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Oj Corner
Special column
by OJ George

Cheque facility won't be withdrawn, says the govt
It is a matter of relief that the Union Government has clarified that cheque facility won't be withdrawn.

There were stray reports that an overenthusiastic government favaouring total digitalisation may go in for banning the cheque books.


It is gratifying to note that the government won't proceed with the reforms this way.
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Tribunal allows recovery of debt from Vijay Mallya
The Debt Recovery Tribunal (DRT) on Thursday ordered attachment and recovery of industrialist Vijay Mallya 's properties for defaulting on bank loans by his defunct Kingfisher Airlines Ltd.

The Bengaluru bench of the Tribunal said properties of Mallya and Kingfisher worth Rs.6,203 crore plus interest at 11.5 per cent from July 26, 2013 can be recovered by a consortium of banks led by State Bank of India (SBI).

"The Tribunal has allowed our petitions against Mallya 's Kingfisher and issued an order to attach their properties for recovering the amount (Rs.6, 203 crore) with interest," counsel for the consortium told reporters here.
Kingfisher, once India's second-biggest airline and controlled by liquor baron Vijay Mallya, stopped flying in October 2012, leaving creditors, suppliers and employees unpaid.

Mallya moved to Britain in March last year after being pursued in courts by the banks. Authorities have sought ways to have Mallya, who denies being an absconder, deported by Britain.

The lenders have also separately appealed to the Supreme Court for the recovery of their loans to Kingfisher.
   
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