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The Supreme Court of India has said that banks that owe more than a billion dollars to <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> have all the rights to access details of the assets that he owns outside India. 
 
The former liquor baron of India, who fled India before banks could get a restriction order against him, had stated that since the loans that he has taken were not based on his overseas properties and investments, banks have no right seeking any information about them. 
 
As of now, the Indian government has cancelled his passport, with an arrest warrant being issued by a Mumbai court since he didn’t turn up for three meetings held with investigators in Mumbai. 
 
<a href="http://bsmedia.business-standard.com/_media/bs/img/article/2016-03/10/full/1457552581-4399.jpg">Image source</a>

SC says Vijay Mallya will have to declare all his assets to the Banks, including that of his wife’s and children’s

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

Former liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, in a series of <a href="http://www.businessinsider.in/Vijay-Mallya-takes-to-Twitter-to-reveal-what-made-him-escape-the-country-without-paying-loan-amount/articleshow/56831457.cms">tweets</a>, said that he is ready to <keyword id="71039" type="UNKNOWN" weightage="100" keywordseo="negotiate">negotiate</keyword> with banks to pay a <keyword id="139241" type="UNKNOWN" weightage="100" keywordseo="one-time-settlement">one-time settlement</keyword>. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallya-out-of-India-while-banks-seek-stay-order/articleshow/51323634.cms">A little too late! Mallya flew out of India before banks could take a stay order against him</a> 
 Here are the <keyword id="4277112" type="UNKNOWN" weightage="100" keywordseo="Tweets-from-Mallyas-account">tweets from Mallya’s account</keyword>: 
 
<blockquote class="twitter-tweet" data-lang="en">
	 The allegations against me by the Attorney General before the Honourable <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword> only prove the attitude of the Government against me
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839968907251372033">March 9, 2017</a></blockquote>
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-aircraft-to-be-auctioned-expected-to-fetch-around-Rs-535-crore/articleshow/55094451.cms">Vijay Mallya’s aircraft to be auctioned; expected to fetch around Rs 535 crore</a> 
 
He went on to say that he has followed all court orders, and deserves a fair trial. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		I have humbly obeyed every single Court Order without exception. Seems as if Government is bent upon holding me guilty without fair trial
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839969673286389761">March 9, 2017</a></blockquote>
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Public Sector Banks have policies for One Time Settlements.Hundreds of borrowers have settled. Why should this be denied to us ?
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839981387843284992">March 9, 2017</a></blockquote>
 
Also read: <a href="http://www.businessinsider.in/13-of-vijay-mallyas-properties-to-be-auctioned-including-his-palatial-mumbai-house/articleshow/57310868.cms">13 of Vijay Mallya's properties to be auctioned, including his palatial Mumbai house</a> 
 
He added: 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Our substantial offer before the Hon'ble Supreme Court was rejected by Banks without consideration.Am ready to talk settlement on fair basis
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839982944706035712">March 9, 2017</a></blockquote>
 
He ended the series by saying that an intervention from the <a href="http://www.businessinsider.in/Vijay-Mallya-foreign-assets/articleshow/51994174.cms">Supreme Court</a> would end the matter quickly. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Wish the Hon'ble Supreme Court would intervene and put an end to all this by directing Banks and us to negotiate and settle.We are ready.
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839985116650831872">March 9, 2017</a></blockquote>
 
(Image source: OhMyIndia)

Ready to talk one-time settlement, says Vijay Mallya

Former Indian liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who <a href="http://www.businessinsider.in/Vijay-Mallya-out-of-India-while-banks-seek-stay-order/articleshow/51323634.cms">fled India in March </a>and owes billions of dollars to Indian banks, has said that he is in a "forced exile" and would not return to India right now, because here, things are been thrown at him "fast and furious". 
 
Mallya, whose passport has been cancelled by the Indian government, said that he wants a "reasonable" settlement with creditor banks for the now defunct Kingfisher Airlines, but by taking his passport or arresting him, they won’t get any money. 
 
"I definitely would like to return to India. Right now, things are flying at me fast and furious. My passport has been revoked. I don't know what the government is going to do next," he told the Financial Times. 
 
The 60-year old says that he continues to be an Indian patriot, who is "proud to fly the Indian flag", but he feels safe in the UK and has no plans to leave that country amidst the outcries against him. 
 
"It is important to understand the environment in India today. The electronic media is playing a huge role not just in moulding public opinion, but in <a href="http://www.businessinsider.in/Vijay-Mallya-foreign-assets/articleshow/51994174.cms">inflaming the government</a> to a very large extent," he said in a four-hour interview in Mayfair, Central London. 
 
It was yesterday that the Indian government had formally asked the UK to <a href="http://www.businessinsider.in/Indian-wants-Vijay-Mallya-deported/articleshow/52027466.cms">deport Mallya</a>, who also has <a href="http://www.businessinsider.in/Four-more-NBWs-against-Mallya/articleshow/51412039.cms">several NBWs </a>against him. 
 
Mallya added that he was "absolutely not guilty of any of these preposterous charges of diverting funds from Kingfisher, buying <a href="http://www.businessinsider.in/Vijay-Mallyas-Airbus-to-be-auctioned/articleshow/51406790.cms">properties </a>or stuff like that". 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallya-asked-for-Rs-20000/articleshow/51943521.cms">Rajya Sabha MP Vijay Mallya, a billionaire, had asked for Rs 20,000 as perks</a> 
 
He added that the government can appoint the world's best forensic auditor, but even he won’t find anything wrong in the accounts of Kingfisher as far as bank loans utilization is concerned. 
 
When asked who he thinks is behind his woes, he said, "I wish I knew," and "All I can say is the manner in which my passport was first suspended and then revoked was done in an extraordinary haste." 
 
"First, notice of suspension came on a public holiday last week... I replied. And my reply was not considered and the passport was revoked on Saturday," he concluded.

Cancelling my passport won’t get you back your money, cries Mallya

<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

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

Banks and the <keyword id="6357808" type="ORGANIZATION" weightage="100" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (<keyword id="12163" type="COMPANY" weightage="100" keywordseo="Ed">ED</keyword>) seem to be having a tiff over the right over the promoter shares of <keyword id="7229" type="CITY" weightage="100" keywordseo="UB-Group">UB Group</keyword> companies that <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> had pledged with banks. A few weeks back, ED officials had taken possession of the shares of some of these companies and other assets. They will soon move to get a confiscation order from the courts so that they can take over the shares. However, as per banks, it’s not that simple. "We hold the first right on pledged shares as a charge was created while disbursing loans to Mallya and his companies," said one banker requesting anonymity. "ED may dispose of other assets where there is no charge, but selling shares and assets pledged to us is not possible." As per another banker, since banks hold prior right on all pledged assets, ED cannot confiscate such a property. "Also, we are waiting for the extradition proceedings to get completed; recovery will speed up if Mallya is brought back." The tiff might go for long and can also prove to be worrisome for Dutch brewer <keyword id="81732" type="COMPANY" weightage="100" keywordseo="Heineken">Heineken</keyword>'s plans to take majority ownership in <keyword id="81868" type="COMPANY" weightage="100" keywordseo="United-Breweries">United Breweries</keyword>, of which has Mallya is a joint owner with a 30% stake. This stake is among the assets that ED possesses. ED, however, has a possible upper hand in the form of an option. As per experts, if the agency proves to the court that money was laundered by Mallya and his companies and this laundered money was used to create these assets, then the ownership will have to be transferred to the government. "If ED presses charge of money laundering and is able to prove that these shares/assets are from ill-gotten wealth, then these will go to the government and the charge by banks falls," Babu Sivaprakasam, partner at Economic Laws Practice, told <a href="http://m.economictimes.com/news/politics-and-nation/enforcement-directorate-banks-claim-right-over-assets-pledged-by-vijay-mallya/articleshow/58918471.cms">ET</a>.

ED and banks to lock horns over assets pledged by Vijay Mallya

<ul><li>The <keyword id="6456540" type="UNKNOWN" weightage="20" keywordseo="Fugitive-Economic-Offenders-Ordinance">Fugitive Economic Offenders Ordinance</keyword> applies to individuals who have defaulted on payments over ₹1 billion. </li><li>The <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED) plans to seize around ₹124 billion of his assets under the law. </li><li>Mallya owes a group of 17 banks — most of which are state-owned — nearly ₹100 billion. </li></ul> Liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> will soon become the <a href="https://indianexpress.com/article/india/enforcement-directorate-to-move-court-against-vijay-mallya-in-first-case-under-new-fugitives-law-5221809/">first person to be tried</a> under India’s recently implemented Fugitive Economic Offenders Ordinance. The Enforcement Directorate (ED), the agency responsible for economic crimes in the country, plans to seize around ₹124 billion of his assets under the law, which was approved in April 2018. It will file a case in a special court for the same. Mallya, who is currently contesting extradition proceedings from the UK, owes a group of 17 banks - most of which are state-owned - nearly ₹100 billion. He and two of his companies, the now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword> and United Breweries, were declared ‘wilful defaulters’ in November 2015 by the State Bank of India and were accused of misappropriation of funds and of defaulting on payments to creditors. Mallya left India and moved to the UK in early 2016 after the banks filed a case against him with the Debt Recovery Tribunal. The Fugitive Economic Offenders Ordinance applies to individuals who have defaulted on payments over ₹1 billion. The ordinance defines a ‘fugitive economic offender’ as a person against whom an arrest warrant has been issued for a money-related crime, and has left the country so as to avoid a criminal trial or refuses to return to face the music. Once the ED files the case against Mallya in court, he has six weeks to present himself at a trial in a pre-specified location, where he will be tried under the Prevention of Money Laundering Act. If he does not show up, he will be declared a “fugitive economic offender”, which in turn will allow the ED to seize his domestic and international assets, even without being convicted in a trial, in order to pay back his creditors. These assets include Mallya’s shares in United Breweries as well as real estate properties in Alibaug and Bengaluru. If the case leads to successful resolution of Mallya’s unpaid dues, it will establish an important precedent in India’s legal landscape. The next case filed under the Fugitive Economic Offenders Ordinance could very well be against a famous diamond merchant.

Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance

After two years of radio silence, liquor baron Vijay <keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword> finally released a statement to the media via <a href="https://twitter.com/TheVijayMallya?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">his Twitter account</a> yesterday. In a five page letter, Mallya explained that he had filed a motion in the Karnataka High Court seeking permission to sell ₹139 billion worth of his assets to cover his outstanding dues with creditors. Mallya and his firms - the now defunct <keyword id="6360137" type="COMPANY" weightage="20" keywordseo="kingfisher">Kingfisher</keyword> Airlines and United Breweries - were declared wilful defaulters in late 2015. However, according to him, this designation came despite not one, but two, settlement proposals from his side. Also, he refuses to concede that the firms defaulted on their loans for any reasons other than “business failure”, when in reality, the government is pursuing fraud charges against him for money laundering and fund diversion. He currently owes a consortium of 17 state-owned banks around ₹99 billion, a bulk of which he says is “on account of interest”. Noting his disapproval at being made “the poster boy of bank default and lightning rod of public anger”, Mallya said that the overarching desire of government agencies wasn’t to collect evidence of criminal intent or allow him to cover his dues but rather to get him to India to face criminal charges. His extradition hearing in London is scheduled to end in late July. A pre-emptive plea The move comes a few days after the Enforcement Directorate (ED) initiated proceedings to declare Mallya a “fugitive economic offender” under a special ordinance and confiscate around ₹125 billion of his assets. This likely scared him into submission. Mallya concluded the letter by reiterating his desire to settle his dues with the public sector banks. However, other than asserting his desire to comply with the authorities, his plea is unlikely to change anything. He still has no desire to appear in court in India. Furthermore, his claims that he’s been trying to settle his dues since 2016 bear little credibility. Simply put, if he could pay back his loans in the last few years, he would have. This is the same person who threw a lavish 60th birthday party for himself merely weeks after Kingfisher Airlines defaulted on more than $1 billion worth of loans from the State Bank of India and had failed to pay its employees’ salaries. Offering to sell assets that are already slated for confiscation Most of the assets that Mallya has told the Karnataka High Court that he intends to sell are already on the chopping block, as notified by the ED. These include shares in firms like United Spirits and United Breweries, real estate properties like Kingfisher Villa and deposits with the court. Furthermore, Mallya is overestimating the value of his assets. For example, the Kingfisher Villa has been slated for sale for two years, but hasn’t been sold yet as buyers have steered clear. The reserve price has since fallen from around ₹850 million to ₹730 million. The ED has already moved a special court for permission to sell Mallya and his firms’ assets without a trial. A decision is expected within the next few months. In the meantime, if Mallya really wishes to shake off this “poster boy” image, he should come to India and face the charges in court.

Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late

The much-awaited <keyword id="62161" type="COMPANY" weightage="20" keywordseo="Dharma-Productions">Dharma Productions</keyword>' Student Of The Year 2 has partnered with <keyword id="191951" type="COMPANY" weightage="20" keywordseo="Smule">Smule</keyword> for the biggest <keyword id="143" type="CITY" weightage="20" keywordseo="Bollywood">Bollywood</keyword> singing contest where music enthusiasts can showcase their talent and win a chance to fly and perform in the US. The star-studded cast of SOTY2, featuring <keyword id="133664" type="PERSON" weightage="20" keywordseo="Tiger-Shroff">Tiger Shroff</keyword>, debutantes Ananya Panday and Tara Sutaria, will be reaching out to Smule’s community of 50 million monthly users to take part in the contest. The Smule users will also get an opportunity to sing along with Tara Sutaria, who’s also a professional opera singer, on the Smule app. Smule, through its contest - ‘Smule pe gaao America jaao’, aims to reach out to its huge yet tightly-knit community of music lovers to come, sing along and fulfil their dream of visiting the US. The ‘Smule pe gaao America jaao’ contest has got not just the users but also original singers and star cast of the movie, including Tara Sutaria and Dev Negi to sing SOTY2’s songs on Smule. The artist community of Smule which includes Shahid Mallya, Nikhita Gandhi, Akshay Dhawan et al will also be coming onboard to encourage the user community to be part of the contest. Additionally, Smule’s community influencers, including Ashmik Patil - the winner of Smule Mirchi Cover Star, have already expressed their excitement about what’s in store for them and the entire community of singers. One lucky winner will also get a lifetime opportunity to perform live at the largest Bollywood music festival in North America - the Gaana Music Festival, alongside the likes of popular voices such as Vishal &amp; Shekhar, Sunidhi Chauhan, Divine, <keyword id="253" type="PERSON" weightage="20" keywordseo="Alka-Yagnik">Alka Yagnik</keyword>, Hariharan, Jassie Gill, Babbal Rai and more. It’s not the first time that Smule has organized or partnered with something really interesting and empowering for its millions of users. Post an investment and partnership with Times Bridge, Smule has partnered with a few high-octane properties like Indian Idol 10, Mirchi Music Awards, and multiple artists like Armaan Malik, Amaal Mallik, Naezy, Darshan Raval and Nikhita Gandhi. Within a short period of its launch in India, Smule has become the largest and the most preferred social networking platform for singers to engage with and simply share the joy of singing with each other.

Dharma’s Student Of The Year 2 and Smule join hands to host the biggest Bollywood singing contest

A year ago, Times Bridge, the global investments and partnerships arm of The Times Group and Smule, the world’s leading social network for music announced a strategic partnership in India. And, Smule had a good year in India. “We have developed a deeply integrated relationship in India over this period, giving Smule a decisive edge in scaling up its operations in the country. By effectively leveraging the network of Times Group’s media assets and facilitating long-lasting partnerships, we’ve helped Smule vastly increase its exposure to India’s diverse digital music landscape,” said Smule. Today, India is Smule’s third largest market in the world. And Indians make up 20% of its active users who engage with the app for an average of 57 minutes every day. A range of high-octane collaborations with the country's best music properties, movies and labels helped achieve this. Smule provides unique engagement opportunities to immerse in India’s multi-lingual music culture by leveraging best in-house brands such as Radio Mirchi, Gaana and MX Player. Bollywood collaboration Smule has also inked big ticket movie collaborations with studios like Fox Star &amp; <keyword id="62161" type="COMPANY" weightage="20" keywordseo="Dharma-Productions">Dharma Productions</keyword>. This has ensured that Smule's recall among music aficionados remains high. Last year, Smule formed a brand association with 'Student of the Year 2' for a Bollywood singing contest where music enthusiasts won a chance to fly to and perform in the US with <keyword id="15009" type="PERSON" weightage="20" keywordseo="Neha-Kakkar">Neha Kakkar</keyword> and <keyword id="6574" type="PERSON" weightage="20" keywordseo="Sonu-Nigam">Sonu Nigam</keyword>. It also rolled out the country’s biggest talent hunt though partners like <keyword id="1701" type="ENTERTAINMENT" weightage="20" keywordseo="Indian-Idol">Indian Idol</keyword> and Surya Super Singer. The Smule Mirchi Cover Star IP, now in its second edition, had over 35,000 participants in Season 1. A partnership between Smule and Apple for the latter’s premium reseller, Aptronix’s retail store launch in India included a Live event for the Smule community. It had live performances by music composer-singer, Salim Merchant and a live duet with fans led by singer <keyword id="2571326" type="PERSON" weightage="20" keywordseo="Nikhita-Gandhi">Nikhita Gandhi</keyword>. One of the reasons why Smule has become so popular in India so quickly is because the app is home to an ever expanding community of users and artists. “We’ve been proactive in on-boarding top artists - from regional pop-icons like Maninder Butter to gen-next rapper Naezy, we onboarded a string of new artists on Smule over the past 12 months. Shahid Mallya of ' Ikk Kudi' fame made his debut on the network &amp; Darshan Rawal, one of the most followed Bollywood artists on the network came back with 5 monsoon-special song releases. We’ve made it a point to remain on the <keyword id="47552" type="PERSON" weightage="20" keywordseo="radar">radar</keyword> of our audience by curating cultural moments on key calendar dates and by running influencer campaigns on social media to ensure high visibility,” said Smule.

A year in India, Smule is getting almost twice  the engagement than TikTok

<ul><li>The Enforcement Directorate is currently investigating <keyword id="1702687" type="ORGANIZATION" weightage="20" keywordseo="YES-Bank-founder">Yes Bank founder</keyword> <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>.</li><li>They suspect that he's responsible for ₹30,000 crore worth loans at Yes Bank that went bad.</li><li>Here's the full story of everything that the ED's investigation has revealed so far about how Rana Kapoor gave out those loans and pocketed the kickbacks.</li></ul>Yes Bank founder Rana Kapoor shunned the family jewellery businesses to break into the tough world of private banking in India. However, his choice of loans, heady risks and illegal practices of lending against kickbacks brought the country’s fourth-largest lender under the lens of investigative agencies. A year after he entered the billionaire club, Kapoor’s world <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">started to crumble</a> when the Reserve Bank of India (RBI) asked Kapoor to step down from his position as CEO of Yes Bank by January 2019. By July, Yes Bank’s share price had dropped by 78% leaving Kapoor with a net worth of $377 million. 
 
 
 <div type="image" title="rana6" msid="74645019" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor addresses his first press conference after taking charge as ASSOCHAM President in New Delhi on 26 July 2013&amp;lt;/p&amp;gt;"></div>







 But the bank had lost much more as ₹30,000 crore worth loans went bad, and the Enforcement Directorate (ED) held him responsible. After the <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">ED arrested him</a>, it has identified 78 shell corporations that are suspected of receiving kickbacks in exchange for loans that no other bank would touch. According to the investigation, as his depositors lost money, he became richer by ₹5,000 crore only in kickbacks. With funds routed through shell companies and benami accounts, Kapoor <a href="https://www.businessinsider.in/business/news/a-reported-list-of-rana-kapoors-assets-include-a-30-million-investment-in-uk-a-yacht-and-five-properties-in-delhi/articleshow/74594273.cms">bought hotels in New York</a> and London, bungalows in Delhi, flats in Mumbai and expensive paintings. The ED's investigation also revealed that, Kapoor who played fast and hard with rules, also failed to insulate his family from harm. His wife Bindu and <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">three daughters</a> — Roshini, Radha and Rakhee — are at the helm of most of these shell companies, and CBI has its claws around them too. The case of money laundering The saga of crony capitalism started to come to light last week when Kapoor was booked under the Prevention of Money Laundering Act (PMLA) on March 6 to look into the connection between him and Yes Bank’s bad loans. 
 
 
 <div type="image" title="rana7" msid="74645029" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor arrested at his residence in Mumbai by the ED&amp;lt;/p&amp;gt;"></div>







 The ED <a href="https://www.businessinsider.in/business/news/yes-bank-founder-rana-kapoor-questioned-on-money-laundering-case-house-raided-by-ed/articleshow/74522297.cms">raided his residence</a> at Samudra Mahal in Worli to search for evidence and grilled him for hours. The following day, <a href="https://www.businessinsider.in/business/news/ed-continues-questioning-yes-bank-founder-rana-kapoor/articleshow/74525680.cms">officials took Kapoor</a> back to ED’s Ballard Pier office in Mumbai. During the course of the interrogation, the agency expanded its probe to include his daughters. They allegedly own multiple companies that received kickbacks from different corporates who received loans from Yes Bank. 
 
 
 <div type="image" title="rana9" msid="74645036" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor reprimanded into ED Custody until March 16&amp;lt;/p&amp;gt;"></div>







 The ₹600 crore kickback from DHFL One of the companies suspected by the ED of giving kickbacks to Kapoor’s companies is DHFL — <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">accused of misappropriating funds</a> worth ₹25,000 crore, which ultimately led to its downfall. Yes Bank had doled out a loan of ₹3,750 crore directly to DHFL and another loan worth ₹750 crore to RKW Developers, a subsidiary of DHFL. However, when the real estate company defaulted on its loan, Kapoor did not initiate any action. 
 
 
 <div type="image" title="rana4" msid="74645060" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor (C) with wife Bindu Kapoor (L) and daughter Roshni Kapoor (R)&amp;lt;/p&amp;gt;"></div>







 The ED now suspects that his restraint was a result of <a href="https://www.businessinsider.in/business/news/ed-questions-yes-bank-founder-rana-kapoor-for-second-day-expands-raids/articleshow/74530525.cms">kickbacks to the tune of ₹600 crore</a> to Doit Urban Ventures — a dummy corporation owned by Kapoor and two of his daughters. Nearly 80 shell companies set up to receive bribes and buy bungalows Two days into the interrogation Kapoor was arrested for not cooperating with the authorities. Meanwhile, 10 teams of the CBI were involved in its <a href="https://www.businessinsider.in/business/news/yes-bank-scam-cbi-carries-out-searches-at-7-locations-in-mumbai-loc-issued/articleshow/74554915.cms">search operations</a> spread across the south Mumbai neighbourhood. The ED found that Rana Kapoor and his family had more than <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">78 shell companies </a>set up to receive bribes and invest in properties under the radar. All of these companies were either directly under Kapoor’s control or under the control of his wife and daughters. His wife, Bindu, was the director of at least 42 companies. 
 
 
 <div type="image" title="25110ed6046e3eb4597f509f58f1c4eb_edited" msid="74645069" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor&amp;#39;s property at Amrita Shergil Marg&amp;lt;/p&amp;gt;"></div>







 The companies allegedly invested in properties with a net worth of over ₹2,000 crore. An official told PTI that the current market value of those properties could be <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">well above ₹5,000 crore.</a> His shady overseas properties include two luxury hotels — one in New York worth over $20 million and one in London worth nearly £30 million — two residential apartments in London valued at £15 million apiece, and a yacht. In India, Kapoor owns six bungalows in Delhi’s upscale neighbourhoods, including Jor Bagh, Hauz Khas and Kautilya Marg. Two were bought by a company called Bliss Adobe, which had Bindu as its director. The property on Amrita Shergil Marg was auctioned off by Avantha Realty when Bliss Abode picked it off the market. Coincidentally, Yes Bank’s exposure to Avantha Realty was ₹500 crore. The other house on Sardar Patel Marg was bought by the Kapoor’s shell corporation Bliss Home. ED’s investigation noted that the house was formerly owned by Vijay Mallya. ED also found that Kapoor owns six flats and a parcel of land in Mumbai and its suburbs. Priyanka Gandhi Vadhra and the painting by MF Hussain During the search of his Mumbai residence, the ED seized nearly 50 pieces of art from his home. One of the paintings — <a href="https://www.businessinsider.in/politics/india/news/congress-raises-question-over-rana-kapoors-links-with-bjp/articleshow/74544228.cms">a portrait of former prime minister Rajiv Gandhi by MF Hussain</a> — belonged to Congress leader Priyanka Gandhi Vadra. The Congress party says that the deal between Vadra and Kapoor was a transparent transaction of ₹2 crore. The payment was made through cheque and was reflected in income tax returns. However, the ED is still looking into whether the painting was Vadra’s to sell or belonged to the All India Congress Committee (AICC). It’s also looking into whether the provenance certificate — which authenticates the artwork — was signed by Vadra and under what circumstances. Can’t leave the country Kapoor and his family currently can’t leave the country. A look-out notice was also issued in their names on March 12 along with DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan. Roshini, Kapoor’s youngest daughter, was stopped at the CSM International Airport in Mumbai trying to catch a flight to London. Kapoor’s arrest has been extended to March 16 during which he will be in the custody of the ED. The Central Bureau of Investigation (CBI) is also loading its guns. It has begun a probe into the Yes Bank affairs but has not elaborated on the nature of the probe. The Income Tax Department is next in line to initiate action against Kapoor and others for tax evasion and possession of alleged undeclared foreign assets. Meanwhile, the Odisha unit of the Bharatiya Janata Party (BJP) has asked for a separate probe to look into the alleged conspiracy behind the deposits of ₹545 crore of the <a href="https://www.businessinsider.in/business/news/concern-over-lord-jagannaths-rs-545-crore-in-yes-bank/articleshow/74514318.cms">Shree Jagannath Temple</a>. Money laundering, tax evasion, fraud and insider trading— the founder of India’s fourth-largest private sector bank Rana Kapoor has been accused of it all. And, the evidence against him is piling up. While depositors are all set to get <a href="https://www.businessinsider.in/india/news/yes-bank-withdrawal-limit-to-be-lifted-in-three-working-days/articleshow/74624128.cms">relief this week</a> as moratorium lifts, Kapoor who claims he has “no clue” why RBI restricted withdrawals - will stay with the authorities trying to explain how he sunk crores into companies that can best be described as money pits. See also: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation</a> <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">The three Kapoor sisters who said ‘no’ to banking are now in the dock with Yes Bank crisis</a>

You Searched For "mallya properties" and got 12 results

SC says Vijay Mallya will have to declare all his assets to the Banks, including that of his wife’s and children’s

BI India Bureau

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

BI India Bureau

Ready to talk one-time settlement, says Vijay Mallya

BI India Bureau

Cancelling my passport won’t get you back your money, cries Mallya

BI India Bureau

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

BI India Bureau

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

PTI

ED and banks to lock horns over assets pledged by Vijay Mallya

BI India Bureau

Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance

BI India Bureau

Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late

Dilsher Dhillon

Dharma’s Student Of The Year 2 and Smule join hands to host the biggest Bollywood singing contest

BI India Partner

A year in India, Smule is getting almost twice the engagement than TikTok

BI India Partner

Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks

Prabhjote Gill

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