INDIA’S Supreme Court has given a “final opportunity” to fugitive businessman Vijay Mallya to appear before it personally or through his lawyer in a contempt case where he has been found guilty.
Mallya, who is currently living in the UK, is accused of bank loan defaults of more than Rs 90 billion (£880 million) in India involving his now-defunct Kingfisher Airlines.
The top court said it has given multiple opportunities to Mallya to appear either personally or through a lawyer.
A bench of justices U U Lalit, S Ravindra Bhat and P S Narasimha posted the contempt case for further hearing after two weeks.
It said Mallya is at liberty to act as per the direction given in its order on November 30 last year, failing which the matter shall be taken to its "logical conclusion".
At the outset, the bench told senior advocate Jaideep Gupta, who has been appointed amicus curiae in the matter, that it has found the contemnor guilty of contempt of court, and now, punishment has to be imposed.
"Going by normal logic, the contemnor has to be heard but from that stage, he has not appeared before the court. What course should the court adopt?" the bench asked Gupta.
Gupta said that the contemnor does not need to be physically present, and he can appear through his counsel, and the court may clarify this further in its order.
Justice Bhat said the case has different colours, and the contemnor has abstained from the proceedings.
"Next hearing, the same thing will happen. We will have to pronounce the sentence in absentia. In this situation, in other countries courts are not powerless. We want assistance in that regard," Justice Bhat said.
The bench said this problem should not become a gateway for courts of first instance to adopt this course.
"We will have to say that this is in extraordinary circumstances in which he has been found guilty and is on the run. We need to have appropriate safeguards," it said.
Gupta said the court would have to make it clear what would happen and what consequences would follow if Mallya does not appear either personally or through his lawyer.
Solicitor general Tushar Mehta, appearing for the government, said the court has inherent jurisdiction in contempt cases and that it has given enough opportunity to Mallya, which he has not taken.
He said the Indian government has been informed by UK officials that there is some confidential proceeding going on which cannot be shared.
The bench asked Gupta, "What should the court do? Should we appoint an amicus for the contemnor or do we proceed ahead? Normally, in criminal matters, we appoint an amicus to represent the accused."
Gupta said if no lawyer appears for him or makes submissions on behalf of him, then the court should appoint an amicus curiae to represent the accused.
On November 30 last year, the top court had said it could wait any longer and the sentencing aspect in the contempt matter against Mallya would be dealt with finally.
It had in 2020 dismissed Mallya's plea seeking a review of its 2017 verdict which held him guilty of contempt for transferring $40 million (£29.46m) to his children in violation of court orders.
On January 18 last year, the Indian government had said it was making all efforts to extradite Mallya from the UK but the process is being delayed due to some legal issues involved in the matter.
Mallya has been in the UK since March 2016. He is on bail on an extradition warrant executed three years ago by the Scotland Yard on April 18, 2017.
(PTI)
Site Navigation
Search
Latest Stories
Start your day right!
Get latest updates and insights delivered to your inbox.
Related News
More For You
The slow progress was attributed to restructuring, low turnover in senior management and hiring freezes. (Photo: Getty Images)
Report exposes finance industry's failure to promote women
Apr 04, 2025
FINANCIAL INDUSTRY in the country has made little progress in recruiting more women to top positions, a new report from the finance ministry said on Thursday (3), a pace of change the head of British insurer Aviva called "unacceptable".
Further progress may be harder as financial firms and other companies try to balance promises they have made with US president Donald Trump's drive to crack down on diversity and inclusion-related goals.
Women working in finance held 36 per cent of senior positions last year, up from 35 per cent in 2023 and 34 per cent in 2022. The slow progress was attributed to restructuring, low turnover in senior management and hiring freezes, according to the latest report from the HM Treasury Women in Finance Charter, compiled by think tank New Financial.
Amanda Blanc, chief executive officer at Aviva, called the pace of change "frankly unacceptable."
"However, we must accept that this progress is not happening quickly enough and the annual improvements are too gradual," Blanc said in a statement attached to the report.
The charter, signed by around 450 firms and launched in 2016, aims at getting City businesses to promise to increase female representation at top company echelons. Each firm sets its own goals and timeline.
For 2025, 44 per cent of these firms with targets due this year say they will not meet their goals or reaching them would take "effort", the report said.
Trump's crackdown on DEI goals has spurred some to abandon public commitments to diversity goals. Swiss bank UBS dropped its diversity targets from its annual report last month.
A third of the 60 firms with a deadline in 2024 failed to meet their targets, according to the report.
Germany's Commerzbank had just over a fifth of women in leadership roles by July 2024, short of its 25 per cent target. It blamed hiring limitations and fewer management positions.
Natixis' London branch increased their senior women cohort to 28.4 per cent from 16.7 per cent in the last five years, but it postponed its 30 per cent target to September 2026, the report said.
The report also found that 95 per cent of signatories had shifted to some form of hybrid-working model, which it said benefits women with care-giving responsibilities in particular. That was up from a quarter of signatories in 2019.
(Reuters)
Keep ReadingShow less
Most Popular
UK
Leicester leaders push for major expansion amid local government shake-up
Hannah Richardson
28 March
The automotive sector is among the hardest hit. British-made vehicles, which generated £9 bn in exports to the US last year, are now subject to a 25 per cent tariff. (Photo: Getty Images)
Getty Images
Trump’s tariffs impact UK auto, food, steel and defence exports
Apr 04, 2025
BRITISH exports to the US worth over £182 billion annually are now subject to new tariffs under policies announced by Donald Trump.
Most goods will face a 10 per cent tariff, with certain items subject to higher rates and some exemptions.
While the tariff is paid by US importers, the added costs are expected to be passed on to consumers, potentially reducing demand for UK products.
The automotive sector is among the hardest hit. British-made vehicles, which generated £9 bn in exports to the US last year, are now subject to a 25 per cent tariff.
Brands like Jaguar Land Rover, Rolls-Royce, Aston Martin, and Mini are expected to face challenges.
According to the Institute for Public Policy Research, up to 25,000 jobs may be at risk, particularly at Jaguar Land Rover and the Mini plant in Cowley.
Mike Hawes of the Society of Motor Manufacturers and Traders told The Times, “These tariff costs cannot be absorbed by manufacturers, thus hitting US consumers who may face additional costs and a reduced choice of iconic British brands, whilst UK producers may have to review output in the face of constrained demand.”
In food and drink, the UK exports £1.6 bn to the US annually, including Scotch whisky, tea and biscuits.
With margins in the sector already low, producers may not be able to absorb tariff costs.
Scotch whisky, which accounted for £971 million in exports last year, could face similar outcomes to 2019, when a previous 25 per cent tariff reduced shipments by the same percentage.
The new 10 per cent tariff on UK food and drink is lower than those imposed on the EU, which could keep some British products competitive.
In defence, UK firms export £2.5 bn worth of components used in US military equipment, including the F-35 jet and Tomahawk missiles.
While a 10 per cent tariff applies, Kevin Craven of ADS told The Times it was “disappointing” but would not “kill our sectors”.
However, the 25 per cent tariffs on steel and aluminium could increase input costs, affecting major defence projects in the UK.
Steel exports to the US were valued at £370m last year, but the sector faces broader risks from diverted exports from other countries.
British Steel cited US tariffs as a factor in its recent decision to close blast furnaces, affecting up to 2,700 jobs. UK Steel has urged government intervention.
The pharmaceutical industry, which exported £6.5 billion worth of products to the US last year, has been exempted from the tariffs, according to a White House fact sheet. However, supply chain disruptions could still raise costs. GSK and AstraZeneca are among the firms affected.
Energy prices in the UK may rise over time due to increased US domestic consumption of gas, reducing LNG exports.
Anise Ganbold of Aurora Energy Research told The Times, “The UK will see higher gas prices, with a knock-on effect on retail gas and electricity bills.”
Experts also warned that the tariffs could affect corporate profitability and reduce investment in research and development across sectors including pharmaceuticals, semiconductors and green technology.
Keep ReadingShow less
Top court reviews car loans as banks brace for major payouts
Apr 03, 2025
THE UK’s highest court on Tuesday (1) began a hearing to determine whether controversial car loans were unlawful, in a case that could cost banks billions of pounds in compensation.
Banks are appealing a landmark ruling by a court of appeal in November that deemed it unlawful for car dealers to receive a commission on loans without sufficiently informing borrowers.
It is estimated that millions of drivers would be eligible for compensation should the Supreme Court side with borrowers in the three-day hearing.
The loans, which were around for 14 years from 2007, incentivised car dealers to set higher interest rates in return for a bigger commission from the banks.
Britain’s financial watchdog has made the commissions illegal.
The Supreme Court will consider two cases against South African lender FirstRand bank and one against British bank Close Brothers.
Outside the Supreme Court on Tuesday, Desmond Gourde, a supervisor at a bus company, said he was there to support those who want to claim back money.
Gourde managed to receive compensation after he bought a used Honda Jazz in 2018 for more than £8,000 including interest – without knowledge of a nearly £800 commission for the dealer.
“I had no idea there was a commission. I just applied for the finance, signed the papers, but no one told me about the commission,” the 56-year-old said.
In preparation for the ruling, British banks have set aside considerable sums, including Lloyds Bank, which has earmarked £1.2 billion.
The banks declined to comment at the start of the latest hearing.
October’s ruling from the court of appeal sent Close Brothers’ shares plummeting due to the prospect of customers having to be repaid the amount of the commissions plus interest.
The judgment also hurt the UK arm of Banco Santander, Lloyds and Barclays and threw the car finance market in the UK – where more than 80 per cent of new vehicles are bought on finance – into disarray.
Close Brothers and FirstRand have set aside £165m and £140m respectively to cover potential claims – figures dwarfed by the £1.15bn Lloyds has earmarked. Santander UK has set aside £290m and Barclays, £95m.
Consumer group Which! has estimated the cost to banks could reach £16bn, while some analysts believe the figure may be even higher – with HSBC suggesting it could rise to £44bn.
The highest figures could put it on the same scale as the fallout from payment protection insurance (PPI), one of Britain’s costliest consumer scandals, according to analysts.
Kavon Hussain, a lawyer for one of the claimants, said that “when you went to buy a car, the interest rate that you paid was set by the car dealer”.
He explained that car dealers would likely have judged who could afford more or who could afford less to determine the rate.
Amid concerns over the economic fallout, the UK government made an unsuccessful attempt to intervene in the case earlier this year.
Kavon Hussain
Analysts said the Labour administration may be concerned about the impact on banks’ willingness to provide credit at a time when the economic outlook remains uncertain.
“The bigger the car dealership network, the bigger the commissions,” said Sam Ward, lead investigator at Sentinel Legal, who has worked on several of these car finance cases.
“We found one car dealership network where they got paid £39m as an advance commission before they’d sold even one car finance policy,” he said.
The Financial Conduct Authority, which banned undisclosed commissions in 2021, plans to wait for the judgement before deciding whether to start a programme for automatic compensation.
In court filings, the FCA’s lawyers said the Supreme Court’s eventual ruling “will inform any steps taken by the FCA across the market, which is estimated to be worth approximately £40bn per annum.”
It added: “The sweeping approach of the Court of Appeal in – effectively – treating motor dealer brokers as owing fiduciary duties to consumers in the generality of cases goes too far.”
The FCA had already put its consideration of a redress scheme on hold pending the Court of Appeal’s ruling, giving customers until December to lodge complaints about commissions.
Close Brothers’ lawyers said the court of appeal’s judgment if it stood would “have profound and adverse implications for the motor finance industry and customers.”
The court of appeal said in its ruling that brokers should act in their customers’ best interests and not receive a commission without obtaining their “fully informed consent.”
FirstRand’s lawyers, however, argued the court of appeal had misunderstood the role of car dealers who introduce customers to lenders.
“The dealer’s primary role is as seller of the car,” the bank’s lawyer Mark Howard said in filings. “This makes it improbable that they would undertake to act loyally to the customer in respect of the credit broking arrangement.”
Keep ReadingShow less
The US accounts for nearly £7.6 billion, or 30.4 per cent, of India’s annual gems and jewellery exports.(Photo: Reuters)
Reuters
India’s jewellery exports face decline as US tariffs hit
Apr 03, 2025
INDIA’s £24 billion gems and jewellery industry is preparing for a sharp decline in exports as the US imposes a 26 per cent tariff on Indian goods.
Industry officials said this would significantly affect sales to the US, India’s largest jewellery market.
“The tariff is higher than expected,” said Colin Shah, managing director of Kama Jewelry, one of India’s leading diamond jewellery manufacturers. “It is quite severe and will affect exports.”
India is the world’s largest hub for diamond cutting and polishing, processing nine out of every ten diamonds globally.
The US accounts for nearly £7.6 billion, or 30.4 per cent, of India’s annual gems and jewellery exports.
Jewellery is India’s third-largest export sector to the US after engineering and electronic goods. The industry employs millions in India.
Exports have already been affected by weak demand from China, leading to a 14.5 per cent decline in total jewellery exports to £24.6 billion in the 2023-24 financial year.
A long-term trade agreement with the US could help offset the impact, Shah said.
India and the US are in discussions to finalise an early-stage trade deal.
“We are hopeful that India could land a trade deal with the US in the next few months,” said Shaunak Parikh, vice chairman of the Gem and Jewellery Export Promotion Council (GJEPC).
“We just need to push through this tough phase for a little while longer.”
(With inputs from Reuters)
Keep ReadingShow less
Ronnie Screwvala: From toothbrush seller to Bollywood's lone billionaire
Apr 03, 2025
The 2025 edition of the Forbes Billionaire List was released on Wednesday morning, showcasing the world's wealthiest individuals. The list features 3,028 billionaires globally, including 205 from India. Among these is Bollywood's only billionaire, Ronnie Screwvala, a media mogul whose journey from manufacturing toothbrushes to becoming a leading entrepreneur is nothing short of remarkable. With a net worth of $1.5 billion, Screwvala has surpassed the combined fortunes of Bollywood’s biggest stars, including Shah Rukh Khan, Salman Khan, and Aamir Khan.
Bollywood’s wealthiest man
Ronnie Screwvala stands as the richest person from the Hindi film industry, with a fortune exceeding that of its biggest icons. According to Forbes, his net worth of $1.5 billion surpasses the combined wealth of Shah Rukh Khan ($770 million), Salman Khan ($390 million), and Aamir Khan ($220 million), whose total stands at $1.38 billion. Additionally, he eclipses other notable figures such as Gulshan Kumar (approximately $900 million) and Aditya Chopra ($800 million). His financial success is a testament to his entrepreneurial acumen and strategic investments in both entertainment and education sectors.
Early life and entrepreneurial beginnings
Born in Bombay in 1956, Ronnie Screwvala’s journey to wealth began in an unexpected industry, manufacturing toothbrushes. In the late 1970s, he started his entrepreneurial career in the consumer goods sector. However, his true breakthrough came in the 1980s with the arrival of colour television in India. Recognising the potential in cable TV, he pioneered its expansion in Indian metropolitan areas, setting the stage for his entry into the entertainment industry.
Establishing UTV and a media empire
In 1990, Screwvala founded UTV, a company that revolutionised film and television production in India. Over the next two decades, UTV Motion Pictures became synonymous with quality cinema, producing iconic films such as Swades, Rang De Basanti, Khosla Ka Ghosla, Jodhaa Akbar, Fashion, Delhi Belly, and Barfi!. His influence extended to television as well, with UTV creating beloved TV shows like Shanti, Hip Hip Hurray, Shaka Laka Boom Boom, Khichdi, and Shararat.
In 2012, Screwvala made a landmark business move by selling UTV to Disney in a billion-dollar deal, marking his exit from the company. However, his passion for storytelling drew him back to the industry, leading to the establishment of RSVP Movies in 2017. Under this banner, he produced critically and commercially successful films like Kedarnath, Uri: The Surgical Strike, The Sky Is Pink, and Sam Bahadur.
Diversifying into education and sports
While Screwvala’s influence in Bollywood remains strong, his financial empire extends far beyond the film industry. He has invested in several startups and founded successful ventures, notably UpGrad, Unilazer, and USports.
UpGrad, his most significant non-entertainment venture, is an edtech company that has transformed online education in India. The platform offers courses in collaboration with leading universities, catering to professionals looking to upskill. Unilazer, his private equity firm, has funded numerous startups across various industries, while USports has played a role in the country’s growing sports ecosystem.
A return to the limelight
Despite his behind-the-scenes presence in the entertainment industry, Screwvala stepped into the public eye in 2024 when he made his screen debut as one of the investors on Shark Tank India. His participation in the show further cemented his reputation as a successful entrepreneur willing to mentor emerging business minds.
The legacy of Ronnie Screwvala
Ronnie Screwvala’s rise to billionaire status is an inspiring story of vision, resilience, and strategic investments. From manufacturing toothbrushes to pioneering cable TV, from building a film production powerhouse to transforming online education, his impact spans multiple industries.
As Bollywood’s richest man, he has redefined success in the entertainment business, proving that wealth in the industry is no longer confined to acting superstars. With continued investments in technology, education, and media, Screwvala’s influence is set to grow, further solidifying his status as one of India’s most successful entrepreneurs.
Keep ReadingShow less
Load More
© Copyright 2025 Garavi Gujarat Publications Ltd & Asian Media Group USA Inc