Centre brought Fugitive Economic Offenders Ordinance in April this year to seize the assets of economic offenders in the country. Enforcement Directorate has recently moved a Special Court in Mumbai seeking declaration of Vijay Mallya as fugitive economic offender.
The Special Court set August 27th as the deadline for Vijay Mallya to appear before it and represent his case. Liquor Baron will be declared as fugitive economic offender if he gives a miss to the court hearing. This move allows government to confiscate assets worth Rs 12,500 crore belonging to Mallya.
Vijay Mallya owes Rs 9,900 crore for consortium of 17 banks led by SBI and Rs 900 crore for IDBI. Enforcement Directorate attached his assets worth Rs 12,500 crore so far. While Rs 11,000 crore of them are in shares, Rs 1,500 crore were in the form of movable and immovable assets.
The Special Court set August 27th as the deadline for Vijay Mallya to appear before it and represent his case. Liquor Baron will be declared as fugitive economic offender if he gives a miss to the court hearing. This move allows government to confiscate assets worth Rs 12,500 crore belonging to Mallya.
Vijay Mallya owes Rs 9,900 crore for consortium of 17 banks led by SBI and Rs 900 crore for IDBI. Enforcement Directorate attached his assets worth Rs 12,500 crore so far. While Rs 11,000 crore of them are in shares, Rs 1,500 crore were in the form of movable and immovable assets.