Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Mallya's group denies he diverted Rs 430 crore loan money

The UB Group said that the loan of Rs 900 crore was extended for legitimate business purposes and assured that it will provide full details of the foreign exchange remittances in the coming days.

CNN-IBN

Updated:April 18, 2016, 8:06 AM IST
facebookTwitter Pocket whatsapp
Mallya's group denies he diverted Rs 430 crore loan money
File Photo of Vijay Mallya

New Delhi: Even as former liquor baron Vijay Mallya continues to face pressure from the Enforcement Directorate, UB Group has denied charges that he misappropriated nearly Rs 430 crore from a loan of Rs 900 crore extended to Kingfisher airlines by IDBI bank to buy property abroad.

The UB Group said that the loan of Rs 900 crore was extended for legitimate business purposes and assured that it will provide full details of the foreign exchange remittances in the coming days.

"In order to explain foreign exchange remittances all of which have been fully accounted for, we will provide full details in the next few days," UB Group said in a statement. It said the audited accounts of Kingfisher Airlines show that the money was borrowed for legitimate business purpose and that the allegation was "shocking".

"The allegation made by the Enforcement Directorate before the PMLA Court that they have stumbled upon evidence that Rs 430 crores was transferred overseas for property acquisition is strenuously denied," it said.

The statement said, "The audited accounts of Kingfisher Airlines including for the year ended 31.3.2010 show all foreign exchange transactions which includes funds borrowed from IDBI Bank were used for legitimate business purposes only."

Multiple investigations have been going on since July 2015 and this allegation has never been made, the statement said. "We are shocked at the allegation made by the Enforcement Department before the PMLA Court for the very first time," it said, adding that "the basis of seeking a Non Bailable Warrant against our Chairman is erroneous and unjustified".

Meanwhile, a court in Mumbai will on Monday give its order on the ED's plea seeking a non-bailable warrant against the former liquor baron. Malllya has said he is willing to join the probe but has insisted on doing so via email and video conferencing.

Mallya, now in Britain, is charged with siphoning off a portion of money involving IDBI loan of Rs 950 crore, which he had borrowed for Kingfisher Airlines. On April 15, the Ministry of External Affairs had suspended the diplomatic passport of Mallya, a Rajya Sabha MP.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
ICICI Bank 528.10 -0.22
Zee Entertain 300.05 6.65
Reliance 1,550.85 -0.12
Yes Bank 62.10 -1.43
SBI 336.20 -1.65
Company Price Change %Gain
Yes Bank 62.10 -1.51
HDFC AMC 3,200.85 -3.85
Zee Entertain 300.20 6.78
Infosys 714.65 0.91
Reliance 1,550.30 -0.14
Top Gainers
Company Price Change %Gain
Zee Entertain 300.05 6.65
TCS 2,121.30 2.06
ITC 246.95 1.56
Larsen 1,302.20 1.33
Britannia 3,082.90 1.10
Company Price Change %Gain
TCS 2,121.50 2.04
ITC 246.90 1.54
Larsen 1,301.65 1.28
Infosys 714.65 0.91
Tech Mahindra 763.90 0.69
Top Losers
Company Price Change %Gain
JSW Steel 251.45 -3.21
Coal India 196.40 -3.13
Bharti Airtel 447.35 -3.05
Tata Steel 399.80 -2.32
IndusInd Bank 1,509.75 -2.24
Company Price Change %Gain
Bharti Airtel 447.20 -2.96
Tata Steel 399.65 -2.31
IndusInd Bank 1,509.85 -2.21
Tata Motors 166.10 -1.95
Hero Motocorp 2,396.60 -1.76

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results
Listen to the latest songs, only on JioSaavn.com