Vijay Mallya and UBHL director Daljit Mahal have moved the Karnataka High Court seeking detailed bank statements on recoveries made against their debts. The petition claims banks have already recovered far more than the Rs 6,200 crore directed by the DRT.
Former prime minister Manmohan Singh, who passed away Yesterday (Dec 26), aged 92 in the national capital, had a brush with the justice system when he was summoned as an accused in a coal block allocation case. The Supreme Court, however, intervened and stayed the directive. Singh, an astute economist and a stalwart politician, questioned the absence of the mandated sanction for prosecuting public officials like him, and denied any criminality in his decision concerning the coal block allocation.
Finance Minister Nirmala Sitharaman reported in the Lok Sabha that the Enforcement Directorate (ED) has recovered Rs 22,280 crore in illicit assets, aiding public sector banks and defrauded investors. Key recoveries include Rs 14,132 crore from Vijay Mallya and Rs 1,053 crore from Nirav Modi. The government remains committed to combating economic offenses.
Former Kerala Finance Minister Thomas Isaac has agreed to appear before the Enforcement Directorate (ED) if the summons specifies the allegations against him in the masala bonds case. The Kerala High Court supports the request for court supervision and has scheduled the appearance of KIIFB officials before the ED. This case holds significant implications for financial regulations in India.
The Supreme Court urged Kerala and the Central government to resolve financial disputes through dialogue. Both sides agreed to meet, following the Court’s recommendation. The meeting aims to address urgent funding concerns and bridge the gap in financial management. This marks a critical opportunity for open communication and collaboration, setting important precedents for India’s federal structure.
The Interim Budget 2024, presented by Finance Minister Nirmala Sitharaman, emphasizes uplifting farmers, women, youth, and the impoverished. It focuses on infrastructure, tax rates, fiscal deficit adjustments, and introducing initiatives such as affordable housing and free electricity through solar power. The budget aims for continued government functionality until a new administration presents a full fiscal year budget.
In the Interim Budget 2024, Finance Minister Nirmala Sitharaman allocated Rs 6,461 crore to the Union Law Ministry, Rs 1,709 crore more than the previous year. It covers government expenses and revenues for a short span in an election year until a new government is elected. The 2023-24 budget proposed a total expenditure of Rs 45,03,097 crore.