Sunday March 24, 2019
Home Business SC receives R...

SC receives Rs 4000 crore repayment plan from Mallya

0
//
Representational file photo, Courtesy- wikimedia commons

New Delhi: Liquor baron Vijay Mallya on Wednesday submitted Rs 4,000 crore repayment plan to Supreme court. Mallya also told the SC that he had two rounds of video conferencing with banks adding that he will repay the amount by September 2016.

SC has allowed the consortium of banks to respond within a week’s time to the proposal and posted the matter for hearing on April 7.Meanwhile the banks have told the apex court that they need time to look at Mallya’s repayment proposal.

Vijay Mallya’s Counsel said negotiations with banks are on but media is exaggerating the issue, therefore proposal should be kept sealed. Justice Kurien, however, observed ‘media ultimately stands for public interest’.

In a stern warning to wilful defaulters like Vijay Mallya, Finance Minister Arun Jaitley couple of days ago said they should settle their dues honourably with the banks or else be ready to face “coercive action” by lenders and investigative agencies.

He further said that banks have certain collaterals of group companies of Vijay Mallya and will take legal action to recover dues that are in excess of Rs 9,000 crore.

Mallya, promoter of long-grounded Kingfisher Airlines, had left India on March 2, presumably for London, days before the Supreme Court heard a plea of clutch of state-owned banks seeking recovery from his group firms.

Mallya and Kingfisher Airlines owed Rs 7,800 crore to a consortium of 17 lenders led by State Bank, which had an exposure of over Rs 1,600 crore to the now defunct airline.

Other banks that have exposure to the airline include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).

UCO Bank has to recover Rs 320 crore, Corporation Bank (Rs 310 crore), State Bank of Mysore, (Rs 150 crore), Indian Overseas Bank (Rs 140 crore), Federal Bank (Rs 90 crore), Punjab & Sind Bank (Rs 60 crore) and Axis Bank (Rs 50 crore).

Credits: Zee news

Next Story

Supreme Court Signals Out Automobiles Cause Much More Pollution Than Burning Firecrackers

Making it clear that it does not want to generate "unemployment", the court said those who would lose their livelihood can't be compensated in terms of alternate jobs, financial or other support if the firecracker industry was shut down.

0
air pollution
Linking the plea for a ban on the manufacture, sale and bursting of firecrackers across the country with Article 19 (1)(g) guaranteeing the right to occupation, trade or business, a bench headed by Justice S.A. Bobde flagged the issue of loss of jobs if there was a clampdown on the firecracker manufacturing industry. Pixabay

The Supreme Court on Tuesday asked why firecrackers were being singled out for rising pollution levels when automobiles caused much more pollution. It asked the Centre to apprise it with a comparative study of the two.

Linking the plea for a ban on the manufacture, sale and bursting of firecrackers across the country with Article 19 (1)(g) guaranteeing the right to occupation, trade or business, a bench headed by Justice S.A. Bobde flagged the issue of loss of jobs if there was a clampdown on the firecracker manufacturing industry.

Article 19 (1)(g) of the Constitution guarantees the right “to practice any profession, or to carry on any occupation, trade or business”.

crackers
Observing how there can be a ban on the firecracker industry whose operations were legal and licensed, Justice Bobde said the way out was not cancelling the license but there could be a change in the licensing conditions.
Pixabay

Sitting along with Justice Sanjay Kishan Kaul and Justice S. Abdul Nazeer, Justice Bobde said the issue had not been examined on the touchstone of Article 19 (1)(g) of the Constitution.

Making it clear that it does not want to generate “unemployment”, the court said those who would lose their livelihood can’t be compensated in terms of alternate jobs, financial or other support if the firecracker industry was shut down.

Observing how there can be a ban on the firecracker industry whose operations were legal and licensed, Justice Bobde said the way out was not cancelling the license but there could be a change in the licensing conditions.

crackers
The Supreme Court on Tuesday asked why firecrackers were being singled out for rising pollution levels when automobiles caused much more pollution. Pixabay

The top court’s observations came in the course of hearing a PIL by a toddler — Arjun Gopal — seeking ban on the manufacture, sale and bursting of firecrackers across the country.

Also Read: Social Media Becomes Major Battleground For Political Parties,Twitter Starts Showing Billing Details Of Political Ads

Noting the work being done by the National Environmental Engineering Research Institute (NEERI) and the Petroleum and Explosives Safety Organisation (PESO) to produce green firecrackers, the top court had in its last order asked NEERI and PESO to stick the timeline culminating in the bulk production of firecrackers based on the new formulations by May 10, 2019.

The top court had in October 2018 permitted the use of only green firecrackers with reduced emission and decibel levels during all religious festivals. (IANS)