Skip to content 
Search

Latest Stories

Court admits Indian evidence against Mallya

A BRITISH court last Friday (27) admitted evidence submitted by an Indian investi­gating agency against businessman Vijay Mallya who faces extradition to India over defaulting in bank loans.

Mallya, 62, who appeared in Westminis­ter magistrates court in London, had his £650,000 bail extended until the next hear­ing on July 11. When the court reconvenes, oral submissions will be made on closing arguments to be submitted in writing to judge Emma Arbuthnot over the next two months. She is then expected to indicate plans for a verdict at the next hearing.


Mallya’s extradition trial, which opened at the London court on December 4 last year, is aimed at laying out a prima facie case of fraud against the businessman, who has been based in the UK since he left India in March 2016.

It also seeks to prove there are no “bars to extradition” and that the tycoon is as­sured a fair trial in India over his now-de­funct Kingfisher Airlines’ alleged default of over `9,000 crore in loans from a consorti­um of Indian banks.

The CPS, representing the Indian gov­ernment, has argued the evidence they have presented establishes “dishonesty” on Mallya’s part and there are no bars to him being extradited from the UK to face Indian courts.

Mallya’s defence team has deposed a series of expert witnesses to claim he had no “fraudulent” intentions and that he is unlikely to get a fair trial in India.

If the judge rules in favour of the Indian government, the UK home secretary will have two months to sign Mallya’s extradi­tion order. However, both sides will have the chance to appeal in higher courts in the UK against the verdict.

More For You

Labour’s non-dom tax changes may cost £4bn, experts warn

Starmer and Reeves during a visit to Horiba Mira in Nuneaton in Nuneaton. (Photo: Getty Images)

Labour’s non-dom tax changes may cost £4bn, experts warn

PLANS by Labour to overhaul the tax rules for non-domiciled residents in the UK could cost the public purse up to £4 billion and result in the loss of thousands of private sector jobs, according to a new analysis.

A report by the Centre for Economics and Business Research (CEBR), shared with The Times, suggested that scrapping the current non-dom regime could lead to a sharp drop in tax revenues if even a fraction of those affected decide to leave the country.

Keep ReadingShow less
Tesla set to open first showroom in India

Elon Musk and Narendra Modi (right)

Tesla set to open first showroom in India

US CARMAKER Tesla is finally making its official debut in India with the opening of its first showroom in Mumbai.

The firm, led by Elon Musk, will unveil the new “Tesla Experience Centre” on Tuesday (15) at Maker Maxity Mall in the Bandra Kurla Complex, one of the city's top commercial hubs.

Keep ReadingShow less
Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less