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Subrata Roy and Vijay Mallya’s dire straits

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There is an uncanny similarity between Sahara Group chief Subrata Roy and UB Group chairman Vijay Mallya. They share a larger-than life persona, an appetite for big risk backed by borrowed money and love for media spotlight

There is an uncanny similarity between Sahara Group chief Subrata Roy and UB Group chairman Vijay Mallya. They share a larger-than life persona, an appetite for big risk backed by borrowed money and love for media spotlight

(Diya TV) — Sahara Group chief Subrata Roy and UB Group chairman Vijay Mallya are both larger than life personas. They’re appetites for big risk investments, often with the financial backing of borrowed money, and petulant love for the media spotlight have landed the two of them in fiscal ruin, scraping the bottom of the barrel while looking for a way out.

Subrata, who has sat idle in the Tihar Jail, Delhi, since March of 2014, is fighting day and night to raise the Rs 10,000 crore bail amount that’s been set for his conditional release — since August of the same year, Subrata has made multiple attempts to liquidate some of his hotel properties in an effort to raise the money. His lawyers recently told India’s Supreme Court that Rs 17,000 crore of the Rs 30,000 crore raised from investors without the Security Exchange Board of India’s approval has already been returned.

Though he’s not sitting in a jail cell, Mallya faces an equally as complicated dilemma. Tuesday, his lawyers told the apex court that a one-time settlement with banks he’s in debt to is possible. He’s offered to pay Rs 4,000 crore of the Rs 9,000 crore he and his companies owe the 17-member consortium of banks, by September of this year. The State Bank of India, who leads the consortium of banks, said they would examine Mallya’s offer.

Of all his assets, Mallya’s 8 percent stake in the beer maker United Breweries is the most valuable — at its present value, his stake is worth around Rs 1750 crore. However, 98 percent of his stake in the company has already been pledged, according to stock exchange disclosures. He also owns real estate in India, the U.S. and Europe — liquidation of some of these properties in honor of the Rs 4,000 crore deal seems like a reasonable scenario.

Showing Mallya favoritism could set a rather dangerous precedent, other willful defaulters may expect similar treatment and a similar deal in the future. According to reports published in December of last year, the size of “stressed assets” in the Indian banking sector are close to Rs 7 lakh crore. Should the banks accept Mallya’s deal, in theory, it would send the message that other banks might be in the position to offer the same with other defaulters. Finance minister Arun Jaitley said twice in the month of March that every last penny of what Mallya owes will be collected and later, in more general terms, said banks are empowered to take “coercive action” to recover their dues.

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U.S., India, Japan & Australia complete Malabar exercise

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U.S., India, Japan & Australia complete Malabar exercise | Diya TV News

MALABAR ISLANDS, India (Diya TV) — Maritime forces from the U.S., India, Japan and Australia completed Phase II of the exercises dubbed Malabar in the Arabian Sea. The U.S. State Department thanked India in a tweet for hosting the effort by “The Quad” that promotes a free and open Indo-Pacific against a growing Chinese presence in the region.

The state of Michigan officially certified its election, formally granting President-Elect Biden its 16 electoral votes. And while President Trump continues to litigate in the hopes of overturning the outcome of the election, to date, he’s lost more than 30 cases. And now the General Services Administration informed the President-Elect he will be able to get the funding and documents needed  to start the formal transition in government.

Indian American Mala Adiga was appointed by President-Elect Joe Biden to be the Policy Director for his wife Jill, who will be the First Lady. Adiga is an alum of the Obama administration, as well as the Biden Foundation.

Pakistani American Dr. Umair Shah was appointed by Washington Gov. Jay Inslee to be Washington State’s Secretary of Health. Shah currently serves as executive director and local health authority for Harris County Public Health in Texas. 

Ravi Kapur contributed to this report.

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Modi thanks troops for thwarting terror plot

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Modi thanks troops for thwarting terror plot | Diya TV News

JAMMU and KASHMIR, India (Diya TV) — Indian Prime Minister Modi thanked security forces for unraveling a terrorist plot by Pakistan-based Jaish-e-Mohammad. Four men suspected of plotting a new attack on the anniversary of the 26/11 attacks were killed during a gunfight with Indian armed forces at a checkpoint in Jammu. Their truck was loaded with a cache of weapons and explosives. Modi is now reviewing the security apparatus along the international border and the Line of Control with Pakistan amid this infiltration.

Terrorism was a major theme of the annual BRICS summit featuring Brazil, Russia, India, China and South Africa was hosted by Russia virtually. Prime Minister Modi said terrorism is the biggest challenge world is facing today, adding “countries that support the terrorists are held accountable.” Russian President Vladmir Putin said India and China may start producing Russia’s Sputnik V vaccine against COVID-19.

Donald Trump Jr., President Trump’s eldest son, tested positive for coronavirus. His father and his girlfriend Kimberly Guilfoyle and many others in the Trump inner circle have had the virus over the last few months. A spokesman said Trump Jr. learned his diagnosis earlier this week, but has no symptoms and is quarantining in his cabin.

Ravi Kapur contributed to this report.

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Senators Warner, Cornyn talk US-India relations to USIBC

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Senators Warner, Cornyn talk US-India relations to USIBC | Diya TV News

WASHINGTON (Diya TV) — China as it relates to the U.S. and India was a central topic of conversation at the USIBC Post-Election Perspectives virtual conference. Democratic Senator Mark Warner, Republican Senator John Cornyn in conversation with former U.S. Ambassador to India Richard Verma both conveyed how India’s importance to the U.S. is increasing in terms of security and economic opportunity moving forward. Both Senators were confident bilateral ties between the world’s two largest democracies would continue to strengthen under a Biden administration. Cornyn and Warner are co-chairs of the Senate India Caucus.

Elections officials in Georgia called the presidential race for President-elect Joe Biden after a hand recount recertified the results. The vote discrepancy totaled in the hundreds and not thousands needed for President Trump to change the outcome. Biden will be awarded the state’s 16 electoral votes. The Trump campaign continues to dispute the outcome and says they will continue to pursue all legal options.

And the Minnesota Timberwolves selected Anthony Edwards #1 overall in the NBA Draft. The Golden State Warriors picked big man James Wiseman #2, but lost NBA champion & sharpshooter Klay Thompson for the year to an Achilles injury

Ravi Kapur contributed to this report.

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