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London: Vijay Mallya, wanted in India to face trial on fraud and money laundering charges, has discontinued an application to annul a UK bankruptcy order ahead of a planned hearing in London on Monday.It means the "Trustee in Bankruptcy" can continue to pursue assets to help a consortium of banks led by the State Bank of India (SBI) realise the repayment of an estimated judgment debt of around 1.05 billion pounds owed by the 69-year-old's now-defunct Kingfisher Airlines.A High Court hearing to set the directions for the annulment application to be heard was vacated after Mallya's legal team filed a notice of discontinuance last week."Vijay Mallya's Trustee in Bankruptcy will be able to continue with their work in investigating and realising assets falling within his bankruptcy estate without any hindrance that this application might have caused them," UK law firm TLT LLP, representing the banks, said in a statement.It follows High Court Judge Anthony Mann's ruling in favour of the banks back in April to uphold the bankruptcy order dating back over four years."The bottom line in relation to this is that the bankruptcy order stands," Justice Mann had concluded.Mallya, meanwhile, was pursuing a separate annulment application through his lawyers Zaiwalla & Co. against the 2021 bankruptcy order on the basis that the banks' debt had already been recovered in India. It is believed to have been discontinued as an Indian writ petition, compelling banks to provide information as to the recoveries made by them, has not progressed. Proceedings in India are seen highly material to the adjudication of any annulment application before the English courts and indications are a fresh bankruptcy annulment application could be made at a later date. The case dates back to 2017, when the banks registered the Indian Debt Recovery Tribunal's (DRT) judgment in the English courts, which pertained to a personal guarantee Mallya had provided in relation to loans made to Kingfisher Airlines. The banks then served Mallya with a bankruptcy petition in September 2018, which he opposed on multiple grounds.The hearings in the case of SBI and Others date back to May 2018, when the banks were granted a worldwide freezing order based on the DRT judgment. Since then, there have been a series of hearings in this case, which led to a bankruptcy order against Mallya on July 26, 2021. Separately, in relation to India's extradition request, Mallya remains on bail in the UK while a "confidential" legal matter believed to be related to an asylum application is resolved.

Market regulator Sebi on Monday issued fresh guidelines on minimum information that listed companies are required to provide to their audit committees and shareholders to get related party transaction (RPT) approval. Under this, companies are required to explain why the transaction is in the interest of the listed entity, provide valuation or external reports if relied upon, indicate the percentage of the counterparty's annual turnover represented by the transaction (on a voluntary basis), and include any other relevant details for review by the audit committee for approval of a proposed RPT.While seeking shareholder approval, the explanatory statement needs to summarise information shared with the audit committee, justify how the transaction benefits the company, disclose details of any loans, advances, or investments involved, and confirm that any valuation or external report will be accessible to shareholders via their registered email, Sebi said in its circular.The companies are required to disclose this information to audit committees and shareholders while placing any proposal for review and approval of an RPT.The circular would become effective immediately, it added.Additionally, Sebi relaxed disclosure norms for smaller RPTs, those not exceeding 1 per cent of the company's annual consolidated turnover or Rs 10 crore, whichever is lower -- whether individually or combined with prior transactions in a financial year. These smaller transactions will be exempted from the detailed requirements.This came after the board of Sebi in September approved a proposal for relaxation in the minimum information to be provided to the audit committee and shareholders for the approval of RPT.

Bank of America on Monday raised its price forecasts for both gold and silver while not ruling out a near-term correction. BofA has lifted the yellow metal price target for the 2026 outlook for gold to $5,000 an ounce, with an average of $4,400. For the white metal, the target is placed at $65 an ounce, averaging $56.25, Reuters reported."The White House's unorthodox policy framework should remain supportive for gold given fiscal deficits, rising debt, intentions to reduce the current account deficit/capital inflows, along with a push to cut rates with inflation around 3%," the report said, quoting the US-based lender.Bank of America is the first major bank to raise its gold price forecast to $5,000/oz for 2026.Price of gold in the international market was hovering around $4,096.50 per troy ounce today at 6:50 am CT (5:21 pm India Time) while silver rate today around this time was 49.660, up by $2.41 or 5.1%.Silver which has delivered over 70% returns this year so far, crossed $50 mark last week for the first time ever. Meanwhile, gold gains are over 55% in 2025 year-to-date. Spot silver scaled a record high of $51.70/oz. Spot gold breached the $4,000 per ounce mark last week and is currently trading at $4,073.69 as of 1010 GMT. It has gained 55% so far this year.BofA said that for gold to rally to $6,000/oz, investors will need to increase their purchases by 28%.The bank expects silver prices to remain firm, even though it anticipates an 11% decline in demand next year, citing a continued supply shortfall. According to the Silver Institute, the metal is on track to record its fifth consecutive year of a structural market deficit.It added that the London market has tightened significantly due to the movement of silver to New York in anticipation of tariffs that ultimately didn’t materialize—a situation reflected in the sharp rise in lease rates."There is scope for recent dislocations to slowly start to normalise, which could then also increase volatility and put pressure on silver quotations near-term," the bank noted.Meanwhile, personal finance author and 'Rich Dad Poor Dad' fame Robert Kiyosaki has been bullish on silver, calling it and cryptocurrency Ethereum (ETH) “hot, hot, hot” in a recent social media post.Kiyosaki, known for his long-standing advocacy of precious metals as a hedge against inflation and economic instability, predicted that silver could soon hit $75 per ounce, after recently crossing the $50 mark.Also Read: “Hot, Hot, Hot”: Robert Kiyosaki on silver and Ethereum, sees white metal hitting $75(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)