Skip to content 
Search

Latest Stories

Vijay Mallya Faces Bankruptcy Proceedings In UK Court

In a latest legal trouble to former Indian business tycoon Vijay Mallya, a court in the UK has started bankruptcy proceedings against him.

According to a new report published in Indian daily, The Hindustan Times, Vijay Mallya is facing bankruptcy proceedings in a court in London brought by India’s biggest bank, State Bank of India (SBI), and other 12 lenders seeking to recover £1.145billion extended as loans to grounded Kingfisher Airlines, Mallya guaranteed.


The consortium of lenders led by SBI needs to rule Vijay Mallya as bankrupt as part of the efforts of the lenders to seize his properties in the UK to recover his loans. However, the former liquor baron is planing to contest the new petition which, according to him, is not sustainable, the daily reported.

“Nothing different to what has been happening over the past four years since the (Indian) government began hounding me,” Vijay Mallya said in a reply when asked by The Sunday Times how he felt on the latest development.

Earlier, it was believed that Mallya is on his way to lose his house in London after the court in the UK announced its judgement favouring Swiss lender UBS which had filed its petition to seize business tycoon’s property following non-payment of loans.

The lender had sought repossession of the assets of Vijay Mallya at Cornwall Terrace, overlooking Regent’s Park in the central London over non payment of a £20.4million mortgage loan.

The high court in London in a judgement has ruled in-favour of Swiss lender UBS to take Mallya’s central London residence into its possession.

The judge chief Master Marsh stated that he can see no foundation upon which the defendants should be given an opportunity to amend their defence. A trial in the case has been set for May 2019.

The Westminster court in London has already ruled for the extradition of Mallya, wanted in India for alleged bank fraud and money laundering charges amounting to an estimated Rs 90bn.

More For You

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
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less
LET Mining: The world's leading cloud mining platform, the best way to earn passive income

LET Mining: The world's leading cloud mining platform, the best way to earn passive income

Today, as the digital economy continues to evolve, passive income is no longer a wealth tool exclusive to the rich, but something that everyone can touch and participate in. With the integration of blockchain technology and green energy, LET Mining is providing global users with a new way of passive income: no operation, zero technical threshold, and daily income.

What is LET Mining?

LET Mining is an innovative cloud mining service platform that simplifies the complex cryptocurrency mining process into a few simple steps through cloud computing technology, allowing ordinary users to easily participate in digital currency mining and obtain stable passive income without purchasing expensive hardware equipment or mastering professional technical knowledge.

Keep ReadingShow less
JLR Tata

A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England.

JLR Q1 sales dip as US tariffs hit exports

Jaguar Land Rover (JLR) reported a 10.7 per cent drop in sales for the April–June quarter, as a temporary pause in shipments to the United States and the phase-out of Jaguar’s legacy models weighed on volumes.

The company, owned by India’s Tata Motors, sold 87,286 units to dealers worldwide during the quarter, compared to 97,755 units in the same period last year.

Keep ReadingShow less