London sources stated that the bank has sought repossession of the property at Cornwall Terrace, overlooking Regent's Park in central London, over the non-payment of a 20.4 million pounds mortgage loan. Meanwhile the property was referred to in the UK High Court as a "high class home for Dr Vijay Mallya and his family members and United Breweries Group corporate guests".
UBS said in a statement "UBS is pleased with the decision. Given that proceedings are ongoing, it would be inappropriate to comment further". Furthermore in his judgment following a two-day hearing last month, Judge Chief Master Marsh concluded that he can see no basis upon which the defendants should be given an opportunity to amend their defense.
Moreover the judge also expressed his displeasure at the way Mallya's defense team had conducted itself during the case, which meant avoidable delays for the court and there was a breakdown in the relationship between Mallya's previous law firm, Blake Morgan LLP, "including in relation to fees", which was one of the factors flagged by the court. Hence Mallya's team claims the bank had called in the loan ahead of an agreed period, the bank has claimed that it is within its rights to call in the mortgage for non-payment.
Cyclonic Storm prevails over AP & North Tamilnadu According to sources the IMD stated the deep depression over south Bay of Bengal is likely to intensify into a cyclonic storm over the next 24 hours. Meanwhile the cyclonic storm is expected to move towards Andhra Pradesh and adjoining north Tamilnadu coast over the next 72 hours and the regions could witness heavy to very heavy rainfall.
- Interpol issued RCN to Mehul Choksi
- Ambani spent 100 Crores for Isha Ambani's Wedding
- YSRCP Leaders made a complaint to EC preventing Fake Votes
- Employee comes in Ambulance to ask leave!
- Minister Vijayabhaskar expresses joy!
- Rahul gives an opportunity for BJP!
- BJP losing Urban seats Day by Day
- Malaysia Fantastic Deals Package launched for Indian Tourists
- KTR confident in winning Lok Sabha Polls by 2019
- Swiggy's Next Customer base is Students
- Will KCR replicate Rythu Bandhu Scheme across India?
- Celebrities across Globe attended Isha-Anand Royal Wedding
- KCR took oath as CM of Telangana for Second Time
- Bumper Airfare Fly to any place with Rs.999
- Single use plastic be banned in TN from January 1, 2019