Connect with us

Business

Vijay Mallya tells Bombay HC he cannot say when he will return to India

Published

on

Vijay Mallya tells Bombay HC he cannot say when he will return to India


Mumbai: UK-based businessman Vijay Mallya on Wednesday informed the Bombay High Court that he is not in a position to specify when he would return to India. He cited restrictions imposed by courts in England that he said prevented him from leaving the country.

The matter was heard by a Bench comprising Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad, in connection with two petitions filed by Mallya. One petition challenges his designation as a “Fugitive Economic Offender” under the Fugitive Economic Offenders Act (FEOA), while the other contests a court order formally declaring him a fugitive.

Senior advocate Amit Desai, appearing for Mallya, referred to Supreme Court judgments where writ petitions were heard even in the absence of petitioners.

Add Zee News as a Preferred Source


He submitted that extradition proceedings against Mallya are ongoing in the UK and that his client is aware of them but is unable to leave English jurisdiction due to binding court orders.

The Chief Justice, however, questioned Mallya’s intent to appear before the court, observing that he appeared to be relying on UK court orders without clarifying whether those orders had been challenged. The Bench indicated that such reliance could not be treated as a blanket justification.

The court directed Solicitor General Tushar Mehta to file a response to Mallya’s affidavit. It also asked Desai to submit a detailed affidavit placing on record all statements made during the hearing so that the Union of India could respond accordingly.

Granting three weeks’ time for further proceedings, the Bench noted that the petitions have been pending since 2019 and remarked that no sincere efforts appeared to have been made for their early disposal. The matter is now scheduled for a hearing on March 11.

According to the Finance Ministry, Mallya — former promoter of Kingfisher Airlines — is among 15 individuals declared Fugitive Economic Offenders as of October 31, 2025, allegedly causing losses of thousands of crores of rupees to Indian banks.

Earlier, the Enforcement Directorate (ED) submitted before the court that Mallya had filed affidavits disputing banks’ claims and was attempting to turn money laundering proceedings into recovery litigation. The agency further argued that he challenged the FEO declaration only after being declared a fugitive and when extradition proceedings in London had reached an advanced stage.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

The two farms in Senegal that supply many of the UK’s vegetables

Published

on

The two farms in Senegal that supply many of the UK’s vegetables


Between January and March, if you browse the fresh produce aisles of the UK’s biggest food retailers, including Tesco, Sainsbury’s, Asda, Aldi and Lidl, you’re likely to see spring onions, radishes, green beans, chillis, butternut squash, and cobs of corn, all labelled Produce of Senegal.



Source link

Continue Reading

Business

Gen Z turn to trade jobs for steady pay and AI-proof work, data finds

Published

on

Gen Z turn to trade jobs for steady pay and AI-proof work, data finds



Younger workers are driving jobs growth within the construction and trade industry, as Gen Zs turn to blue-collar work amid rising youth unemployment and the looming threat of artificial intelligence (AI), new data suggests.

Data from HR platform Employment Hero showed that the hiring of Gen Z workers significantly outpaced other generations last month.

Employment for the age group – incorporating those born between 1997 and 2012 – increased by 16.8% in January, compared with the same month last year.

In comparison, Gen Y employment grew by 5.5%, Gen X by 6.7%, and Baby Boomer by 7.1% year-on-year in January, according to the data.

Employment Hero analysed payroll data from more than 500 construction and trade businesses in the UK that use its platform, representing around 13,000 employees.

It also found that wages in the sector grew by 9.6% year-on-year in January, based on a three-month rolling average.

The company said its analysis points to a broader generational shift in career preferences, with many younger workers enticed by trade roles that offer immediate earnings opportunities and the potential for pay growth.

It also comes as many businesses say they are leaning further into the use of AI and automation to reduce costs and make their work more efficient, which raises fears about the displacement of workers and future job stability.

Official figures on Tuesday showed that unemployment among young people is at its worst level for more than a decade.

The jobless rate for 16 to 24-year-olds surged to 16.1% in the three months to December – the highest level since early 2015.

Businesses within sectors like retail and hospitality, which typically attract younger workers, have particularly been squeezed by rising labour costs, which experts have said is having a knock-on impact on hiring.

Kevin Fitzgerald, UK managing director of Employment Hero, said: “With Gen Z employment rising three times faster than other cohorts, it’s a clear sign that they are leading the revival of the blue-collar workforce.

“It’s clear from recent announcements that the Government sees vocational training and apprenticeships as playing a huge role in addressing the UK’s youth unemployment challenge and our figures show that the sector is playing its role in driving towards that mission.”

The Government has pledged to invest £725 million to go toward the creation of 50,000 apprenticeships in an effort to tackle rising youth unemployment.



Source link

Continue Reading

Business

FDA chief warns U.S. is losing ground to China in early drug development, calls for faster trial approvals

Published

on

FDA chief warns U.S. is losing ground to China in early drug development, calls for faster trial approvals


Food and Drug Administration Commissioner Marty Makary warned that the U.S. is falling behind China in early-stage drug development and called for reforms that could streamline the process for starting trials on new treatments. 

In an interview with CNBC on Wednesday, Makary specifically pointed to three bottlenecks that he said cause the U.S. to fall behind on those early drug trials. 

These include hospital contracting as well as ethical reviews and approvals, both of which he called “clunky processes that take too long and are leaving us noncompetitive with the countries that are moving a lot faster.” He also pointed to the process for submitting and receiving approvals for Investigational New Drug, or IND, applications, which companies submit to test a product in humans. 

“We walked into a mess,” Makary said, referring to how behind China the U.S. was in terms of Phase 1 clinical trials conducted in 2024. 

Food and Drug Administration Commissioner Marty Makary speaks in the Oval Office at the White House on Jan. 29, 2026.

Samuel Corum | Getty Images

He said the FDA is “looking at everything,” such as whether it can partner with health systems and academic medical centers on the pre-IND process. That refers to when companies consult the FDA before formally filing an application. 

Makary said the Trump administration should “partner with industry to help them deliver more cures and meaningful treatments for the American public because that is a common bipartisan goal that we all want. And we’re going to get it done in this administration.”

China’s biotech ecosystem has flourished over the last several years, driven by massive state investment, a vast talent pool and accelerated regulatory reforms. Once known for being a low-cost manufacturing base that pumps out copycats, China is rapidly evolving into a global innovation powerhouse. 

Data from Global Data and Morgan Stanley shows that China now conducts more clinical trials than the U.S., accounts for nearly a third of new global drug approvals and is on pace to reach 35% of FDA approvals by 2040. 

U.S. policymakers have been under pressure to take steps to boost innovation domestically. 



Source link

Continue Reading

Trending