Mallya offers to sell assets to repay bank loans
Bengaluru, June 26 : Fugitive tycoon Vijay Mallya has sought the Karnataka High Court's permission to let him and his holding firm UBHL sell their assets under judicial supervision and repay creditors, including state-run banks.
"UBHL (United Breweries Holding Ltd) and myself have filed an application before the Karnataka High Court on June 22, setting out available assets of about Rs 13,900 crore," said Mallya in a letter released here on Tuesday.
Mallya has requested the court's permission to allow him to sell the assets under judicial supervision and repay creditors, including the state-run banks such amounts as may be directed and determined by the court.
The 62-year-old liquor baron, who fled the country in March 2016, has been living in London since then despite summons from Indian courts and law enforcement agencies to appear before them for trial in various cases.
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Man arrested with Rs 2.54-crore heroin in Mumbai
Mumbai (PTI): Police have arrested a man and seized over 500 grams of heroin worth Rs 2.54 crore in the illicit market from him in Mumbai, officials said on Friday.
The police's Anti-Narcotics Cell (ANC) made the drug seizure in Santacruz in the western suburbs. The operation was conducted by the Kandivali unit of the ANC on Thursday as part of a special crackdown against drug trafficking in the area, they said.
Acting on specific inputs, an ANC team conducted a raid in Santacruz (East) and intercepted a man. During a search, the team recovered 508 grams of high-grade heroin from his possession, an official said.
The seized contraband, a highly addictive, opioid drug derived from morphine, is estimated to be worth Rs 2.54 crore in the international market, he informed.
Following the seizure, a case was registered against the man under relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, and he was formally placed under arrest in the early hours of Friday.
The police are currently investigating the source of the drug and trying to identify the intended recipients of the consignment, he said.
