logo
#

Latest news with #LondonHighCourt

UK arms dealer Sanjay Bhandari declared fugitive by court in money laundering case
UK arms dealer Sanjay Bhandari declared fugitive by court in money laundering case

India Today

time05-07-2025

  • Business
  • India Today

UK arms dealer Sanjay Bhandari declared fugitive by court in money laundering case

A Delhi court has declared UK-based arms dealer and defence consultant Sanjay Bhandari a Fugitive Economic Offender (FEO) under the Fugitive Economic Offenders Act, 2018. The declaration comes on the basis of a plea filed by the Enforcement Directorate (ED) in connection with a high-stakes black money and money laundering opposed the ED's application, arguing that his continued stay in the United Kingdom was lawful and protected, citing a decision by the London High Court that denied India's extradition request. His legal team contended that in light of this ruling, he could not be classified as a fugitive under Indian law. However, the Delhi court rejected his arguments and ruled in favour of the ED, paving the way for the confiscation of his assets in India and a controversial figure in India's defence and arms lobby circles, is also accused in a money laundering case involving Robert Vadra, the son-in-law of Congress leader Sonia Gandhi. The case pertains to alleged kickbacks and illicit overseas property transactions, which the ED claims were part of a complex web of financial crime. He lived in India till 2015 and allegedly fled to England after legal actions were initiated against him for owing a large amount of Income Tax. Bhandari first came under the scanner in 2016 after Income Tax raids at his premises revealed classified defence documents and evidence of undisclosed foreign assets. Subsequent probes linked him to a series of offshore entities and unaccounted wealth, with alleged connections to defence procurement deals. He reportedly acted as a middleman and consultant for various foreign arms manufacturers seeking contracts with the Indian the court now declaring him a fugitive economic offender, the ED is expected to intensify efforts to attach and seize Bhandari's known properties and financial interests. The ruling is also likely to strengthen India's diplomatic and legal arguments in any future appeal or extradition review proceedings in the UK.- Ends

UK High Court upholds proscription of Palestine Action
UK High Court upholds proscription of Palestine Action

Middle East Eye

time04-07-2025

  • Politics
  • Middle East Eye

UK High Court upholds proscription of Palestine Action

A London High Court judge on Friday upheld the proscription of Palestine Action in the United Kingdom. The direct action group, known for targeting companies involved in the Israeli arms trade, was designated as a terrorist group by the UK government this week. The move has been heavily condemned by human rights groups and lawyers. Proscription makes it a crime to be a member of Palestine Action, and membership carries a maximum 14-year prison sentence. The ban comes into effect at midnight on Friday.

Rise in helicopter crashes may spur 15-30% hike in insurance premiums
Rise in helicopter crashes may spur 15-30% hike in insurance premiums

Business Standard

time17-06-2025

  • Business
  • Business Standard

Rise in helicopter crashes may spur 15-30% hike in insurance premiums

Helicopter insurance premiums in India are likely to rise by 15–30 per cent owing to a recent spate of domestic accidents and mounting aviation losses faced by global reinsurers, industry insiders said. Aviation insurance is largely a reinsurance-driven area, with the general aviation market comprising corporate jets, helicopters and others accounting for 15 per cent of the segment in India. The remaining is commercial aviation. In FY25, the premium accumulated from the aviation segment in India was nearly ₹1,010 crore, up 4 per cent from the previous year. In general aviation, the premium rates are calculated based on the age and seating capacity of the hull combined with liability. The hull value of helicopters ranges from ₹25 crore to ₹30 crore going all the way up to ₹100 crore. The average premium in the helicopter segment is also around ₹75 lakh, according to industry experts. This is likely to increase by 25-30 per cent in line with the overall hardening in the aviation insurance market. 'There have been 5-6 helicopter crashes in the last few months. Overall, Indian insurers are under pressure in terms of premium versus claims. We have seen rates rising steeply for smaller rotor wing operators, like those who fly to Kedarnath, Chardham, or maybe small general aviation helicopter operators. In some cases, the premium has also doubled. Also, amid the Air India crash, there will be a hardening in the insurance market in the coming months,' an insurance broker said. On June 15, a helicopter crashed in Kedarnath, making it the fifth such incident in the Char Dham route, since the pilgrimage started on April 30. This comes days after the crash of Air India AI-171 in Ahmedabad. Previously, six people died when a helicopter crashed in Uttarkashi on May 8. Similarly, a crash was averted in Badrinath on May 12. On May 17, an air ambulance crashed in Kedarnath but no casualty was reported. On June 7, a helicopter on its way to Kedarnath made an emergency landing on the highway due to technical snag, developed during take-off. Additionally, rates in the aviation sector are also expected to increase due to huge claim outgo in the Air India crash combined with the ruling by the London High Court regarding jets stranded in Russia, among others. 'Helicopter insurance rates are expected to increase due to a combination of domestic accidents and significant global aviation losses. A series of high-profile claims, including a UK court ruling of $4.5 billion and other aviation incidents like the Air India and Boeing 737 MAX losses, are straining global reinsurers. Also, the overall aviation insurance premium rates are likely to harden due to limited capacity, heightened geopolitical risks and currency fluctuations. Premiums for helicopters may also rise 15–25 per cent, in-line with the overall aviation insurance segment,' an insurance executive said.

'Right talent': Vijay Mallya on how Kingfisher calendar girls Deepika, Katrina found fame
'Right talent': Vijay Mallya on how Kingfisher calendar girls Deepika, Katrina found fame

Hindustan Times

time06-06-2025

  • Business
  • Hindustan Times

'Right talent': Vijay Mallya on how Kingfisher calendar girls Deepika, Katrina found fame

Businessman Vijay Mallya, the former Kingfisher Airlines chief who is facing multiple fraud charges in India, has lauded the now-defunct airline's annual calendar, saying it was a fantastic marketing tool. The annual Kingfisher calendar used to be shot at exotic locations, mainly featuring Indian models in swimsuits. In a four-hour-long podcast with YouTuber Raj Shamani, released on Thursday, the former Kingfisher Airlines chief was asked why the careers of many of the models, including popular Bollywood faces Deepika Padukone and Katrina Kaif, featured in the Kingfisher calendar took off. 'Because we chose the right girls,' Mallya said in response and went on to name Bollywood actors such as Deepika Padukone and Katrina Kaif, who once appeared in the annual calendar. Also Read | 'Call me a fugitive… but I am not a chor': Vijay Mallya addresses charges against him '…Whether it was Deepika Padukone, Katrina Kaif. We had all the heroines and the stars on the calendar at a younger age…We picked the right talent,' Mallya said. The former Kingfisher Airlines chief further described the calendar as a powerful branding initiative. 'I did it because it was a fantastic marketing tool. It did not bring anything to me personally. But it did wonders for the brand,' he added. Also Read | Vijay Mallya's big accusation against Pranab Mukherjee: 'I was told...' Kingfisher Airlines, launched with much fanfare in 2005, quickly gained a reputation for luxury service but struggled financially as economic conditions worsened. Mallya left India in 2016 and has since been residing in the United Kingdom. He is currently fighting extradition to India. On April 9 this year, he lost an appeal against a bankruptcy order issued by a London High Court in connection with a ₹11,101 crore debt to a consortium of Indian lenders, including the State Bank of India. Also Read | Vijay Mallya 'sets record straight' with rare message for employees who lost their jobs in Kingfisher crash Prior to that, in February, Mallya approached the Karnataka High Court, arguing through his legal counsel that banks have already recovered ₹14,000 crore - well above the ₹6,200 crore originally due. He requested the court to direct lenders to provide a detailed breakdown of the recovered amount.

‘Call Me Fugitive, Not Chor': Vijay Mallya Apologises For Kingfisher Crash
‘Call Me Fugitive, Not Chor': Vijay Mallya Apologises For Kingfisher Crash

News18

time06-06-2025

  • Business
  • News18

‘Call Me Fugitive, Not Chor': Vijay Mallya Apologises For Kingfisher Crash

Last Updated: Vijay Mallya has opened up about his reasons behind not returning to India in a podcast and also issued a public apology for the failure of his Kingfisher Airlines. Businessman Vijay Mallya, who is facing various fraud charges in India and is absconding, has denied allegations of theft while also issuing a rare public apology for the failure of Kingfisher Airlines. He also defended his 'valid" reasons for not returning to India and claimed that he would consider getting back if he is assured of a fair trial and 'dignified existence" in the country. 'I apologise to everyone for the failure of Kingfisher Airlines," Mallya said during a four-hour-long podcast with Raj Shamani, which was put online on Thursday. 'If I have assurance of a fair trial and a dignified existence in India, you may be right, but I don't," he said, when asked if his troubles got worse because he did not return to India. Vijay Mallya On Being Called Fugitive He also acknowledged that it was 'fair" to call him a fugitive but questioned the term 'thief" used for him in the political corridors. 'Call me a fugitive for not going to India post-March 2016. I didn't run away, I flew out of India on a prescheduled visit. Fair enough, I did not return for reasons that I consider are valid, so if you want to call me a fugitive, go ahead, but where is the 'chor' coming from? Where is the 'chori'?" he said. Mallya is facing charges of allegedly defaulting on loans worth over Rs 9,000 crore that were given to Kingfisher Airlines by a group of Indian banks. He has been residing in the United Kingdom since 2016, where he is facing extradition proceedings. On April 9 this year, in another blow to his legal battles, Mallya lost an appeal against a London High Court bankruptcy order in a case involving over Rs 11,101 crore owed to lenders, including the State Bank of India (SBI). The businessman has been locked in a long-running dispute with Indian banks since the collapse of his Kingfisher Airlines in 2012. Earlier in February 2025, Mallya approached the Karnataka High Court, seeking details about how much money banks had recovered from him. His legal team argued that while the original debt stood at Rs 6,200 crore, banks have already recovered Rs 14,000 crore—more than double the amount owed. They claimed that despite this, recovery actions were still continuing and requested the court to instruct banks to provide a detailed statement of recovered funds. India has been making efforts to extradite him from the UK for his alleged loan defaults and financial fraud. First Published: June 06, 2025, 07:46 IST

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store