Fugitive Indian tycoon Vijay Mallya has lost his latest legal tussle against a coalition of state-run banks pursuing him over more than £1 billion ($1.36bn) in debts.
The banks are seeking a bankruptcy order following a debt judgment against Mr Mallya.
The tycoon’s lawyers went to the High Court on Wednesday to appeal against a judge’s earlier ruling not to dismiss the bankruptcy petition.
They claimed that an offer on the table in India made by Mr Mallya could wipe out the debts and a court there had yet to rule on it.
But Mr Justice Birss refused Mr Mallya’s request for an appeal amid a dispute over whether there are enough funds to satisfy the claimants. The banks are set to press their claims later this year in the UK.
It was the latest decision to go against the embattled former Formula One boss.
Mr Mallya, 65, also faces criminal charges of fraud and money laundering in India following the failure of his luxury Kingfisher airline and has unsuccessfully tried to overturn a 2018 order for his extradition.
Mr Mallya, the self-styled 'King of Good Times', inherited a family brewing empire in the 1990s and embarked on a series of acquisitions.
He set up the airline in 2005 with an unashamed pitch to the country’s middle classes.
But he fled to the UK in 2016 after being accused of misusing loans for the ailing airline that was hit hard by the 2008 financial crash.
Money from the loans was pumped into a vanity project, his racing team Force India, and a corporate jet, according to court documents.
The business empire of one of India’s best known company bosses unravelled with the grounding of his airline.
The ruling represented the second defeat in a week for Mr Mallya after a judge said he could not access funds held by the court to pay legal fees.
He had claimed that he had been targeted in a politically-motivated campaign by the Indian government to quell public anger at the accumulation of bad debts by Indian state-owned banks.
But his legal battles have exposed the lavish spending and lifestyle of one of India’s wealthiest men who was described by a British judge as a “glamorous, flashy, famous, bejewelled, bodyguarded, ostensibly billionaire playboy”.
It has also highlighted the difficulties of unravelling Mr Mallya’s assets that are held through a network of complex ownership structures. He has denied wrongdoing and blames the global financial crisis for the collapse of his empire.
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
