Tuesday, June 04, 2019

Not easy to seize Mallya's properties in UK, but Indian banks are trying their best

New Delhi: India's efforts to bring back Vijay Mallya are in their final stage and chances are high he will be successfully extradited, but winning the rights to his foreign assets is a different challenge altogether. The ownership patterns of his UK assets are complex, with many of the possessions running through a web of companies.

Moreover, half a dozen civil and bankruptcy proceedings clubbed with the invocation of various international laws by Mallya's legal team, have made it all the more difficult for Indian banks making claims to his assets.

According to senior Lawyer Anirudh Sharma, the deportation case and the legal fight to win rights to Mallya's assets are very different. "While extradition may prove a prima facie case, recovery of assets requires full-proof evidence and a complete trial as per the procedure established by law," Sharma said.
He added: "Success in extradition process results only in custody of the accused and not the recovery of his assets; recovery of assets is a standalone process having distinct contours and ingredients."
04/06/19 Ankit Kumar/Loveena Tandon/Business Today

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