Former Kingfisher Airlines promoter Vijay Mallya has again claimed that he is being unfairly treated in India, saying ongoing legal restrictions in the United Kingdom are preventing him from returning to the country.

In a series of posts on X, Mallya questioned why he continues to be described as a fugitive when assets worth ₹14,131.60 crore have been confiscated and restored to the State Bank of India-led consortium.

The recovery figure is not merely Mallya's claim. The Enforcement Directorate's 2025–26 annual report states that assets worth ₹14,131.60 crore linked to Mallya and Kingfisher Airlines were confiscated and subsequently restored to the SBI-led consortium. The ED report also says Mallya was declared a fugitive economic offender on January 5, 2019.

Mallya Uses ‘Cockroach’ Remark to Describe His Frustration

Mallya said he was being subjected to continuing injustice and sarcastically referred to the recent “Cockroach Janta Party” protests while questioning his treatment in India.

He also argued that he should not be called a fugitive simply because he remains in Britain.

His comments come amid renewed attention to his long-running legal battle over his status under India's Fugitive Economic Offenders Act.

Why Mallya Says He Cannot Return to India

Mallya has maintained that he cannot freely leave the UK because of ongoing legal proceedings there.

During proceedings before the Bombay High Court in February, his lawyer told the court that orders passed by English courts prevented Mallya from leaving England and that he could not give a precise date for his return to India. 

The issue became important because Mallya is challenging the validity of the Fugitive Economic Offenders Act as well as proceedings declaring him a fugitive economic offender.

The Bombay High Court, however, had made it clear that it wanted Mallya to submit to its jurisdiction before proceeding with his challenge.

Bombay HC Had Asked Him to Return

In February, the Bombay High Court gave Mallya what it described as a final opportunity to clarify whether he intended to return to India.

The court said his challenge to the Fugitive Economic Offenders Act would not be considered unless he returned and submitted himself to the court's jurisdiction. 

Mallya's legal team subsequently told the court that he could not specify when he would return because of restrictions imposed by courts in England. 

The development highlights the legal tension between Mallya's proceedings in Britain and his cases in India.

What the ED Recovery Figure Means

The ₹14,131.60 crore figure cited by Mallya relates to assets confiscated and subsequently restored to the SBI-led consortium.

According to the ED's annual report, the agency had attached properties belonging to Mallya, Kingfisher Airlines and others worth ₹5,042.66 crore, while additional properties worth ₹1,694.52 crore were treated as court assets. The report says assets worth approximately ₹14,131.60 crore were ultimately restored to the SBI-led consortium.

Mallya has used this recovery to argue that banks have already received substantial value from the assets connected with his case. However, the recovery of assets does not by itself resolve the separate criminal, extradition and fugitive-economic-offender proceedings against him.

Mallya Left India in 2016, Declared Fugitive in 2019

Mallya has been based in the UK since leaving India in March 2016 amid investigations into the financial affairs of Kingfisher Airlines.

He was declared a Fugitive Economic Offender in January 2019 under the Fugitive Economic Offenders Act. 

The law provides a framework for confiscating properties of fugitive economic offenders in cases involving certain high-value economic offences, subject to judicial proceedings.

Mallya continues to contest aspects of the legal action against him.

The Larger Legal Battle Continues

Mallya's latest comments are therefore part of a much broader legal dispute that has continued for years.

While he argues that the recovery of ₹14,131.60 crore should change the way his case is viewed, Indian authorities and courts continue to deal separately with his fugitive-economic-offender status and other proceedings.

For now, his return to India remains tied to the legal proceedings in the UK and the conditions imposed by the Bombay High Court in his challenge to the FEO law.

Indian consumers could soon face higher prices for several everyday products, while major developments in the stock market, automobile policy and corporate regulation are shaping the economic outlook. Rising input costs are prompting leading FMCG companies to consider price increases, even as four of India's 10 most valuable companies added a combined ₹1.43 lakh crore to their market capitalisation last week.

The developments come against a backdrop of changing commodity prices, foreign investment flows and policy measures aimed at improving fuel efficiency and reducing vehicle emissions.

FMCG Companies Consider Price Hikes

Prices of commonly used products such as biscuits, soaps, edible oils and other FMCG items could rise in the coming months as companies face higher input costs.

Industry players are reportedly preparing to increase prices during the September quarter, citing rising raw material expenses linked partly to geopolitical tensions. Companies had already raised product prices by an average of around 2–5 per cent during the April-June quarter.

The potential price increases could add pressure on household budgets, particularly as FMCG products form a significant part of everyday consumption.

Companies are expected to assess commodity prices, demand conditions and consumer affordability before deciding the extent of any further increase.

SBI Leads Market Cap Gains

Four companies among India's top 10 most valuable firms recorded a combined increase of approximately ₹1.43 lakh crore in market capitalisation last week.

State Bank of India emerged as the biggest gainer, with its market value rising by around ₹63,922 crore. Reliance Industries, Tata Consultancy Services and Larsen & Toubro were the other companies that recorded gains.

The movement came despite a weak finish to the domestic equity market on Friday. The Sensex declined 455 points to close at 78,499, while the Nifty fell 65 points to 24,570.

Hybrid and EV Cars May Get Cheaper

A draft of new Corporate Average Fuel Economy standards released by the Centre could influence vehicle prices from April 1, 2027.

The proposed framework seeks to improve fuel efficiency and reduce emissions from passenger vehicles. Under the new norms, manufacturers could have greater incentives to sell fuel-efficient vehicles, including hybrids, electric vehicles and ethanol-compatible models.

Petrol and diesel vehicles with higher emissions could become relatively more expensive if manufacturers face greater compliance costs or penalties.

The proposed policy is part of the government's broader effort to improve vehicle efficiency and reduce the environmental impact of road transport.

Foreign Investors Return

Foreign investors continued to put money into Indian equities during the opening phase of August. Foreign investors invested approximately ₹12,921 crore in the Indian market during the first week of the month, according to the data cited in the report.

Foreign inflows had also remained positive in July, when around ₹20,200 crore entered Indian equities. Lower crude oil prices were identified as one of the factors supporting investor sentiment.

The direction of foreign flows will remain important for the domestic market, particularly amid global interest-rate expectations, geopolitical developments and currency movements.

ED Files Chargesheet Against Reliance Infra

The Enforcement Directorate has filed a chargesheet against Reliance Infrastructure Ltd, former director Satish Seth and others under the Prevention of Money Laundering Act (PMLA).

The chargesheet was filed on August 8 before the special PMLA court at the Dwarka district court complex in New Delhi.

According to the allegations cited in the report, the case relates to suspected irregularities involving four National Highways Authority of India (NHAI) road projects. Investigators have alleged financial irregularities amounting to around ₹187 crore, including the alleged use of purportedly fraudulent invoices and diamond imports in the suspected money-laundering transactions.

The allegations remain subject to judicial proceedings, and the filing of a chargesheet does not by itself establish guilt.

Market Outlook Remains Mixed

The combination of rising consumer-product costs, changing vehicle regulations, corporate developments and foreign investment flows points to a mixed economic environment.

While strong market-cap gains among some large companies and renewed foreign investment indicate pockets of investor confidence, higher input costs could put pressure on consumer-facing businesses and household spending.

For investors and consumers alike, commodity prices, corporate earnings, policy changes and global economic developments are likely to remain key factors in determining the direction of the Indian economy in the months ahead.

In a significant ruling with far-reaching implications for cybercrime investigations and banking practices, the Madhya Pradesh High Court has held that law enforcement agencies should not freeze an entire bank account over a minor disputed transaction when less restrictive measures are available. The court directed that, wherever possible, only the amount linked to the alleged cyber fraud should be blocked rather than imposing restrictions on the entire account.

The judgment came while hearing a petition filed by Archana Shivhare, a Bhopal-based businesswoman, whose current account containing more than ₹2.51 crore was frozen following a suspected cyber transaction of just ₹980.

Justice Himanshu Joshi, presiding over the single bench, observed that freezing an entire bank account should remain an exceptional measure and must not become the standard response in cybercrime investigations.

Dispute Over ₹980 Transaction

According to the petition, Shivhare operates seven composite liquor outlets in Narsinghpur district, with all business transactions routed through a single current account.

In April 2026, the State Bank of India branch in Itarsi froze the account without prior notice. The action was reportedly taken following a cybercrime complaint registered under Section 106 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023.

During the hearing, counsel for the petitioner argued that the alleged suspicious transaction involved only ₹980, while the account held more than ₹2,51,72,192.57. The petitioner requested that only the disputed amount be blocked if required for investigation, allowing access to the remaining legitimate funds.

Court Calls for Proportionate Action

Accepting the argument, the High Court observed that investigating agencies must distinguish between the amount allegedly connected to an offence and the lawful funds lying in the account.

The bench said that freezing an entire account despite the disputed amount being minimal was not a proportionate response. Instead, agencies should impose a lien or debit freeze only on the amount necessary for investigation wherever feasible.

The court clarified that complete freezing of an account should be reserved for extraordinary circumstances supported by written reasons.

Banks Also Have Responsibility

The High Court also underlined the role of banks in protecting customers' rights during such proceedings.

It observed that banks cannot simply act as passive executors of police instructions and direct customers to approach investigating agencies or courts. Instead, banks must immediately inform account holders about the reason for freezing, the details of the investigating authority and the available grievance redressal mechanism.

The court described banks as the first point of contact for customers affected by such actions and said they must actively facilitate the resolution process.

Statewide Guidelines Issued

To ensure uniform implementation across Madhya Pradesh, the High Court issued a detailed set of directions for banks, police authorities and investigating agencies.

Under the guidelines:

• Only the disputed amount should be frozen through a lien or debit restriction wherever possible.

• Entire bank accounts should be frozen only in exceptional cases supported by written reasons.

• Investigating officers must promptly inform the jurisdictional magistrate after ordering a bank account freeze.

• Banks must notify account holders about the freezing action, the reasons behind it and the grievance redressal process.

• Complaints received by banks must be uploaded to the designated portal within seven days.

• Investigating officers must pass a reasoned order within 15 days of receiving a complaint.

• If the complaint is accepted, banks must de-freeze the account within 48 hours.

• Where no valid order exists to continue the freeze beyond 90 days, restrictions may be lifted following the prescribed procedure.

• If investigators seek to continue freezing the entire account, they must issue a detailed and reasoned written order.

Court Directs Fresh Decision

The High Court directed the investigating officer to reconsider Shivhare's application in accordance with the Standard Operating Procedure issued on April 10, 2026, along with the principles laid down in the judgment.

The court observed that if securing ₹980 is sufficient for the investigation, the remaining balance should be released immediately. However, if authorities believe freezing the entire account is necessary, they must provide detailed reasons supported by law.

The High Court further instructed the Madhya Pradesh government to circulate the judgment among all banks, police stations, cybercrime units and investigating agencies to ensure a uniform and legally compliant procedure for freezing bank accounts in cybercrime cases across the state.

Eight of India's ten most valuable listed companies added a combined ₹1.90 lakh crore to their market valuation last week, riding a broad rally across Dalal Street. ICICI Bank emerged as the biggest gainer of the week, with ICICI Bank shares pushing the lender's market capitalisation up by ₹56,223 crore to reach ₹9.61 lakh crore.

HDFC Bank also posted strong gains for the period. The country's largest private lender saw its valuation climb by ₹38,571 crore, taking its total market cap to ₹11.89 lakh crore. Alongside these two banking majors, State Bank of India, Bajaj Finance, Bharti Airtel, Larsen & Toubro, Hindustan Unilever and Reliance Industries also recorded gains in their market value during the week.

Two companies, however, swam against the tide. TCS and LIC were the only firms among the top ten to see their market valuation slip, even as the broader market posted healthy gains.

Reliance Retains Top Spot

Despite not topping the gainers' list, Reliance Industries continued to hold its position as the most valuable company in the country after the week's trading. It was followed in order by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever and LIC, according to the latest rankings.

Sensex, Nifty Snap Losing Streak

The benchmark indices ended the week firmly in positive territory. The Sensex rose 1,284.61 points, or 1.73 per cent, over the week, while the Nifty advanced 256.2 points, translating to a gain of about 1 per cent. The upmove brought an end to a two-week losing streak for both indices.

Friday's session, June 12, was particularly strong. The Sensex jumped 1,695 points to close at 75,527, and the Nifty climbed 461 points to settle at 23,622, according to market data from the day's trade.

Global Cues, RBI Steps Aid Sentiment

Market experts attributed the turnaround to a mix of domestic and global factors. Ajit Mishra, SVP (Research) at Religare Broking Limited, said the Indian market ended a volatile week on a strong note, breaking its two-week losing streak. He noted that improved global sentiment, along with supportive measures from the Reserve Bank of India aimed at attracting foreign exchange inflows, lent support to the market.

Adding to the positive mood, hopes of a potential peace deal between the US and Iran also played a role. According to Mishra, optimism around easing tensions between the two nations boosted investor confidence, as a peace agreement could lower geopolitical risk and help stabilise energy markets — both factors that tend to have a direct bearing on equity markets.

What Market Capitalisation Means

Market capitalisation refers to the total value of a company's outstanding shares — essentially all shares currently held by shareholders — calculated by multiplying the total number of shares by the current share price. For instance, if a company has 1 crore shares trading at ₹20 each, its market cap would stand at ₹20 crore.

Several factors can push market cap up or down, including movement in share prices, quarterly results, company-specific news, broader market sentiment, and corporate actions like fresh share issuances, buybacks or delisting.

Why It Matters for Companies and Investors

For companies, a higher market cap can make it easier to raise funds, secure loans, or pursue acquisitions, while a shrinking valuation can limit such options. For investors, gains in market cap typically translate into higher portfolio value, while declines can erode wealth and sometimes prompt investors to exit their holdings.

SBI branches may stay closed May 23–28 amid staff strike, Eid

SBI branches across the country are likely to remain closed for up to six consecutive days from May 23 to May 28 as a convergence of weekend rules, a proposed two-day staff strike and Reserve Bank of India-declared Bakrid holidays disrupt normal branch services, officials and employee groups said on Friday.

What’s happening
According to bank sources and union notices, May 23 falls on the fourth Saturday of the month and is already a scheduled banking holiday, while May 24 is Sunday. The All India State Bank of India Staff Federation (AISBISF) has announced a two-day strike on May 25–26, aimed at pressuring management to address 16 demands. RBI has additionally declared holiday(s) for Bakrid on May 27 and in some regions on May 28, which means many SBI branches could remain shut through the latter half of next week.

Operations affected
Local branch staff and customers in New Delhi and several state capitals said branch counters will be unavailable for routine cash deposits, withdrawals, passbook printing and on-counter services through the period. “Customers should complete branch-related work by end of day on May 22,” a senior bank official advised, requesting anonymity. Automated services such as ATMs, YONO and digital banking platforms including NEFT, RTGS and IMPS are expected to operate normally, officials added.

Union demands
The AISBISF has listed 16 demands prompting the strike. Key items include immediate recruitment for vacant Class IV (messenger) posts, adequate armed guards, a ban on permanent outsourcing of bank functions, fixes to the HRMS software, improvements to the medical reimbursement scheme and restoration of a workmen-category director on the bank’s board. The union has also asked for parity in pay and conditions, review of the career progression scheme, inclusion of all allowances in pension calculations for certain retirees, and an end to aggressive cross-selling practices.

Why it matters
Most routine counter services will be suspended while cheque clearing, cash-counter operations and passbook updates are likely to slow or pause. “Since this is a workmen-category action, front-line operations will be hit,” a union office-bearer told reporters. Customers relying on branch-only services — large cash deposits, demand drafts, tax challan deposits or new account openings — will have to postpone those transactions or use alternate arrangements.

Ground reality
On Friday morning, queues at several major ATMs in Mumbai’s central business district and in Bhopal were longer than usual as customers withdrew cash ahead of the weekend. Bank staff at a suburban Delhi branch said they had informed regular customers about limited services and posted notices at branch entrances. In Jammu and Kashmir, where RBI has specified both May 27 and 28 as holidays, the impact is expected to be deeper.

Official inputs
SBI’s corporate communications office said it was “monitoring the situation” and urged customers to use digital channels. RBI’s holiday calendar, which sets regional festival holidays, has already listed Bakrid observances for late May, and state-level variations mean some branches will see different combinations of holidays.

Customer advice
Officials recommend customers plan urgent branch visits before the close of business on May 22, use YONO or internet banking for transfers and enquiries, and verify ATM availability for cash needs. Businesses that rely on cheque clearing or on-counter services should notify clients and plan for processing delays.

Possible next steps
Union leaders have said the strike is a show of strength to start bargaining; talks may follow if management engages. The bank has not announced contingency staffing or special arrangements beyond digital services. Observers say the confluence of scheduled weekend closures, holidays and industrial action makes short-notice recovery difficult, and normalisation could take time once staff return.

What to watch
Watch for any last-minute climb-downs from the union, management statements on contingency measures, or RBI circulars clarifying regional holiday observance. Customers should keep an eye on SBI’s website and official social handles for real-time updates.

ESAF Small Finance Bank offers 8.50% interest on FDs: How it compares with SBI, HDFC, and others

Senior citizens can now secure high yields on fixed deposits as small finance banks push rates to 8.50%, outperforming major public and private lenders.

With the stock market witnessing a volatile phase in mid-2026, fixed deposits (FDs) have regained their status as the cornerstone of retirement planning for Indian senior citizens. While traditional big-ticket banks maintain steady rates, smaller players are aggressively courting elderly depositors with significantly higher returns to shore up their liquidity.

Small Finance Banks Lead the Rally

The standout performer this season is ESAF Small Finance Bank, which has revised its interest rates to offer up to 8.50% for senior citizens on a specific tenure of 501 days. This move comes at a time when retired individuals are increasingly looking for safe havens that offer a buffer against inflation.

Other players in the small finance segment are not far behind. Shivalik Small Finance Bank is currently providing 8.30% for tenures ranging between 21 and 22 months, while Suryoday Small Finance Bank has pegged its highest rate at 8.25% for a 30-month bucket. Equitas and Jana Small Finance Banks have both touched the 8.00% mark, making the segment highly competitive for those willing to move beyond traditional banking giants.

Government Banks Maintain Conservative Posture

In contrast to the high-yield SFBs, India’s public sector lenders are maintaining a more conservative stance, hovering around the 7% mark. State Bank of India (SBI) and Bank of Baroda are currently offering between 7.00% and 7.05% for long-term deposits spanning 5 to 10 years.

For shorter durations, Punjab National Bank, Union Bank of India, and Canara Bank are slightly more lucrative, offering 7.10% for "special" tenures like 444 or 555 days. While these rates are lower than those of SFBs, the perceived "sovereign safety" continues to attract a large volume of conservative elderly investors who prioritize capital protection over 100-150 basis points of extra profit.

Private Sector Lenders Strike a Balance

Large private banks are currently occupying the middle ground. IndusInd Bank is leading this category, offering senior citizens 7.50% for an 18-month commitment. Kotak Mahindra Bank follows closely at 7.30% for tenures slightly over a year.

Major market players like HDFC Bank and ICICI Bank have kept their rates between 7.00% and 7.10% for mid-term buckets. Market analysts suggest that these banks are focusing on "sticky" retail deposits rather than entering a rate war with smaller entities.

Tax Implications and Smart Strategies

Financial advisors are urging senior citizens to look beyond just the "headline rate." Under current regulations, FD interest is taxable based on the individual's income tax slab. Banks are required to deduct TDS if interest income exceeds specific thresholds.

To manage this, many retirees are utilizing Form 15H—a self-declaration for those over 60 years of age to ensure that TDS is not deducted if their total estimated income falls below the taxable limit. Furthermore, experts recommend a "laddering" strategy—splitting a large corpus into multiple FDs with different maturity dates—to maintain liquidity while capturing the best available rates.

The Risk-Reward Equation

While the 8.50% interest rate from ESAF and other SFBs is attractive, investors are advised to keep the Deposit Insurance and Credit Guarantee Corporation (DICGC) limit in mind. Each depositor is insured up to ₹5 lakh across principal and interest in a single bank. For those with larger corpuses, spreading investments across multiple high-yielding banks remains the most pragmatic ground-level approach in the current financial climate.