Setback to Vijay Mallya as High Court dismisses his petition
Bengaluru, Oct 07: In a setback to Vijay Mallya, the Karnataka High Court on Friday rejected petitions filed by him questioning rejection of his plea by the Debt Recovery Appellate Tribunal (DRAT) and upheld the decision of the DRAT asking Mallya to pre-deposit Rs. 3,101 crore to entertain his appeal against the order of the Debt Recovery Tribunal(DRT).
Division Bench comprising Chief Justice Dinesh Maheshwari and Justice Krishna S. Dixit held that Mr. Mallya and his United Breweries (Holding) Ltd. are jointly and severally liable, as guarantors, to pay the loan amount of Rs. 6,203 crore borrowed by Kingfisher Airlines Limited (KAL).
Mallya had filed an appeal before the DRAT against DRT’s January 19, 2017 order of permitting consortium of banks, led by the State bank of India, to recover the loan amount, payable by the KAL, from its guarantors along with an interest at the rate of 11.5 % per annum on the dues with yearly rests from the date of the application till the date of completion of realization.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
AIADMK leader denies reports of Palaniswami's proposed meeting with TN Guv
Chennai (PTI): Senior AIADMK leader S Semmalai on Thursday ruled out that his party general secretary Edappadi K Palaniswami would be meeting Tamil Nadu Governor Rajendra Vishwanath Arlekar amid the political uncertainty post Tamil Nadu Assembly polls.
There were some reports that Palaniswami is likely to meet the governor to discuss the possibility of forming a government after providing support to TVK, which has 108 seats.
Denying the reports, Semmalai told reporters that "there is no such need". The AIADMK has not received any invitation from TVK, written or oral, seeking support to form government in the state, the former minister said.
To a question whether the AIADMK would support any invitation extended by the TVK, Semmalai said that decision will be taken by Palaniswami.
"Our leader will decide. He is not a king maker. He is the king", he added.
Vijay is making efforts to cobble up support to form his maiden government after his TVK emerged as the single largest party post the April 23 polls, the results of which were announced on Monday.
TVK won 108 seats, 10 short of the simple majority in the 234-member House to form government. The Congress, with five MLAs, has extended support to the Tamilaga Vettri Kazhagam.
