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Time of India
4 days ago
- Business
- Time of India
Bar body meets Naidu,seeks DRT court in Vij
Vijayawada: Members of the Bezawada Bar Association (BBA) urged Chief Minister N Chandrababu Naidu to expedite steps to establish the Debts Recovery Tribunal (DRT) court at Vijayawada, which was sanctioned by the ministry of finance. They said that the establishment of the DRT court in Vijayawada will cater to the needs of banks and litigant people of Prakasam, Nellore, Guntur, Krishna, NTR, East and West Godavari districts. The BBA members, led by president AK Basha under the auspices of TDP state spokesperson Gottipati Ramakrishna Prasad, met CM Naidu and submitted a representation in this regard on Thursday. On the occasion, the BBA members also urged the chief minister to provide a health insurance coverage scheme to advocates in Andhra Pradesh and provide pucca houses to advocates hailing from disadvantaged backgrounds. Further, they urged the CM to take steps for the constitution of a separate sessions division for NTR district under the Bharatiya Nagarik Suraksha Sanhitha (BNSS). BBA secretary Kanisetti Venkata Ranga Rao, vice-president P Srinivasa Rao, and others were present. Bezawada Bar Association members, led by president AK Basha met CM Naidu and submitted representation seeking DRT court in the city Vijayawada: Members of the Bezawada Bar Association (BBA) urged Chief Minister N Chandrababu Naidu to expedite steps to establish the Debts Recovery Tribunal (DRT) court at Vijayawada, which was sanctioned by the ministry of finance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indian Truck Driver Now Earns ₹2.9 Crore Monthly (See how) prestigetrophy Learn More Undo They said that the establishment of the DRT court in Vijayawada will cater to the needs of banks and litigant people of Prakasam, Nellore, Guntur, Krishna, NTR, East and West Godavari districts. The BBA members, led by president AK Basha under the auspices of TDP state spokesperson Gottipati Ramakrishna Prasad, met CM Naidu and submitted a representation in this regard on Thursday. On the occasion, the BBA members also urged the chief minister to provide a health insurance coverage scheme to advocates in Andhra Pradesh and provide pucca houses to advocates hailing from disadvantaged backgrounds. Further, they urged the CM to take steps for the constitution of a separate sessions division for NTR district under the Bharatiya Nagarik Suraksha Sanhitha (BNSS). BBA secretary Kanisetti Venkata Ranga Rao, vice-president P Srinivasa Rao, and others were present. Bezawada Bar Association members, led by president AK Basha met CM Naidu and submitted representation seeking DRT court in the city
Fast Company
12-06-2025
- Business
- Fast Company
Why your next bottle of shampoo might come in a soda can
When a Swedish startup set out to make personal care packaging more sustainable, it turned to an unexpected source of inspiration: aluminum cans. Meadow, the company behind the concept, created a refill system that seals shampoo, lotion, and other products inside aluminum cans. Unlike soda, there's no pull tab—the aluminum cartridge, called Kapsul, has a solid lid. But when you insert the can into Meadow's reusable pump and twist on the top, the device pierces the lid with a clean, satisfying pop. When you've used up the product, the aluminum can be easily recycled. 'We knew that we would not be able to develop a totally new packaging solution,' says Victor Ljungberg, Meadow's CEO and cofounder. 'We don't have the time and we can't afford to build totally new infrastructure. We need to look at what we have.' They knew that aluminum beverage cans had a high recycling rate—in Sweden, it's around 90%. In the U.S., it's a much lower 43%. But that's still more than triple the recycling rate for plastic packaging. Aluminum can also be recycled repeatedly without losing any quality, unlike plastic. 'The aluminum beverage can, the most recycled container, already exists on the market,' Ljungberg says. 'But the whole industry around this has been focused on one thing—to use that container for food-grade content. We asked ourselves, okay, what is it that we need to do to take it into new categories such as personal care, pharma, home care, and others?' For safety reasons, they didn't want to put soap in a can that someone might mistake for a drink. That's why the team designed the lid to only open when it's inside the reusable dispenser. The design also makes it easier to use than typical refills that have to be poured into a container, Ljungberg argues. (The company calls the packaging 'prefills' since they're already ready to use.) Many refills also currently come in thin plastic film that ends up in the trash. Of course, there are other ways to ditch plastic packaging. Companies like Kitsch make shampoo in bar form, for example, so it only needs a small paper box. But Ljungberg believes that many consumers aren't quite ready for that much change. 'We need to admit that there is a very established single-use culture among people all over the planet,' he says. 'With what we do, we meet consumers where they are, saying that we are not forcing them to change behavior too much. Instead, they will buy the cans on the shelf just as they buy goods today.' The startup partnered with DRT, the Ohio-based company that invented the first pull-tab cans, as well as Ball Corporation, the world's largest can manufacturer. Ball Corp is also one of the company's minority investors. (The startup has raised around $15 million in seed funding so far.) Because it's possible to make the cans on existing equipment in factories, the packaging can easily scale up. Brands can add their own branding to the cans and dispensers, paying a licensing fee to use the system. Companies like Ikea or Muji could also potentially make universal dispensers. Nuniq, a Swiss personal care company that avoids plastic packaging, recently started using Meadow's system for products like cleanser and body lotion. More brands will soon follow when Meadow launches in the U.K. this fall.
News18
11-06-2025
- Business
- News18
How Much Did Vijay Mallya Really Repay? A Deep Dive Into His Viral Podcast Claims
Last Updated: In a viral podcast with Raj Shamani, Vijay Mallya claimed he's being unfairly targeted despite settling his dues. But enforcement records and court findings tell a different story Vijay Mallya claimed he repaid more than he borrowed in a viral podcast with Raj Shamani. (Screengrab/rajshamani) 'To say that I am humbled and overwhelmed is well short of what I truly feel," Vijay Mallya tweeted on June 10, celebrating over 20 million views on his four-hour-long podcast with influencer Raj Shamani. For a man officially declared a fugitive economic offender in India, the moment was more than a milestone; it was a public relations push to reshape his image. To say that I am humbled and overwhelmed is well short of what I truly feel. A big heartfelt thank you to all those who took the time to watch my 4 hour plus podcast with @rajshamani 20 million views on YouTube alone in 4 days and god knows how many more reposts on Instagram and…— Vijay Mallya (@TheVijayMallya) June 9, 2025 In the podcast, the former Royal Challengers Bengaluru (RCB) owner repeated a claim he has made several times before: that he is being unfairly targeted by Indian banks and agencies even though he has already paid back far more than he owed. ' I took loans worth Rs 6,200 crore and have paid Rs 14,000 crore back," he said. The suggestion? He is the real victim of a broken system. But what do the facts say? Claim 1: 'I took loans worth Rs 6,200 crore and have paid Rs 14,000 crore back." Fact-Check: Mallya's figure of Rs 6,200 crore refers only to the principal borrowed by Kingfisher Airlines and related entities from a consortium of 17 banks. However, under standard banking procedures, any loan accrues interest until it is fully repaid. In cases of default, banks additionally impose penal interest and other charges. When Kingfisher Airlines defaulted, the matter was taken to the Debt Recovery Tribunal (DRT) in 2013. As per the DRT's decree, by April 10, 2019, the total dues including principal, accumulated interest, and penalties had risen to Rs 17,781 crore. Of this amount, Rs 10,815 crore was recovered — not from payments made by Mallya himself, but through court-monitored sales of attached assets, including the Kingfisher Villa in Goa and shares in United Breweries. These assets were seized and liquidated under provisions of the Prevention of Money Laundering Act (PMLA), after Mallya was declared a fugitive economic offender. The remaining unpaid amount, as reported by TOI citing government sources, still stands at Rs 6,997 crore. Mallya's claim of having 'repaid" Rs 14,000 crore is misleading on two fronts: first, it conflates enforced recoveries with voluntary repayment; and second, it disregards the legitimate accrual of interest and penal charges, which apply to all defaulters — corporate or individual. The Rs 14,000 crore figure appears to aggregate court-ordered recoveries and asset sales made without his cooperation. In financial and legal terms, repayment implies voluntary settlement of dues by the borrower. That did not happen in this case. Claim 2: 'I have committed no fraud. I always intended to repay." Fact-Check: Mallya frames his actions as an unfortunate consequence of business failure, suggesting that his intention to repay should absolve him of wrongdoing. However, Indian law, particularly under the Reserve Bank of India's guidelines, makes a clear distinction between business failure and wilful default. A wilful defaulter is someone who has the capacity to repay but chooses not to. In Mallya's case, Indian banks officially declared him a wilful defaulter, which means he had both the means and opportunities to repay, but deliberately defaulted. Further, investigative agencies like the Enforcement Directorate (ED) have unearthed substantial evidence of fund diversion. Approximately Rs 3,500 crore out of the borrowed sum was not used for operational expenses of Kingfisher Airlines, but instead diverted to entities such as the Force India Formula One team, and to support personal luxury expenditures. One high-profile example is the $40 million (approximately Rs 342 crore) payout Mallya received from Diageo in 2016. Despite a standing personal guarantee agreement with Indian lenders, he transferred this sum to accounts belonging to his family members — a direct violation of the agreement, and an act the Supreme Court later found him guilty of in a contempt case. Fraud, under Indian law, does not hinge on a person's stated intent but on the pattern of actions, fund movement, and non-compliance with agreements. Mallya's repeated claims of good intent are contradicted by financial records, court findings, and his own conduct, including his flight from India while legal proceedings were ongoing. Fact-Check: Mallya's claim about informing then Finance Minister Arun Jaitley has no official documentation. Jaitley, in a 2018 blog post and press interaction, said Mallya made an unsolicited approach in the corridors of Parliament and mentioned a possible settlement. Jaitley stated he told Mallya to speak with the banks. No meeting was scheduled, and no discussion was entertained. Mallya has repeatedly used this claim to suggest he did not abscond secretly. But a passing remark does not qualify as formal disclosure. Claim 4: 'My case is not of criminal nature. It's only about business failure." Fact-Check: Mallya's legal troubles go far beyond a failed airline. He faces criminal charges under the Prevention of Money Laundering Act, Indian Penal Code, and other financial regulations. In 2022, the Supreme Court sentenced him to four months' imprisonment in a contempt case. Separately, a non-bailable warrant was issued in a service tax evasion case where Rs 100 crore collected from customers was not deposited with the government. His extradition has also been approved by a UK court, though delayed by pending asylum-related appeals. This is not a civil default — it's a layered legal case involving fraud, evasion, and wilful deceit. Claim 5: 'My company's assets were undervalued." Fact-Check: Mallya claims his assets were sold below their real value during recovery. However, there is no credible evidence showing that the banks undervalued his properties. In fact, when applying for loans, Mallya had submitted inflated estimates, including valuing Kingfisher Airlines at $500 million, far above what the company was realistically worth, given its poor financial performance. When banks tried to recover dues, they auctioned attached assets such as the Kingfisher Villa and UB shares. These were sold under court-monitored public processes that followed due legal procedures, including open bidding. The lower sale prices were likely a result of legal complications, reduced brand value, and distress sale conditions — not undervaluation by banks. There's no independent valuation or legal finding that supports Mallya's assertion of systemic undervaluation. Instead, the inflated figures during borrowing and his failure to repay left banks with limited options for asset realisation. Claim 6: 'I never misused company funds." Fact-Check: The ED tracked Rs 241 crore transferred from Kingfisher Airlines' accounts to the Force India F1 team. In addition, Mallya used Rs 100 crore to operate a personal aircraft — costs borne by a debt-ridden airline. He also made foreign property acquisitions amounting to Rs 330 crore while Kingfisher employees were going unpaid. These findings, based on transaction records and corporate audits, clearly show that company funds were redirected to sustain personal and unrelated commercial interests. Claim 7: 'I never denied salaries or dues to employees." Fact-Check: Kingfisher Airlines stopped paying salaries by mid-2012. Employee PF contributions and deducted taxes, amounting to Rs 371 crore, were not deposited with the authorities. Protests and hunger strikes were staged across the country. At the same time, Mallya spent Rs 28 crore in a single IPL auction to acquire players like Yuvraj Singh. His IPL team, foreign villas, and yacht appearances continued even as his employees struggled to survive. This disproves his claim of financial helplessness and contradicts his statement about employee compensation. Claim 8: 'I was advised by Pranab Mukherjee to not shut Kingfisher during the 2008 crisis." Fact-Check: Mallya cites a verbal exchange with the late Finance Minister Pranab Mukherjee as the reason he continued operations during a financially turbulent period. However, this anecdote has never been substantiated through any official record, and Mukherjee is no longer alive to confirm or deny the interaction. Even if such advice was given informally, it would not absolve a promoter from conducting proper financial assessments or fulfilling fiduciary duties. Claim 9: 'I used my own funds to settle loans." Fact-Check: Mallya suggests he personally repaid the banks, but there is no record of any voluntary payment made by him after he left India in 2016. The Rs 10,815 crore recovered so far came from the sale of assets seized under the Prevention of Money Laundering Act — including Kingfisher Villa, United Breweries shares, and other properties. These were auctioned by banks and enforcement agencies under court supervision. These recoveries were not the result of any direct financial contribution by Mallya, but of asset liquidation authorised by Indian courts. By definition, this does not qualify as personal repayment. Mallya's role in these recoveries was not cooperative; it was compelled by law. Claim 10: 'The media is biased and out to get me." Fact-Check: The accusations against Mallya are backed by extensive investigative findings from Indian agencies (ED, CBI, SFIO), international cooperation (UK court rulings), and Supreme Court orders. The label of 'fugitive economic offender' was formalised under a law passed in 2018 — largely due to high-profile cases like his. Media coverage may shape perception, but his legal troubles are rooted in well-documented legal violations. FINAL WORD Mallya's podcast may have drawn millions of views, but public sympathy and social media traction do not erase the financial, legal, and criminal realities surrounding his case. His key claims, from repayment figures to asset undervaluation, employee dues, and misuse of funds, are contradicted by court-monitored recoveries, enforcement findings, and bank records. top videos View all He remains a declared fugitive economic offender with an outstanding liability of nearly Rs 7,000 crore. Investigations have established fund diversion, wilful default, and procedural violations. While Mallya uses platforms like podcasts to reframe his story, the facts are already on record, and they tell a very different version. Ultimately, it is not intention or image but legal accountability that defines this case. And in that, the numbers and documents speak louder than words. About the Author News Desk The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk More Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! tags : Kingfisher Airlines podcast Vijay Mallya Location : New Delhi, India, India First Published: June 11, 2025, 12:31 IST News india How Much Did Vijay Mallya Really Repay? A Deep Dive Into His Viral Podcast Claims
Time of India
10-06-2025
- Business
- Time of India
Vijay Mallya claims he repaid money in full. But what's the reality?
Vijay Mallya is the talk of the town, again. After his four-hour long podcast with influencer Raj Shamani, the government and banks have called out the 'declared eonomic fugitive' for his claims that he is being harassed by lenders even after he has repaid the outstanding debts. Meanwhile, the lenders have argued that the bankrupt businessman still owes a large amount of money to creditors. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2만원 기부반지 받고 어린이 후원하기 굿네이버스 더 알아보기 Undo The former Kingfisher airline owner claimed that he has paid a sum of Rs 14,000 crore to banks against loans of Rs 6,200 crore. However, as per TOI sources, Mallya owes banks them nearly Rs 7,000 crore. The math is simple: When the case reached the Debt Recovery Tribunal (DRT) in June 2013, Kingfisher Airlines ' consolidated non-performing assets (NPAs) stood at Rs 6,848 crore, which included non-cumulative redeemable preference shares. Live Events As per the DRT decree, the total dues to creditors, including interest and charges, climbed to Rs 17,781 crore by April 10. Of this, banks have recovered Rs 10,815 crore, leaving an outstanding amount of Rs 6,997 crore, government sources told TOI. Source: TOI Officials said Mallya's repayment claims ignore the accrual of interest and penal charges, which are applicable until the full settlement of loans. Any loan comes with interest until the amount is fully paid. In case of loan defaulters, such as Mallya, there is also a penal interest. Sources added that Mallya appears to be citing repayment of the principal alone. This isn't the first time he has made such assertions. The liquor baron, who left India in 2016, continues to contest legal efforts to extradite him back to face charges of financial fraud and loan default. Following his exit from the country, banks were allowed by courts under the Prevention of Money Laundering Act (PMLA) to liquidate properties attached by enforcement agencies. Sales included marquee assets like the Kingfisher Villa in Goa. These recoveries were conducted in accordance with board-approved policies of banks. 'Norms are uniform irrespective of who the borrower is or from which part of the country or community he or she comes from. So, any allegation or claim made by Mallya regarding recoveries under any undue influence or under media pressure or due to an inherent bias against him is misconstrued and completely baseless,' TOI quoted a source as saying. Loans extended to Kingfisher Airlines also came under scrutiny, with instances of alleged irregularities. Former IDBI Bank chairman Yogesh Agarwal was among those arrested in connection with the case.
Time of India
09-06-2025
- Business
- Time of India
Government disputes Vijay Mallya claims on loan repayment and outstanding dues
NEW DELHI: Govt and banks have called out Vijay Mallya 's claims of being harassed by lenders despite having cleared their outstanding debts, arguing that the bankrupt businessman still owes a large amount of money to creditors. When the case was filed in the debt recovery tribunal in June 2013, the consolidated non-performing (NPA) outstanding of Kingfisher Airlines was pegged at Rs 6,848 crore, which included non-cumulative redeemable preference shares. Including the accrued interest and other charges of Rs 10,933 crore, according to the DRT decree, the total liability due to the creditors added up to Rs 17,781 crore as of April 10. Against this, banks have recovered Rs 10,815 crore, leaving them with a gap of Rs 6,997 crore, which is yet to be recovered, govt sources said. Mallya claimed that he paid Rs 14,000 crore to banks against loans of Rs 6,200 crore. Any loan comes with interest until the amount is fully paid. In the case of loan defaulters, such as Mallya, there is also a penal interest. The flamboyant businessman, known to live life king-size, seems to have based his claims on clearing the principal, and not the outstanding. The fugitive, who is seeking to block his return to India to face legal action, made similar claims in the past. With Mallya fleeing the country, banks stepped up efforts to recover their dues and were permitted by PMLA courts to sell the property that was attached by enforcement agencies on execution of a bond with the condition that in case of acquittal of the borrowers, the lenders would return the assets. Banks have sold a majority of the properties, including the famous Kingfisher Villa in Goa, and recovered Rs 10,815 crore. Sources said that the recovery process is in line with the board-approved policies of banks. "The norms are uniform irrespective of who the borrower is or from which part of the country or community he or she comes from. So, any allegation or claim made by Vijay Mallya regarding recoveries under any undue influence or under media pressure or due to an inherent bias against him is misconstrued and completely baseless," said a source. The loans to Kingfisher, which were restructured by some of the lenders, are also under the scanner with senior executives such as former IDBI Bank chief Yogesh Agarwal also arrested by CBI for alleged irregularities. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
