UK Court Opens Window For Consortium Of 13 Banks To Recover £1.145 Billion Debt From Mallya

New Delhi: A commercial court on Tuesday dismissed Vijay Malya’s applications to set aside a ruling of India’s Debt Recovery Tribunal and an associated worldwide freezing order paving the way for a consortium of 13 Indian banks led by the country’s largest lender, the state-owned State Bank of India to move a step ahead in its bid to recover £1.145 billion debt from businessman Mallya.

The ruling was the first instance of an Indian tribunal’s ruling registered in the English high court, when it was recorded in November 2017. The case is part of the litigation in which the banks are seeking to recover sums lent to Kingfisher Airlines Limited that were guaranteed by Mallya.

The tycoon fled India for the UK, days before the crucial Debt recovery Tribunal ruling. Extradition proceedings to get him back to India are currently underway in a London court. The case is scheduled for a final hearing at the Westminster Magistrates Court on July 11.


Hero And Burman Claim Best Offer For Fortis With Rs9,000 Crore

New Delhi: A day after Manipal-TPG combined revised their offer upwards valuing Fortis at Rs 8,358 crore, Munjals and Burmans said if their offer were to be accepted, they would immediately infuse an upfront amount of Rs 1,050 crore which would value the healthcare chain more than what their rival has offered.Hero Enterprises and Burman family claimed their proposition for Fortis was the best offer for the healthcare major as it would value the company to up to Rs 9,000 crore.

"Our offer is the fastest on time. We anticipate it will take 45-60 days while the other offers will take longer to implement," Hero Enterprises's Sunil Kant Munjal said in a statement.


If 7% Growth Continues Indian Economy To Double In A Decade: ADB

New Delhi:Asian Development Bank (ADB) chief economist Yasuyuki Sawada has said that India's projected over 7 per cent GDP growth for the current fiscal is ‘amazingly fast’ and if this momentum is maintained the size of the economy can double within a decade, The country shouldn't worry about not achieving 8% growth but focus on increasing domestic demand by reducing the income inequality, he said.

Growth is driven more by domestic consumption than exports, he added.The bank has projected India to remain the fastest growing Asian nation with 7.3% growth in 2018-19, and 7.6% in 2019-20.


Walmart And Alphabet Together May Buy Over 70Per CentIn Flipkart

New Delhi:In a deal which will value the company at $20 billion,India’s largest online retailer Flipkart is set to sell more than 70 per cent stake to Walmart and Google’s parent Alphabet. The final shareholder agreements triggering India Inc’s largest M&A is expected to be signed over the weekend and a formal announcement is due mid-next week.

While Walmart is expected to get a 55-61% stake in Flipkart, Alphabet will pick up around 10% in Flipkart, bringing to an end months of deal-making.Amazon, which was also in the race to acquire a substantial stake in Flipkart, did not find favour from most of the company investors even as SoftBank rallied for the Jeff Bezos-led tech giant. The transaction will involve a bunch of Flipkart’s shareholders partially or completely selling their stakes to the Walmart-led group.


China Removes Import Duty On 28 Medicines From May 1

New Delhi:A few days after the visit of Prime Minister NarendraModi to Chine, the country on Thursday removed import duties on as many as 28 medicines, including all cancer drugs, from May 1, a move which would help India to export these pharmaceuticals to the neighbouring country.

"China has exempted import tariffs (duties) for 28 drugs, including all cancer drugs, from May 1st. Good news for India's pharmaceutical industry and medicine export to China. I believe this will help reduce trade imbalance between China and India in the future," Chinese Ambassador to India LuoZhaohui said in a tweet.
The development assumes significance as India has time and again asked for greater market access for its goods and services, including IT, pharmaceuticals and agriculture, in the Chinese market to reduce the widening trade deficit.