'Mallya has enough assets to sell for repaying loans'
Bengaluru, June 26: Fugitive Vijay Mallya has enough assets to sell and replay loans he raised from banks to fund his now defunct Kingfisher Airlines, an official said on Tuesday.
"The value of Mallya's assets seized by the authorities concerned is estimated to be nearly Rs 13,960 crore, while he owes about Rs 9,500 crore to a consortium of banks," a law enforcing agency official told IANS here.
On a petition in February 2016 by the consortium of 17 banks for recovery of their dues from the airline, the Debt Recovery Tribunal recovered and transferred to the Enforcement Directorate (ED) assets valued at Rs 7,529 crore.
In a petition to the Karnataka High Court on June 22, Mallya offered to sell under judicial supervision his fixed assets and shares valued at Rs 8,423 crore to repay the outstanding dues to creditors, including banks.
"As most of fixed assets valued at Rs 1,700 crore and shares (pledged/unpledged) worth Rs 4,978 crore, totalling Rs 6,678 crore) have been seized and attached, the ED has to release them for sale," said the official, preferring anonymity.
The Tribunal has so far recovered Rs 198 crore in fixed deposits and balance amount in the bank accounts of the defaulters (Mallya and United Breweries Holdings Ltd) and Rs 73 crore from the sale of the sprawling Kingfisher Villa at Candolim in Goa in April 2017.
As stated by Mallya in a statement to the media earlier, he had deposited Rs 1,280 crore with the high court on its direction in 2013.
In addition, Mallya is ready to sell other assets worth Rs 2,650 crore.
Mallya's six other entities are also willing to sell shares worth Rs 2,888 crore, held in the group companies such as United Spirits Ltd, United Breweries Ltd and McDowell Holdings Limited.
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Suspected drones observed along IB in Jammu's Samba, being engaged: Army
Jammu, May 12 (PTI): Security forces are engaging suspected drones observed along the International Border in Samba district of Jammu region on Monday, an Army said.
This fresh incident of drone activity along the borderline comes barely hours after Prime Minister Narendra Modi’s first address to the nation following Operation Sindoor and the meeting of the DGMOs of India and Pakistan.
The Army, however, said there is no need to be alarmed.
“A small number of suspected drones have been observed near Samba in J&K. They are being engaged,” it said.
In the backdrop of the situation, several areas witnessed blackouts in Samba, Kathua, Rajouri, and Jammu.
Lights were switched off at the cave shrine of Mata Vaishno Devi and along its track as a precautionary measure, sources said.
On Monday, talks between the DGMOs were held during which issues related to the continuing commitment that both sides must not fire a single shot or initiate any aggressive or inimical action against each other were discussed, the Indian Army said.
It was also agreed that both sides would consider immediate measures to ensure troop reduction along the borders and in forward areas, it added.
The situation remained largely peaceful across Jammu and Kashmir, with no incidents of ceasefire violation reported along the Indo-Pak border Sunday overnight — marking the first calm night after 18 days of hostilities following the Pahalgam terror attack that left 26 people — mostly tourists — dead.
India and Pakistan on Saturday reached an understanding to cease all firing and military actions on land, air, and sea with immediate effect, following four days of intense cross-border drone and missile strikes that brought the two countries to the brink of full-scale war.
Eighteen days of intense hostilities following the Pahalgam terror attack and Operation Sindoor, which brought India and Pakistan to the brink of war, ended with a ceasefire that restored calm along the Line of Control, the International Border, and the hinterland in Jammu and Kashmir. The Army thwarted Pakistan’s Hamas-style kamikaze drone attacks during the escalation.
Since the night of April 24, hours after India suspended the Indus Waters Treaty in response to the Pahalgam terror attack, Pakistani troops repeatedly targeted Indian positions along the LoC — beginning in the Kashmir Valley and quickly expanding to the Jammu region.
The latest hostilities began in the northern districts of Kupwara and Baramulla in the Kashmir Valley, before spreading southwards to Rajouri, Poonch, Akhnoor, and the Pargwal sector along the International Border in Jammu district. The firing affected five border districts — Baramulla, Kupwara, Poonch, Rajouri, and Jammu.
The recent round of cross-border firing further undermined the ceasefire agreement reached in February 2021, which has largely been seen as ineffective due to Pakistan’s frequent violations along the 740-km-long LoC.
The April 22 terror attack, which claimed the lives of 26 people — mostly tourists — in Pahalgam’s Baisaran valley, triggered a strong response from the central government.
The India-Pakistan border stretches over 3,300 kilometers, divided into three segments: the International Border (IB), spanning about 2,400 km from Gujarat to Akhnoor in Jammu; the 740-km-long Line of Control (LoC) that divides Jammu and Kashmir; and the 110-km-long Actual Ground Position Line (AGPL), which separates the Siachen Glacier region.
WATCH: OP Sindoor continues. Minutes after PM Speech.
— Rahul Shivshankar (@RShivshankar) May 12, 2025
A small numbers of suspected drones being observed near Samba in J&K. Being engaged . pic.twitter.com/jmGmRkmQ26
