Vijay Mallya
Banks recover Rs.1000 crore from sale of Mallya’s shares
The Enforcement Directorate has said that consortium of banks which is led by the State Bank of India, have recovered over one thousand crore rupees from the sale of shares of fugitive offender Vijay Mallya. The amount was recovered by Bangalore ..
Delhi Court orders attachment of Vijay Mallya’s properties
Delhi court has issued an order of the attachment of fugitive Vijay Mallya’s properties in Bengaluru in a case relating to FERA, Foreign Exchange Management Act violations by 10th July, next date of hearing. The court has declared Mallya ..
UK Home Secretary approves extradition of Vijay Mallya to India
The UK home secretary has ordered the extradition of Vijay Mallya over allegations of £1bn fraud. The UK home secretary noted that Vijay Mallya, the first to be declared Fugitive Economic Offender is accused in India of conspiracy to defraud, ..
Month: Current Affairs - February, 2019
Vijay Mallya becomes first Indian business tycoon to be named “Fugitive Economic Offender (FEO)”
Former liquor baron Vijay Mallya has become the first Indian businessman to be declared a Fugitive Economic Offender (FEO) under the newly enacted Fugitive Economic Offenders Act of 2018 by the Special Prevention of Money Laundering Act (PMLA) court in ..
Vijay Mallya declared as Fugitive Economic Offender
The Prevention of Money Laundering (PMLA) court in Mumbai has declared Vijay Mallya as a Fugitive Economic Offender. Vijay Mallya is the first businessman to be charged under the new fugitive economic offender’s act 2018. Declaration of the Fugitive Economic Offender ..
Month: Current Affairs - January, 2019
Ethics Committee in Parliament
Each of the two Houses of Parliament has an ethics committee. They deal with the members’ conduct. These panels were recently looking into complaints against Amethi MP Rahul Gandhi and Rajya Sabha MP Vijay Mallya. Role of Ethics Committees Besides ..
CBDT forms Working Group to assess tax risks of High Net Worth Individuals migrating abroad
The Central Board of Direct Taxes (CBDT) has constituted 5-member working group (committee) to examine taxation aspects related to High Net Worth Individuals (HNWIs) who are migrating abroad to other jurisdictions. The Working Group will be headed by Pragya Sahay ..
Month: Current Affairs - April, 2018
Cabinet approves Fugitive Economic Offenders Bill, 2018
The Union Cabinet has approved introduction of Fugitive Economic Offenders Bill, 2018 in Parliament. The bill proposed by Finance Ministry aims to curb practice of evading criminal prosecution by economic offenders (wilful defaulters) who flee from country to evade clutches ..
Month: Current Affairs - March, 2018
India sgns pacts with UK on illegal migrants’ return
India and the United Kingdom (UK) have recently signed two agreements on return of Indians, who are living in Britain as illegal migrants and sharing criminal records and intelligence. The development comes close on heels of India seeking UK’s help ..
Law Ministry approves Fugitive Economic Offenders Bill, 2017
The Union Law ministry has approved Fugitive Economic Offenders Bill, 2017 to empower government to confiscate property of economic offenders and defaulters who flee India. The Bill seeks to deter economic offenders from evading the process of Indian law by ..