Friday, July 06, 2018

13 Indian banks can pursue Vijay Mallya’s assets worth Rs 9,000 crore

A UK High Court judge has issued an enforcement order allowing a consortium of 13 Indian banks to seek and recover funds worth Rs 9,000 crore owed to them by liquor baron Vijay Mallya.

India is seeking Mallya’s extradition over loans to him tied to Kingfisher Airlines after the businessman, co-owner of the Force India team, moved to Britain in March last year. He is fighting several lawsuits in the UK and India over fraud and money-laundering allegations. He has denied the charges.

The order now enables this consortium of  banks to enforce the Indian judgement against Mallya’s assets in England and Wales.

The order grants permission to the UK High Court enforcement officer to enter the tycoon's properties in Hertfordshire, near London and permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based.
06/07/18 CNBC TV18
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