Biggest scam of Modi government

[dadeechi]

 

[Hulk]

What is the scam of Modi government here? Did your mom gave you lunch for school baby? Is your dad dropping you to the KG classes?

 

[dadeechi]

What is the scam of Modi government here? Did your mom gave you lunch for school baby? Is your dad dropping you to the KG classes?

You should have watched the video that I posted before you posted your silly comments.

 

[dadeechi]

lol Idiot 1st loan was given in
1) 2004 - congress in centre
2) 2008 (another loan) congress in centre
3) 2009 (account NPA but restuctured) congress at centre
iske baad bc bacha kya hai scam ke liye dimag istemal kar liya karo

Modi government has been in power for 2 years now. What were they doing?

And the people who scream from roof tops about congress vimukt bharat conveniently have allowed the person to leave the country.

Within 2 days of taking power, Modi government signs the drug agreement but does not have time to enforce the law.

 

[raj76]

Modi government has been in power for 2 years now. What were they doing?

And the people who scream from roof tops about congress vimukt bharat conveniently have allowed the person to leave the country.

Within 2 days of taking power, Modi government signs the drug agreement but does not have time to enforce the law.

ANy centre government doesnt do A-Z things in the country there is a process and agencies from several years for this purpose and ED went to supreme court and anything that is sub judicial no one can do anything and by the time they took orders from court to surrender his passport he was gone. Yea there is a genuine concern for the system which provides loopholes for these ppl but this system was in place before this government took over

 

[dadeechi]

ANy centre government doesnt do A-Z things in the country there is a process and agencies from several years for this purpose and ED went to supreme court and anything that is sub judicial no one can do anything and by the time they took orders from court to surrender his passport he was gone. Yea there is a genuine concern for the system which provides loopholes for these ppl but this system was in place before this government took over

Wonderful. Blame the system. They had two years but....

Do you even know BJP gave the most number of votes to make him become the RS MP?

BJP, JD(S) join hands to make Mallya win Rajya Sabha seat

Bangalore:

One of the big winners on Thursday in the Rajya Sabha elections was liquor baron Vijay Mallya, who contested as an Independent and was backed by the JD(S) and the BJP, but it was not all easy going for the King of Good Times.

Commenting on his victory Vijay Mallya said, "I am obviously very happy. I am privileged to serve my home state again. I served the state with best interests at heart during my last term. I actually published a book on the questions I raised in Parliament and circulated the book to MLAs. I believe in accountability. People have reposed their faith in me."

Anything is possible in politics. And that includes two parties -- JD(S) and the BJP-- putting aside their bitter coalition history to assure Mallya of good times ahead, by both supporting his candidature to the Rajya Sabha.

"Mallya is not a JD(S) candidate, he is an Independent candidate. We want Congress candidate to be defeated," said Karnataka Chief Minister BS Yeddyurappa on Mallya's candidature.

The state BJP is clearly putting a brave front on things after carrying out the directive of their central command despite the resistance of many in the state unit. But Mallya said he did not care why the votes came to him -- just that they did.

"At the end of the day I think it is wrong to make a big political issue out of who joined hands with whom, because I am an Independent," said Mallya.

When asked that the victory is more of an anti-Congress vote than a pro-Mallya vote, he said, "Is media supposed to adjudicate of where I get my votes from. Do you run the Parliament of India?"

The BJP's Venkaiah Naidu and Ayanur Manjunath also made it to the Upper House easily. As did Congress veteran Oscar Fernandes.

The biggest point of interest in the Rajya Sabha elections in Karnataka was the candidature of the flamboyant Vijay Mallya. As an Independent candidate, he managed to get the backing of both the JD(S) and the BJP, making them unlikely partners in getting him into the Rajya Sabha.

BJP, JD(S) join hands to make Mallya win Rajya Sabha seat

 

[Indika]

lol Idiot

Dude thats not acceptable , disagree but be respectful towards your fellow countrymen.

All politicians come from same stock of garbage , whether BJP or congress we will see this happen. Given the mallya episode BJP govt should stop claiming that they are any different from Cong.

 

[raj76]

Dude thats not acceptable , disagree but be respectful towards your fellow countrymen.

All politicians come from same stock of garbage , whether BJP or congress we will see this happen. Given the mallya episode BJP govt should stop claiming that they are any different from Cong.

that was for the person in deabte not for dadeechi

Wonderful. Blame the system. They had two years but....

Do you even know BJP gave the most number of votes to make him become the RS MP?

Was there any case or scam against him at that time if not that decision was ok at that time who can predict future

 

[dadeechi]

Was there any case or scam against him at that time if not that decision was ok at that time who can predict future

It is the acts of omission and commission in the last two years that makes the BJP support towards his RS membership in 2010 questionable.

Timeline: Vijay Mallya’s Kingfisher turbulence pushes his UB group on the rocks
All you need to know about Vijay Mallya's defaulting on loans of Rs 9,000 crore.
By: ENS Economic Bureau
Updated: Mar 12, 2016, 5:31
By: ENS Economic Bureau | Updated: March 12, 2016 5:31 am

Kingfisher Airlines, which was started by Vijay Mallya in 2003, however became the group’s bottomless pit and precipitated the default on loans taken to revive the sagging fortunes of the carrier. (Source: Express archive)
On Wednesday, the Supreme Court asked Vijay Mallya, the chairman of the UB Group and a Rajya Sabha member, to be present before it on March 30, with his passport. Mallya is facing legal proceedings for allegedly defaulting on loans of Rs 9,000 crore.

Read | Vijay Mallya clarifies: Did not flee from India, neither am I an absconder

A consortium of banks has moved the court seeking the freezing of his passport. Mallya became the chairman of liquor firm United Breweries in 1983 at the age of 28, following his father’s demise.

Read | No laxity on action against Mallya: SBI

Keystrokes: Vijay Mallya

Since then, the group grew into a multi-national conglomerate of over 60 companies.

Kingfisher Airlines, which was started by Mallya in 2003, however became the group’s bottomless pit and precipitated the default on loans taken to revive the sagging fortunes of the carrier, especially after it took over budget carrier Air Deccan.

Read | What is Vijay Mallya accused of?

A chronology of how the airline crash landed

May 9, 2005: Kingfisher Airlines’ (KFA) maiden flight.

June 2, 2007: Mallya buys Air Deccan.

November 4, 2009: Kingfisher reports a second quarter net loss of Rs 418.77 crore, lays off nearly 100 pilots.

Read | Vijay Mallya FERA case: After 17 years, final arguments to begin

November 25, 2010: KFA board approves debt recast package.

September 15, 2011: The company’s auditors point to the carrier’s accumulated losses at the end of the financial year being more than 50% of its net worth.

December 1, 2011: Mumbai International Airport Pvt Ltd sends a notice to the airline to pay a Rs 90-crore outstanding due.

Read | Mallya flew out of India on March 2, says A-G; SC issues notice on banks’ plea

December 9, 2011: The Service Tax Department freezes accounts of KFA for non-payment of Rs 70 crore.

March 17, 2012: Revenue Department threatens to take KFA to court over alleged service tax evasion.

June 27, 2012: Kingfisher shares tumble following reports that 34 aircraft have been possessed due to non-payment of lease rentals.

July 5, 2012: A 15-day time period given by the company’s lenders to come up with a turnaround plan.


September 4, 2012: Mallya gives guarantees worth Rs 5,904 crore for the carrier’s loans and other liabilities in 2011-12.

September 28, 2012: Turning down a request for Rs 200-crore working capital loan, the SBI-led lenders consortium asks SBI Capitals to chalk out a fresh revival plan.

October 2, 2012: The carrier declared partial lock-out following a strike by a section of its employees.

October 12, 2012: Non-bailable arrest warrant issued against Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport towards user charges.

October 20, 2012: The airline’s permit gets suspended

December 5, 2012: SBI, lead banker in the 17-lenders consortium that extended Rs 7,000 crore worth loans to the carrier, said banks are trying to do everything to find a solution.

December 31, 2012: The carrier loses its flying licence as the DGCA refused to renew its Air Operator Permit (AOP).

February 21, 2013: The Special Court for Economic Offences, Bangalore, issues summons to Mallya on a criminal case filed by the Income-Tax Department for not remitting to the government tax deducted at source.

April 3, 2013: Bombay High Court refuses to grant any interim relief to United Breweries Holdings, which had filed a petition to prevent KFAs’ lenders from selling pledged shares of UB group companies.

July 31, 2014: Mallya appears before the Special Court in Bangalore, in connection with 3 criminal cases booked against him by the I-T Department. Court grants him bail.

August 9, 2014: CBI institutes a preliminary inquiry against IDBI Bank and KFA. The bank had sanctioned a loan of Rs 950 crore, despite KFA having a negative rating.

September 2, 2014: SC denies relief to KFA challenging the decision of the Grievance Redressal Committee of United Bank of India to declare the airline and its promoter Mallya as wilful defaulters.

February 24, 2015: The 17-bank consortium takes over possession of Kingfisher House.

April 25, 2015: Alleging fund diversion to KFA and other UB

Group entities, United Spirits’ new owner Diageo asks Mallya to step down as chairman and director of the liquor firm.

October 10, 2015: The CBI conducts searches at Mallya’s offices.

December 10, 2015: The CBI questions Mallya as part of the probe into alleged wilful default of Rs 900-crore loan in conspiracy with unknown officials of IDBI bank.

February 16, 2016: PNB declares UB Holdings ‘wilful defaulter’

February 27, 2016: The SBI-led consortium of lenders moves the debt recovery tribunal (DRT) to attach Mallya’s passport.

March 7, 2016: DRT asks Diageo to withhold non-compete payment to Mallya

Timeline: Vijay Mallya’s Kingfisher turbulence pushes his UB group on the rocks | The Indian Express

 

[Endeavour]

Althouh the money was lended in congresses tenure, it is now duty of modi govt to recover every penny from this man.
That is why we have elected you in he power, so use your damn power.

 

[sathya]

BJP or any govrernment , he would have left..

His assets n companies are here ..

He has gone to not get arrested like Sahara group .

He will be back when the issue is resolved.

 

[Endeavour]

From what i understand the kingfisher house will be auctioned on 17th march with the base price of 150 cr.
While his kingfisher villa in goa is said to be valued at 90 cr.

These are such a peanuts amount. How are the consortium planning to recover the money of 7000 crore ?

 

[AyanRay]

Legally speaking, nothing much can be done against this man. The loan was given to KFA and not Vijay Mallya. They are two different entities.

Yes, if it can be proved that Mallya laundered the loan amount, then it is a different case. Anyhow investigation should be done as to how KFA managed to get the loan even with a negative net worth during the UPA regime.

 

[anant_s]

Modi government has been in power for 2 years now. What were they doing?

I think there is a structural problem that exists in our economy.
Large borrowers in our country having political affinity can usually get away even on default of payment and this leads to stress on balance sheets with accumulation of Bad Loans.

If you see closely, you'll find that apart from Businesses (Large, Medium and Small) and Agriculture, others (this category includes individuals) are biggest contributors.

Corrective measures
Under existing laws, it is very difficult to simply windup a business and declare insolvency, where lenders can actually take possession of assets and move for recovery of loan.

To correct this, a new Bankruptcy bill is already pending in Parliament and hopefully it will get passed in this session.
http://finmin.nic.in/reports/Interim_Report_BLRC.pdf
As i said above, it is a structural problem requiring a structural change in laws and imho, i'm not sure if current or previous governments are to be blamed, other than the fact that an urgency in this matter should've been shown long back.

@Rain Man @Levina @nair

 

[Paranoid Android]

LOL Banks are in debt cause loans were given during Congi time..Come on..