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<div type="image" title="Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment" msid="115018213" hostid="261" caption="&amp;lt;p&amp;gt;Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment&amp;lt;/p&amp;gt;"></div> It's time to move over from plain, vanilla budget basics! Indians are no longer looking for “best purchases and value buys under Rs 1,000”—at least not as much as before. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s getting fancy, and how! From gold-flaked chocolates to swanky SUVs that look like they’re wheeled straight out of a Bollywood blockbuster, Indian companies are rapidly jazzing up their product lines, even faster than you can say the word "premiumization." But what does this mean for Indian companies and consumers? What is this jazz about premiumization all about? Is it just urban India that’s riding this wave, or has rural India also joined the bandwagon? We decode for you. <h2>What's premium, really?</h2>Imagine you’re eating Pav Bhaji at a roadside thela. Later during the day, you decide to dine out at a fancy, upmarket cafe, only to find Pav Bhaji Fondue on the menu. Same same, but much more expensive—often 5 to 10 times higher—for a little more hygiene and some better ambience! Think of premium products as this fondue. They are a notch up your regular, daily-use products soaps or shampoos, and even cars, all packaged luxuriously, offering just about the right touch of quality. The main differentiator, though, would be the price range. <h2>Driving home premium wellness</h2>A recent report by Nielsen suggests that over 70% of urban Indians are okay with paying a premium for their products. And companies are cashing in on this sentiment like never before. This explains why 58% of new products launched so far this year have been in the premium+ segment, as opposed to just 38% of new launches in regular, traditional trade. Take cars, for instance. Indians are no longer vying for a good old <keyword id="19950117" type="General" weightage="20" keywordseo="maruti" source="keywords">Maruti</keyword> 800 or <keyword id="20400567" type="General" weightage="20" keywordseo="alto" source="keywords">Alto</keyword>, traditionally known for their healthy mileage, but are rather happy investing in more swanky features that come along with high-end cars. In October 2024, India’s largest car manufacturer, <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, sold 65,948 units of its compact cars like Swift, WagonR, Dzire, and more. Compared to the year-ago period, which saw sales of 80,662 units, this was an 18% dip. But take a look at their SUV (sport utility vehicle) sales for the same period. Cars like Brezza, Ertiga, and Grand Vitara sold about 70,644 units, a 19% uptick from the sales made in October 2023, i.e. 59,147 units. Simply put, when it comes to cars, Indians are saying the bigger, the better! The same is true for India's second biggest automobile manufacturer, Hyundai. Its SUV lineup made up a staggering 68.2% of the firm's total sales made for October 2024. What's more, SUV demand remained largely consistent across urban and rural markets. <h2>Consumers are inching up</h2>FMCG (fast-moving consumer goods) are also riding the premiumization wave, with Indians prioritizing their health and wellness and not bothered about dishing out a few extra bucks for the same! You’ll find no dearth of words like organic, vegan, gluten-free, and sugar-free, peppered generously over every product you’ll see today, be it soaps, juices, or more. No wonder then, sales from premium segments in 2024 make up around 27% of all FMCG sales and even contribute a massive 42% to the sector’s value growth in India. Nielsen report further adds that luxury brands that position themselves at twice the price of their category’s average are even witnessing stellar growth. In fact, for most FMCG brands like Tata Consumer Products, <keyword id="20002610" type="General" weightage="20" keywordseo="hindustan-unilever" source="keywords">Hindustan Unilever</keyword> (HUL), Dabur, and Nestle, it is this premium segment that is growing much faster than their regular ones. And it's not just about daily-use products; Indians are also taking their celebrations a step over. Spirits manufacturer <keyword id="20125704" type="General" weightage="20" keywordseo="radico-khaitan" source="keywords">Radico Khaitan</keyword> highlighted that for the first half of 2024, their prestige &amp; above segment made for 88.4% of its net sales value. In the same period, the regular popular segment accounted for just 9.1% of their net sales. From Hindustan Unilever, which saw its premium products grow 30% over the last quarter, to <keyword id="20521971" type="General" weightage="20" keywordseo="kingfisher" source="keywords">Kingfisher</keyword> beer's parent company, <keyword id="20124009" type="General" weightage="20" keywordseo="united-breweries" source="keywords">United Breweries</keyword>, whose premium product sales volume jumped by 27% during the quarter as opposed to just a 5% rise in overall volumes, everyone is seemingly taking their lifestyle a notch above. Per the Nielsen report, in 2024, a typical global consumer spends about $13.7k per year. This is set to grow by around 2.4% to $14k as early as next year. Even a report by Goldman Sachs also highlighted a similar trend, noting that India’s affluent class, or those earning over $10,000 (Rs 8,42,694.97), is set to reach 100 million in the next 3 years. And where will this consumer spend? On premium products! <h2>Online shopping shifts from mass to class</h2>Amazon’s Great Indian Shopping Festival, which was live between September 27 and October 29 this year, saw 140 crore customers, more than 85% of whom came from non-metro Indian cities. On the site, there was a 400% spike in sales in premium sales across categories like watches, fragrances, handbags, jewelry, and more. Rival <keyword id="19896939" type="General" weightage="20" keywordseo="flipkart" source="keywords">Flipkart</keyword> noted a similar trend, recording 1.8x growth in premium beauty and personal care products during the first half of this year. <h2>Dialing in premiumness</h2>The Indian smartphone ecosystem has always been dominated by basic phones, or those entry- and mid-range phones that are priced between Rs 10,000 and Rs 6,000. But that has changed in recent times, with premium smartphones (i.e., those priced over Rs 60,000) registering 20%+ growth in 2024. During the first quarter of this year, sales of mass phones (priced between Rs 10,000 and 20,000) reached 44%, compared to 51% in the year-ago period. But it's all sunny and shiny in the mid-premium (priced between Rs 40,000 and Rs 60,000) and super-premium segments (priced above Rs 60,000). Sales growth has burgeoned by as much as 27% and 86% in these categories, respectively. As India continues its march toward becoming the world's third-largest economy by 2027, the premium party is just getting started. Industry experts predict that premium segments will grow faster than you can say "sustainable organic handcrafted artisanal batch of coffee." So the next time you see someone dropping serious rupees on a fancy bottle of black water that also somehow plays music and tracks their hydration (yes, that's a thing), remember: This is just the trailer. Picture abhi baaki hai, mere dost! Do you have a topic in mind you'd want a simpler explanation for, or insights or experiences to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: From Dal to Dolce—India is loving its luxury life

A senior <keyword id="67881" type="General" weightage="80" keywordseo="idbi" source="Orion">IDBI</keyword> Bank official allegedly conspired with businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> for sanction and disbursement of a loan to the latter's <keyword id="6373962" type="General" weightage="80" keywordseo="kingfisher-airlines" source="Orion">Kingfisher Airlines</keyword>, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. <keyword id="6373968" type="General" weightage="80" keywordseo="mallya" source="Orion">Mallya</keyword> is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword>. The Central agency had recently filed a supplementary chargesheet before a special CBI court here. As per the chargesheet, former IDBI Bank general manager Buddhadev Dasgupta abused his position, conspired with colleagues and Mallya in the matter of sanction and disbursement of short-term loan (STL) of Rs 150 crore to Kingfisher Airlines in October 2009. Along with 11 accused named in the earlier chargesheets, the CBI has added the name of Dasgupta in the supplementary chargesheet filed recently. As per the CBI, the STL was requested for six months to meet certain critical obligations to overseas vendors, including aircraft lessors and other service providers. The said loan of Rs 150 crore, as envisaged originally by Dasgupta (by proposal circulated among credit committee members) was to be adjusted/repaid from the aggregate loan of Rs 750 crore originally sought by the airlines. However, after circulation, there was a change in the proposal to show as if the credit committee had treated this as a separate loan, which may (or may not) be adjusted/recovered from the aggregate loan, as per the CBI. While the exposure of IDBI Bank was to be restricted to the aggregate amount of Rs 750 crore, it rose to Rs 900 crore in December 2009 due to this STL being kept as a separate loan largely at the behest of Dasgupta, the charge sheet said. During the course of the investigation, Letter Rogatory (LRs) had been sent to the United Kingdom, Mauritius, USA and Switzerland as per the permission of the CBI court. Courts of one country seek the assistance of courts in another nation for the administration of justice there through LRs. The chargesheet also mentioned the evidence collected during a foreign investigation from these countries. "The properties at UK (Ladywalk in 2015-16 for GBP 12-13 million or Rs 80 crore) and France (Le Grand Jardin in 2008 for Euro 35 Million or Rs 250 crore approximately) were acquired by Mallya even as Kingfisher Airlines was facing severe cash crunch (2008)," the chargesheet said. Mallya was having adequate funds at his disposal between 2008 to 2016-17, but none of it was brought to support the airlines as equity infusion or to honour his obligations as a personal guarantor for the loans availed by KAL from IDBI and other banks in India, it added. The chargesheet, citing the evidence collected through LRs, said sizable amounts were transferred to Force India Formula 1 Team between 2008 to 2012. The chargesheet further said significant amounts were diverted between 2007 to 2012-13 to make payments towards the acquisition and repayment of the loan for a corporate jet used personally by Mallya. These acts on the part of Mallya clearly show he caused the diversion of funds for the corporate jet, Force India Formula One Racing Team, and other such extravagant expenses, and then wilfully defaulted on the loans availed by Kingfisher Airlines, the chargesheet stated. The aforesaid facts disclose the commission of offences like cheating and criminal conspiracy and others under Indian Penal Code and Prevention of Corruption Act provisions against Mallya, Dasgupta and other accused, as per the CBI. Apart from the CBI, the Enforcement Directorate is also probing a money laundering case against Mallya. On January 5, 2019, a special court here declared Mallya a 'fugitive' under the Fugitive Economic Offenders Act. Under the provisions of the Act, once a person is declared a fugitive economic offender, the prosecuting agency has the powers to confiscate his property. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-hike-prices-of-model-range-from-april/articleshow/98936536.cms">Maruti Suzuki to hike prices of model range from April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/consumer-commission-orders-flipkart-retailer-to-pay-25000-compensation-for-sending-detergent-soap-instead-of-iphone/articleshow/98936522.cms">Consumer Commission orders Flipkart, retailer to pay ₹25,000 compensation for sending detergent soap instead of iPhone</a>

Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI

<ul><li><keyword id="3542251" type="General" weightage="100" keywordseo="bira" source="Orion">Bira</keyword> has been witnessing impressive growth in the last few years. It has grown at 150% CAGR from 2016-2021. It has also grown by 2X compared to pre-Covid levels while tripling its market share in the last two years. </li><li>The brand is now focusing on bringing newer products to its consumers. It will also be expanding its reach in an attempt to go deeper into the country.</li><li>We speak to <keyword id="658991" type="General" weightage="20" keywordseo="ankur-jain" source="Orion">Ankur Jain</keyword>, Founder &amp; CEO, Bira 91 who tells us about their secret sauce and their areas of focus going ahead.</li></ul><keyword id="782706" type="General" weightage="20" keywordseo="craft-beer" source="Orion">Craft beer</keyword> company Bira recently came up with its first-ever campaign. From a brand that was first brought into existence to serve just one small neighborhood in Delhi (the upmarket Hauz Khas Village), it has now expanded its portfolio to seven different flavors of beer, with one new beer every week at its taprooms. The brand has also forayed into merchandizing. The last few years have seen Bira go on an impressive growth trajectory. It has grown at 150% CAGR from 2016-2021 and has grown by 2X compared to pre-Covid levels while tripling its market share in the last two years. And this is just the start of their story, shares Ankur Jain, Founder &amp; CEO, Bira 91, who started the company after being disappointed by the lack of good beer in India. “When we started out in 2015, our goal was to place our product in 30 bars out of the 50 in Hauz Khas Village (HKV). We launched with a wheat beer and lager, and only on tap, no bottles and no cans! Very quickly, we were able to bring our product to almost all bars in HKV. And interestingly, we immediately started gaining a lot of love and followers and consumers started switching from established brands like <keyword id="6360137" type="General" weightage="20" keywordseo="kingfisher" source="Orion">Kingfisher</keyword>, <keyword id="81732" type="General" weightage="20" keywordseo="heineken" source="Orion">Heineken</keyword> and <keyword id="174607" type="General" weightage="20" keywordseo="carlsberg" source="Orion">Carlsberg</keyword> to Bira 91,” remembered Jain. Once he saw the kind of reception the beer got, Jain said they revised their ambition and started making a roadmap of taking the product to other parts of the city and slowly to other states. Fast forward 6 years, Bira is now one of the most visible homegrown beer brands with a loyal following. “Over the last 6-7 years, we've been very lucky to get immense love from our consumers, and a lot of support from our suppliers and investors. It's fair to say we've created a franchise with a semblance of scale. At this point, we're probably the largest consumer brand, not just the largest beer brand, that's emerged out of India in the last decade. This year, consumers will spend over Rs 2000 crore on Bira 91 products, which for a single brand, in an Indian context, is pretty large. And over the last 12-24 months, especially as the world's been infected by COVID and these unprecedented times, what's been really heartening to see is that we've actually doubled our volume, and tripled our market share, which means that consumers are making much more deliberate choices when they're picking up the beers they want to drink, and really want more value from the pint or can that they consume in the form of flavors, which has been our promised throughout,” explained Jain. Since alcohol brands are not really allowed to traditionally market their products, most brands have to go for surrogate marketing. However, Bira did things a little differently. “There were three things we did differently. Firstly, we completely focused on <keyword id="1777661" type="General" weightage="20" keywordseo="draught-beer" source="Orion">draught beer</keyword>. We realized that there were very few bars in India that served beer on tap and we realized we could become leaders in the space. Today, we're the number one draught beer brand in the country, and it gave us the added advantage of being visible at the bar instead of being relegated to a refrigerator. Secondly, we really focused on the point of sale, which meant premium displays and encouraging people to try products through our events, activations and promotions. And thirdly, we really focused on digital. But it wasn’t only about social media. We wanted to use digital to solve consumer problems. For example, back in 2015 or 2016, one of our first campaigns was, we almost built a neighborhood guide with monkeys to tell people where to find Bira 91. We also partnered with Zomato and created the first branded keyword search wherein one could type Bira 91 near me and it would throw up a list of bars and restaurants where Bira 91 was being served,” shared Jain. The brand also came up with its first ever 360-degree campaign ‘Make Play With Flavors’. Explaining what it was all about, Jain said, “We have very cheekily called it Make Play with Flavors which is a pun on Make Way. Nobody wants to drink the same beers as their dads and that switchover is currently underway. We feel this generation wants a diversity of tastes and flavors in the products they consume. And therefore, the tagline make play with flavors.” The brand had also very quickly realized the potential that a merchandizing arm could hold and had launched it around 4-5 years back. In the last two years, the business has grown by about 3X and the company is constantly expanding on its offerings, which would also include a premium apparel collection. On where he thinks the next phase of growth for the brand will come from Jain said, “One of the things we are very focused on is innovation. We'll be launching more products next year than in the last five years combined. And people can expect a lot more flavors from us next year. Secondly, we are also expanding our taproom business. Currently, we have one taproom and we'll be expanding to potentially a couple of cities over the next 6-12 months. And the third area of growth for us will be essentially from going deeper into Bharath, taking our products to new states and even deeper into our existing states and making sure that our products are available in more stores.”

We'll be launching more products next year than we did in the last five years combined: Ankur Jain, Bira 91

Stock prices of major liquor stocks, including United Spirits and Radico Khaitan plunged on Tuesday after the Delhi <keyword id="26362" type="COMPANY" weightage="20" keywordseo="Government">government</keyword> imposed a 70% 'special corona fee' on the sale of alcohol in the city. Other states like <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> have also raised taxes on liquor as all possible avenues of boosting revenue are being explored to fight Covid-19 outbreak. <div type="Article" hostid="261" msid="75545892" title="Booze 70% costlier as Delhi slaps special corona fee starting today" mstype="2" mssubtype="0"></div> Around 11.30 a.m., shares of Radico Khaitan, the maker of Magic Moments and Rampur Indian Single Malt Whisky, were at Rs 303.85, lower by Rs 12.75 or 4.03 per cent from its previous close. Stocks of United Spirits were at Rs 527.65 per share, lower by Rs 13.95 or 2.58 per cent from the previous close. United Spirits produces the brands Black Label, Black Dog and 'Smirnoff' vodka among others. Further, the scrip of <keyword id="81868" type="DOMAIN" weightage="20" keywordseo="United-Breweries">United Breweries</keyword>, the maker of the '<keyword id="6360137" type="COMPANY" weightage="20" keywordseo="kingfisher">Kingfisher</keyword>' brand of beer, also fell around two per cent. Around 11.30 a.m. it was trading at Rs 948.55, lower by Rs 21.55 or 2.22 per cent from the previous close. In an order issued late on Monday night, the Finance Department imposed the fee, describing it as the 70 per cent of the maximum retail price on all categories of liquor sold through retail licensees for consumption "off" the premises. "The Delhi government has levied a Special Corona Fee -- 70 per cent of the Maximum Retail Price (MRP) -- on all categories of liquor from the consumer at the Point of Sale by the retail vend licensees for consumption off the premises, which will be further reimbursed to the Government," the order signed by Deputy Commissioner (Excise) said. The liquor industry, however, has said that the move would have negative impact on the industry economy. Vinod Giri, Director General of the Confederation of <keyword id="9026991" type="COMPANY" weightage="20" keywordseo="indian-alcoholic-beverage-companies">Indian Alcoholic Beverage Companies</keyword> (CIABC) said that such steep hike in levies could be counter-productive in the long run. <div type="Article" hostid="261" msid="75548883" title="Andhra Pradesh government hikes liquor prices by another 50%" mstype="2" mssubtype="0"></div>

Major liquor stocks price plunge after state governments levy Corona fee

Embattled liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, on Tuesday asked Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> to consider his repeated "offer to repay 100 per cent" of the amount borrowed by now defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, in this time of coronavirus pandemic. Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore, also said all his companies have effectively ceased operations and manufacturing following the lockdown in India. "I have made repeated offers to pay 100 per cent of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis," Mallya said in a series of tweets. He further said, "Indian <keyword id="26362" type="COMPANY" weightage="20" keywordseo="Government">Government</keyword> has done what was unthinkable in locking down the entire country. We respect that. All my companies have effectively ceased operations. All manufacturing is closed as well." Mallya sought government help and said, "we are not sending employees home and paying the idle cost. Government has to help." Asking people to stay safe and maintain social distancing "which can effectively be achieved by staying home and enjoying home time with family and pets, he said, "I am doing the same. We all have a sense of bravado but it's not worth challenging an unknown enemy which isn't Pulwama or Kargil." Mallya has challenged in the UK <keyword id="6355392" type="COMPANY" weightage="20" keywordseo="High-Court">High Court</keyword> his extradition from the country. RKL DRR

Vijay Mallya appeals to Finance Minister to reconsider his repayment offer during these 'tough' times

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li"><keyword id="176803" type="PERSON" weightage="20" keywordseo="Saffronart">Saffronart</keyword> to help auction assets seized from alleged perpetrators in Punjab National Bank scandal.</li><li class="generic-article__summary--li content--li">The items include artworks, Hermes handbags, a Rolls-Royce and limited-edition watches. </li></ul>The Punjab National Bank scandal is likely to cost India’s second largest state-owned lender about US$2 billion. Sale of assets seized from the alleged perpetrators including diamond designer <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, starting this month, suggests a long road to recovery. Through the Enforcement Directorate, the agency responsible for fighting economic crime in India, the government has engaged Mumbai-based Saffronart to auction a litany of luxury goods to recoup its losses. The list includes prized artworks by Indian and Chinese painters, Hermes’ Birkin and Kelly handbags and a Jaeger-LeCoultre watch in platinum. A <keyword id="925742" type="COMPANY" weightage="20" keywordseo="Rolls-Royce-Ghost">Rolls-Royce Ghost</keyword> and a Porsche Panamera S are also going under the hammer. An on-site live auction is set for February 27 and an online bidding on March 3 and 4, with both events expected to raise US$5.7 million and US$7.1 million, respectively, the auction house estimated in an email to the Post on Wednesday. “These works are of significant interest to strong collectors and connoisseurs of Indian and Chinese art,” said Dinesh Vazirani, CEO and co-founder of Saffronart, which has conducted 250 auctions over its 20-year history. “In terms of interest, the bags and cars have a much wider appeal.” Diamond jewellery designer <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi fled India in 2018 after the Punjab National Bank scandal broke out. Photo: Mint via Getty Images Modi fled the country in early 2018, days before the scandal broke out revealing the issuance of letters of understanding for trade that bypassed Punjab National Bank’s internal controls. The Enforcement Directorate has since attached at least US$1 billion worth of assets belonging to Modi and other people charged in the case. Modi is being remanded in the UK’s Wandsworth prison until February 27 as he fights an extradition in a trial that is set to begin in May, according to an Economic Times <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pnb-fraud-case-nirav-modi-to-appear-for-remand-hearing-in-uk/articleshow/73761275.cms" target="_blank" class="link-text">report</a>. on January 30. In another UK courtroom, <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> is appealing against his extradition as India’s government seeks to recover loans tied to the collapse of his <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, the Hindustan Times reported on Wednesday.<h4 style="margin-top: 0.714286rem; margin-bottom: 1.42857rem; font-variant: inherit; font-stretch: inherit; font-size: 2rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"></h4>The two cases bear some semblance to some of <keyword id="21718" type="LOCATION" weightage="20" keywordseo="Asia">Asia</keyword>’s biggest corporate scandals. Low Taek Jho has been in hiding since the US$4.5 billion scandal involving the looting at a Malaysian state investment fund. Carlos Ghosn fled to Lebanon after being charged for alleged financial misconduct while helming Japanese carmaker Nissan Motor. For India, they are emblematic of the state of its banking industry. Years of poor lending controls, weak recoveries and occasional frauds have saddled the financial system with ever more soured loans. The country’s 42 commercial banks collectively wrote off 2.12 trillion rupees (US$29.7 billion) of bad loans in 2018-19, the <a href="https://www.business-standard.com/article/finance/india-s-banks-wrote-off-rs-2-trillion-worth-of-bad-loans-in-2018-19-119112900099_1.html" target="_blank" class="link-text">Business Standard reported</a> , citing official data released in parliament. That was 42 per cent higher than a year earlier, and equivalent to about one-fifth of their non-performing assets, it said. For Saffronart, its business can do with some stamp of recognition. The government last year engaged the firm to auction a cache of works by Indian and Chinese artists, raising almost US$8 million for the tax recovery department. Saffronart has set the industry standard for the process of valuation for artworks and collectibles, Vazirani said, “based on expertise and data analytics.”

Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

(Photo source: IANS) <ul><li><keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, an <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n liquor tycoon and the former boss of Kingfisher Airlines, will be extradited to India by order of a <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court. </li><li>The allegations leveled against him include fraud, money laundering, and conspiracy. </li><li>He left India in 2016 in the middle of the investigation for the UK, a country where he is also a citizen. </li><li>He now has 14 days to file a appeal against the judgement but Central Bureau of Investigation has stated that they ‘hope to see him soon’. </li></ul>A UK court has approved the extradition of India’s liquor tycoon, Vijay Mallya, to India two years after he left India amid charges of fraud and money laundering. The former boss of the Kingfisher Airlines has 14 days to make an appeal against the judgement. The Central Bureau of Investigation (CBI) has released a statement following the order: “We hope to bring him soon and conclude the case. CBI has its own inherent strengths. We worked hard on this case. We are strong on law and facts and we were confident while pursuing extradition process.” The judgement was passed by the Chief Magistrate, Judge Emma Arbuthnot who stated that prima facie (on first impression) there is a case to be made against Mallya for fraud, conspiracy and money laundering. In recent weeks, Mallya has ‘offered’ to pay back what he owes to Indian banks. The allegations against fraud and money laundering amount to an estimated ₹90 billion. He maintains that these charges against him are ‘politically motivated’ and that he has done nothing wrong. According to the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/mallya-extradition-case-arthur-road-jail-keeps-high-security-cell-ready/articleshow/67023180.cms">Economic Times</a>, there is a ‘high-security’ cell kept ready at the Arthur Road prison for Mallya. The same prison housed the 26/11 Mumbai attack terrorist, Mohammad Ajmal Kasab. See also: <a href="https://www.businessinsider.in/vijay-mallaya-wants-to-pay-back-100-public-money-that-he-embezzled-pleads-for-banks-to-take-it/articleshow/66950116.cms">Vijay Mallya wants to pay back '100% public money' that he embezzled, pleads for banks to take it</a> <a href="https://www.businessinsider.in/indias-corporate-fraud-investigation-agency-and-the-ceos-of-state-owned-banks-can-now-directly-prevent-scamsters-from-leaving-the-country/articleshow/66846397.cms">India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country</a> <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>

Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

<ul><li>Crowds chanted “chor hai, chor hai (you are a thief)” as they spotted Mallya at the match</li><li>A similar incident occurred in January 2017. </li><li> He owes as much as ₹90 billion to a clutch of banks, led by SBI. </li></ul>Long gone are the days when liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> would walk into cricket stadiums as an IPL team owner, welcomed with cheers. The wanted businessman who has now fled India, was booed and heckled by crowds at The Oval as he watched the India-Australia match with his family, in the UK. Crowds chanted “chor hai, chor hai (you are a thief)” as they spotted Mallya at the match. This is not the first time when Mallya, who has fraud and money laundering charges against him in India, was heckled by crowds. A similar incident occurred in January 2017 to Mallya at The Oval stadium, to watch the Champions Trophy match between South Africa and West Indies. According to NDTV reports, crowds cried “chor, chor" (thief, thief)” at him. ‘Here to watch the match’ In a video from the World Cup match, Mallya was seen surrounded by a small crowd, pushing and shoving him, as the cries grew louder. At one point, someone even shouted, “Be a man, apologize to your country,” is heard, to which Mallya mumbled an inaudible response. “I am making sure my mother doesn’t get hurt. I am here to watch the game,” Mallya told news agency ANI, adding that preparations are underway for the next hearing scheduled in July. He has been fighting India's attempts to extradite him., and try him for his financial crimes. Mallya left India in 2016 before a lookout notice was issued against the former owner of Kingfisher Airlines. He owes as much as ₹90 billion to a clutch of banks, led by SBI. Mallya was at The Oval with his son, Siddharth Mallya, and posted a photo with him. 
	<div type="twitter" handle="TheVijayMallya" handlename="Vijay Mallya" image="http://pbs.twimg.com/profile_images/827708603/Copy_of_VJM_4_normal.JPG" favoritecount="13452" retweetcount="1024" status="Great to watch cricket with my son and even sweeter to see India’s emphatic victory over Australia. Congratulations… https://t.co/9EKOcl9RKt" createdat="1560103246000" id="1137781597653098497"></div>



In denial Mallya had repeatedly denied fleeing the country and said he is ready to pay back the money he owes to Indian banks. The London High Court will hear his oral plea against his extradition on July 2. Earlier, the High Court had rejected his plea against the extradition order by the UK Home Office and the Westminster Court. The Enforcement Directorate (ED) had also moved the Special Prevention of Money Laundering Act court last year to get them to declare Mallya declared a “fugitive economic offender”. This will allow them to confiscate his properties estimated to be worth ₹120 billion, making it the first such case of its kind, under the new law.

Vijay Mallya and family was heckled by Indian fans at The Oval in UK

<ul><li>The UK’s Home Secretary, <keyword id="6448687" type="PERSON" weightage="20" keywordseo="sajid-javid">Sajid Javid</keyword>, has finally signed off on the extradition of <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>. </li><li>This comes two months after the Westminster Magistrates’ Court ruled that the liquor baron could be extradited to India in order to answer for his alleged crimes. </li><li>Mallya now has 14 days to appeal the ruling.</li></ul>The UK’s Home Secretary, Sajid Javid, has finally signed off on the extradition of Vijay Mallya, nearly a month after he was declared a <a href="https://www.thehindu.com/news/national/vijay-mallya-declared-as-fugitive-economic-offender-under-new-law/article25919274.ece">“fugitive economic offender” </a>after a special court in India on charges of fraud and <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword>. He has defaulted on nearly ₹90 billion worth of loans made to his now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. The case was sent to the UK Home Office In December 2018 after the Westminster Magistrates’ Court ruled that liquor baron Vijay Mallya <a href="https://www.businessinsider.in/the-extradition-of-vijay-mallya-the-indian-government-has-secured-a-key-victory-but-a-lot-more-work-remains/articleshow/67041778.cms">could be extradited to India</a> in order to answer for his alleged crimes. It took the full two months it had to make a decision. Javid’s verdict is an important victory for India. In addition to the severity of Mallya’s financial crimes, it was asked to guarantee that he would be subjected to a fair trial and humane living conditions while in jail. Mallya now has 14 days to appeal the ruling. For his part, he has vehemently denied reports that he fled India to prevent imprisonment and even said that he had made offers to pay back his loans. He took to Twitter shortly after the UK’s Home Office announced his decision. 
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 Given that Mallya now has the all-clear to appeal his extradition, it could be still be a few months before his extradition takes place. However, the Modi administration will likely do its best to secure his return before general elections in May, which will give it an important symbolic victory and bolster its anti-corruption stance. Separately, a special court set up under the Prevention of Money Laundering Act is expected to take a decision this week on a plea filed by a consortium of lenders led by the State Bank of India on whether ₹125 billion worth of confiscated assets belonging to Mallya can be liquidated at the earliest. SEE ALSO: <a href="https://www.businessinsider.in/the-extradition-of-vijay-mallya-the-indian-government-has-secured-a-key-victory-but-a-lot-more-work-remains/articleshow/67041778.cms">The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains</a> <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</a>

India just moved a step closer to securing the extradition of Vijay Mallya

<ul><li>A <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court has said that liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> should be extradited to India in order to answer for his alleged crimes, most of which relate to the default on loans made to the now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. </li><li>Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether not he should be extradited. </li><li>Meanwhile, Mallya has the option of filing appeals in both the UK High Court and Supreme Court. </li><li>The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved.</li></ul>Yesterday, a UK court ruled that liquor baron Vijay Mallya could be <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">extradited to India</a> in order to answer for his alleged crimes, most of which relate to the default on thousands of crores worth of loans made to his now-defunct Kingfisher Airlines. Mallya is suspected to have misled the executives of several Indian banks, including the government-owned State Bank of India, about the financial struggles of the airline and diverted a lot of those funds to his other ventures. After waiting since February 2017, when it made a formal request to the UK for Mallya’s <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword>, India’s government was obviously <a href="https://www.ndtv.com/india-news/centre-deeply-satisfied-with-uk-courts-verdict-on-vijay-mallya-1960750">happy</a> with the verdict. However, a lot more work and judicial procedures remain to bring Mallya back to India and subsequently pay for his crimes. Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether or not he should be extradited. A decision is expected within two months. Meanwhile, Mallya has two weeks to lodge an appeal in the UK High Court against the lower court’s recommendation to extradite him as well as the home secretary’s decision, as and when it's made. If the appeal, which will only be heard if the home secretary allows it, is rejected, Mallya can then seek recourse in the UK Supreme Court within two weeks of the high court’s verdict. The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved. Also, given that so much of this is dependent on the discretion of the home secretary, the Indian government will need to consistently make its case for extradition to the UK government. In addition to the severity of his financial crimes, it will have to prove repeatedly that Mallya will be subjected to a fair trial and humane living conditions while in jail. Meanwhile, India’s investigative and law enforcement agencies, primarily the <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED), will get to work on having Mallya declared a “fugitive economic offender.” The designation will allow them to <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">seize his assets</a>, both domestic and international. Last week, India’s Supreme Court <a href="https://www.livemint.com/Industry/UU8sXq3IsKGTpA4TS6DmjJ/Supreme-Court-refuses-to-stay-ED-proceedings-against-Vijay-M.html">dismissed a plea</a> by Mallya seeking a suspension on proceedings against him by the ED. In addition to securing the “fugitive economic offender” label for Mallya from a special anti-corruption court, the agency is also looking to confiscate ₹125 billion worth of his assets. SEE ALSO: <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</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> <a href="https://www.businessinsider.in/vijay-mallya-wants-to-sell-his-assets-to-pay-back-loans-but-it-might-be-too-little-too-late/articleshow/64760900.cms">Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late</a>

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