Indian banks recovered over Rs 14k cr, twice he owed, claims Vijay Mallya
New Delhi, Apr 07 (PTI): Fugitive liquor baron Vijay Mallya has claimed that Indian banks have got access to his properties worth Rs 14,131.6 crore, more than twice the amount that he owed to public sector banks.
Mallya cited purported reference to the details of restoration done by the Enforcement Directorate against wilful defaulters in the Finance Ministry's annual report 2024-25 to say that banks have already recovered Rs 14,131.8 crore against Rs 6,203 crore awarded by the Debt Recovery Tribunal.
"Finally, against aT judgment debt of Rs 6,203 crore, admitted recovery of Rs 14,131.8 crore, which will be evidence in my UK bankruptcy annulment application. Wonder what banks will say in an English Court," Mallya said in a post on X.
Sharing details of fugitive economic offenders, including Mallya and 10 others, the report said a total of 44 extradition requests have been sent to various countries in respect of 36 individuals.
As per the annual report of the ministry, a complete amount of attached properties worth Rs 14,131.6 crore has been successfully restored to the Public Sector Banks in the case of Vijay Mallaya.
The efforts of the ED have resulted in successful representation before Competent Court abroad in the extradition of various fugitive economic offenders and other accused, the report said.
"In this regard, it is pertinent to mention that the UK Court has approved extradition of few high profile accused persons to India following effective representation of the Directorate in coordination with other LEAs (law enforcement agencies) and Indian mission abroad," it said.
TheT bench of Bengaluru in 2017 had ordered the SBI-led consortium of banks to start the process of recovering Rs 6,203 crore, at an annual interest rate of 11.5 per cent, from embattled Mallya and his companies in the Kingfisher Airlines case.
Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to esrtwhile Kingfisher Airlines (KFA) by several banks.
India has been seeking Mallya's extradition from the UK. He had in the past offered to repay 100 per cent of "public money" but accused the banks and government of refusing his offer.
In February, a London Court heard a set of complicated arguments involving a consortium of banks led by the State Bank of India seeking repayment of an estimated judgment debt of around GBP 1.05 billion owed by the 69-year-old businessman's now-defunct Kingfisher Airlines.
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Nandi Hills cable car rides may begin by 2027 as land acquisition nears completion: Report
Bengaluru: Provided there are no delays, tourists will be able to enjoy cable car rides above Nandi Hills by mid-2027, as the land acquisition process atop the hills nears completion, reported the Times of India on Tuesday.
According to officials from the Karnataka Tourism Department, the process to acquire 3.5 acres of private land at the top of Nandi Hills — essential for building the upper terminal — is expected to be completed by November 2025. Land for the lower terminal has already been acquired.
Dynamicx Ropeway Private Limited, which is executing the project under a public-private partnership (PPP) model with the tourism department, has submitted its final project plans for approval to planning authorities in both Bengaluru Rural and Chikkaballapur districts.
"Various departments, including the Karnataka State Pollution Control Board (KSPCB), should provide their clearances for the project before the final plans can be approved. It will involve a series of queries from the departments," TOI quoted a senior official from the tourism department as saying.
The required approvals are expected within the next couple of months, following which the civil work will begin. "We have allotted 1.5 years' time to the company for the completion of the work once it begins," the official added.
The idea of a ropeway at Nandi Hills has existed for several decades but faced multiple delays due to land acquisition issues and environmental clearances. However, the current developments mark a significant push toward implementation.
Once operational, the cable car system will feature 50 semi-closed cabins offering panoramic views as they travel between the two terminals. The lower terminal will include parking for over 200 cars, 110 two-wheelers, as well as buses and vans. It will also have a waiting area for up to 600 people.
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