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Huge Setback To Mallya, Banks Win The Case
By: Tupaki Desk | 9 May 2018 12:55 PM GMT
Liquor King Vijay Mallya escaped from India to London on 2nd March 2016 by evading the Rs.9,000 crores to 17 Indian banks. CBI has been handling the case since then and they are trying for the extradition of Vijay Mallya to India. Vijay Mallya has been arrested on 18th April 2017 but he was later released on bail. Now, Indian banks have achieved great success in the Vijay Mallya affair. 13 Indian banks have filed a lawsuit in a Britain Court demanding the recovery of Rs.10,000 crore from Vijay Mallya. The London court passed a judgment in favour of the Indian Banks.
The UK High Court judge Andrew Henshaw passed judgment that the consortium of 13 Indian banks can legally enforce Indian judgment against him on his assets in England and Wales. This included seizing and selling of Mallya's assets in the UK. The court has not agreed to appeal further on the case. Vijay Mallya has actually requested the court to pass a freeze order on his assets so that Indian banks can't seize or sell those assets. The Britain court dismissed his request.
The advocates of TLT, the UK Law firm representing the consortium of Indian banks have revealed that Indian Banks can recover the overdues(by seizing or selling his properties) as per the Indian court's order. On the other hand, Vijay Mallya's advocates refused to comment on the court order.
Meanwhile, Enforcement Directorate(ED) has seized another 4.13 crore shares of the promoters' companies of United Breweries Limited (UBL). UBL has notified the same to the stock markets today. They have revealed that these shares are about 15.63%. They have revealed that now ED has 16.15% UBL shares in total. These shares belong to 8 promoter companies. It is known that ED is investigating the case of Kingfisher Airlines Loans evasion case. As part of the investigation, ED has seized the shares today. It is to be remembered that Vijay Mallya was removed from the director post of UBL last year following the direction from SEBI.
The UK High Court judge Andrew Henshaw passed judgment that the consortium of 13 Indian banks can legally enforce Indian judgment against him on his assets in England and Wales. This included seizing and selling of Mallya's assets in the UK. The court has not agreed to appeal further on the case. Vijay Mallya has actually requested the court to pass a freeze order on his assets so that Indian banks can't seize or sell those assets. The Britain court dismissed his request.
The advocates of TLT, the UK Law firm representing the consortium of Indian banks have revealed that Indian Banks can recover the overdues(by seizing or selling his properties) as per the Indian court's order. On the other hand, Vijay Mallya's advocates refused to comment on the court order.
Meanwhile, Enforcement Directorate(ED) has seized another 4.13 crore shares of the promoters' companies of United Breweries Limited (UBL). UBL has notified the same to the stock markets today. They have revealed that these shares are about 15.63%. They have revealed that now ED has 16.15% UBL shares in total. These shares belong to 8 promoter companies. It is known that ED is investigating the case of Kingfisher Airlines Loans evasion case. As part of the investigation, ED has seized the shares today. It is to be remembered that Vijay Mallya was removed from the director post of UBL last year following the direction from SEBI.
