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Vijay Mallya Files Petition In Karnataka High Court Seeking Loan Recovery Accounts

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Bengaluru: Fugitive businessman Vijay Mallya has filed a petition in the Karnataka High Court seeking loan recovery accounts from banks. Senior advocate Sajan Poovayya appeared on behalf of Mallya.

About The Petition

According to Mallya’s counsel Rs 6,200 crore was to be repaid, but Rs 14,000 crore has been recovered. Mallya’s counsel claimed that this was informed to the Lok Sabha by the Finance Minister.

Mallya’s counsel has argued that the loan recovery officer stated that Rs 10,200 crore has been recovered. He claimed that even though the full loan amount has been cleared, the process is still ongoing. Therefore, a request has been made to direct the banks to provide a statement of the recovered loan amount.

Based on Mallya’s petition a notice was issued to banks and loan recovery officers by the High Court bench led by Justice R Devadas.

Mallya is currently living in London and he is the subject of extradition efforts from the Government of India for alleged loan defaults.

Earlier on December 18, 2024, Vijay Mallya had claimed that banks have recovered Rs 14,131.60 crore from him “against the judgement debt of Rs 6203 crore” but he continues to be “an economic offender”.

He said in a post on X that unless the Enforcement Directorate and banks can legally justify how they have taken more than two times the debt, he is entitled to relief.

Tweet Of Vijay Mallya

“The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crores including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to relief which I will pursue,” Mallya said.

Finance Minister Nirmala Sitharaman had listed several major cases where the Enforcement Directorate has from time to time attached properties of individuals and companies connected to economic offence cases.

Finance Minister Nirmala Sitharaman On The Debate On Supplementary Demands For Grants

Replying to the debate on Supplementary Demands for Grants – First Batch for 2024-2025, she apprised the Lok Sabha Tuesday evening that the central enforcement agency has successfully restored properties worth around Rs 22,280 crore — only the major cases included.Of those restored, the complete attached property worth Rs 14,131.6 crores of fugitive businessman Vijay Mallya has been restored to the public sector banks, the minister said.

Business

Indian equity markets open higher amid positive global cues

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Mumbai, Oct 12: Domestic equity benchmark indices opened higher on Monday amid positive factors like gains in Asian markets and a decline in crude oil prices.

Nifty began trading session at 22,593.20, up 72.75 points or 0.32 per cent.

Meanwhile, Sensex opened at 72,771.32, up 298.99 points or 0.41 per cent.

In early deals, mostly sectoral indices were trading in positive territory. Nifty Media, Nifty Auto and Nifty Chemicals jumped up to 1 per cent.

Similarly, Nifty Realty, Nifty Oil & Gas, Nifty Cement, Nifty Metal and Nifty IT surged between 0.81 per cent to 0.64 per cent. However, other sectoral indices were also trading marginally higher.

On the downside, Nifty PSU Bank just slipped 0.01 per cent.

Market experts said external headwinds are dominating domestic tailwinds, adding that the market is going through a stage wherein external headwinds are dominating domestic tailwinds.

Elevated crude prices and high US bond yields will continue to impact market. FIIs will continue to sell in the near term, and DIIs will continue to absorb FII selling, according to them.

Moreover, an impressive GDP growth estimate of 7.1 per cent for FY27 and improving corporate profitability provide strong fundamental support to the market, the experts said.

“Therefore, investors can accumulate fairly valued growth stocks ignoring uncertainty and volatility in market. For investors with medium-to-long-term horizon, this market provides value buying opportunities. Patience is key,” they added.

They further noted that if crude declines sharply following favourable developments in the Middle East, the market can rally significantly from current levels.

Technically, Friday’s bounce and inside bar formation set up an environment for a rise to 22,800-23,200. However, inability to close above 22,575 will keep trend within bear grip. Downside marker for day may be kept at 22,295, Friday’s reaction low, another analyst said.

In addition, asian markets opened cautiously today in early hours as investors braced for earnings season which could test elevated technology valuations.

Oil prices eased on prospects of higher Russian supplies following agreement to halt attacks on energy facilities.

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Business

Indian Railways throws open 3,584 jobs for young graduates

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New Delhi, Oct 11: Indian Railways has announced 3,548 graduate-level vacancies for jobs under the Non-Technical Popular Categories (NTPC–Graduate), which provide opportunities for graduates to work across different functional areas of railway operations and administration, according to an official statement issued on Sunday.

The recruitment through Centralised Employment Notification issued by the Railway Recruitment Boards (RRBs) covers four categories of posts, including Chief Commercial Cum Ticket Supervisor, Goods Train Manager, Junior Accounts Assistant Cum Typist, and Senior Clerk Cum Typist. These positions offer career opportunities across commercial services, train operations, accounts and administration, supporting the efficient functioning of railway services across the country, the statement said.

Of the total 3,548 vacancies, as many as 2,750 are for Goods Train Manager, followed by 371 for Senior Clerk Cum Typist, 300 for Junior Accounts Assistant Cum Typist, and 127 for Chief Commercial Cum Ticket Supervisor.

The posts offer initial basic pay under the Seventh Central Pay Commission. Chief Commercial Cum Ticket Supervisor carries an initial basic pay of Rs 35,400 per month at Pay Level 6, while the other three categories carry an initial basic pay of Rs 29,200 per month at Pay Level 5. Applicable allowances and service conditions will be governed by the relevant rules.

The online application process commenced on October 8, and eligible candidates can submit their applications until 11:59 p.m. on November 6. The last date for payment of the examination fee is November 8, while the application modification window is scheduled from November 9 to 18 November.

Candidates must possess a degree from a recognised university or its equivalent and fulfil the prescribed post-specific eligibility conditions. The notified age limit is 18-33 years as on January 1, 2027, with applicable age relaxations for eligible categories under the prescribed rules.

The selection process comprises a first-stage Computer-Based Test (CBT), a second-stage CBT, followed by document verification and medical examination, as applicable. The recruitment framework also provides applicable reservation and age-relaxation benefits, along with scribe assistance and compensatory time for eligible candidates with disabilities, in accordance with the prescribed provisions.

Another provision under CEN No. 06/2026 is the dispensation of the Computer-Based Typing Skill Test (CBTST) for the posts of Junior Accounts Assistant Cum Typist and Senior Clerk Cum Typist. Candidates are nevertheless expected to possess basic computer and typing proficiency, which will be assessed after joining, as specified in the notification, the statement said.

Candidates can access the detailed notification, vacancy distribution, eligibility criteria and recruitment updates through the official Railway Recruitment Boards website:https://rrb.indianrailways.gov.in

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BMC to crack down on illegal debris disposal, impose Rs 25,000 fine for tracking violations

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Mumbai, Oct 11: As air quality concerns begin to resurface following the withdrawal of the monsoon, the Brihanmumbai Municipal Corporation (BMC) is reportedly set to tighten enforcement of construction and demolition (C&D) waste management rules across the city.

Starting Monday, the civic body will levy a penalty of Rs 25,000 on every vehicle found transporting construction debris or excavation material without an active and authorised Vehicle Tracking and Monitoring System (VTMS).

Construction sites that fail to register on the BMC’s Mumbai Debris Control and Tracking System (MDCTS) portal will also face a fine of Rs 25,000 for each violation.

The move comes amid growing concerns over illegal dumping of construction waste and its impact on Mumbai’s environment and air quality. In a circular issued to all 26 municipal wards, the BMC has directed officials to begin inspections and enforcement drives immediately.

Mumbai generates more than 8,000 tonnes of construction and demolition waste every day, significantly exceeding the city’s treatment capacity.

The two processing facilities at Dahisar and Shilphata can collectively handle only around 1,200 tonnes of debris daily, creating a large gap that has led to rampant illegal dumping.

Civic officials said debris is frequently discarded along roadsides, vacant plots, drains, creeks, water bodies and mangrove areas, as per the report.

To improve monitoring and accountability, the BMC launched the MDCTS portal on August 24. The digital platform is designed to track C&D waste from its point of generation to authorised disposal or processing facilities.

It also allows civic authorities to monitor debris-carrying vehicles in real time, detect route deviations and identify suspected cases of illegal dumping.

The civic body has made registration on the portal mandatory for contractors, government agencies and private developers undertaking construction activities.

Registered entities are required to submit detailed waste management plans, while vehicles transporting debris must be fitted with GPS-enabled VTMS devices and follow approved transportation routes.

According to BMC data, the MDCTS portal recorded 220 registrations between August 24 and October 9. These included 109 builders and developers, 44 transporters, 19 BMC contractors, 17 external buyers of debris and soil, 15 corporate entities and four government agencies. No registrations were received from individual citizens during the period.

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