• Wednesday, October 05, 2022

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India lenders told to recover loans from tycoon Mallya

Vijay Mallya

By: Eastern Eye Staff

An Indian court ordered a consortium of banks Thursday (19) to start the process of recovering loans from the tycoon Vijay Mallya who has refused demands to return home from exile in Britain. The Debt Recovery Tribunal ordered a consortium of 17 banks led by the State Bank of India to start the process of recovering 62 billion rupees (around $1 billion) at an annual interest rate of 11.5 per cent from Mallya and his companies. Among the companies named in the ruling were United Breweries – a liquor company which Mallya once owned and in which he still retains…

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