Mallya

BI India Bureau

India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country

Dilsher Dhillon

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