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Blow for Mallya: UK court rules in favour of Indian banks, permits seizing of his London assets

By Vikas
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    London, July 5: In a major setback for absconding liquor baron Vijay Mallya, a United Kingdom (UK) court has ordered in favour of 13 Indian banks and granted permission to seize his properties in UK.

    The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London. It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based, said a PTI report.

    Vijay mallya

    According to legal experts with knowledge of the case, the latest order by the High Court's Queen's Bench Division is the granting of permission, should it be required, while the banks consider "all the enforcement options available to them".

    The victory for the 13 Indian banks - which include State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd - enables them to enforce the Indian judgment against Mallya's assets in England and Wales.

    Mallya has made an application in the Court of Appeal seeking permission to appeal against the order, which remains pending, PTI report said.

    Meanwhile the authorities is closing in on Mallya even in India. The Bengaluru police through the Enforcement Directorate have submitted a report relating to Vijay Mallya before the Patiala House court in New Delhi. In its report, several of Mallya's properties have been identified.

    In all the police have identified 159 properties of Vijay Mallya. The action comes in the wake of Enforcement Directorate trying to get Mallya declared a Fugitive Economic Offender. The police have also sought more time to identify additional properties relating to the former liquor baron.

    The Enforcement Directorate had moved a special court to get Vijay Mallya declared as a Fugitive Economic Offender. If the ED's plea is granted then Mallya loses control over all his properties and assets in India. This would also enable the agency to confiscate all his assets and properties before auctioning them off. The Centre recently introduced the Fugitive Economic Offenders Ordinance which was assented by the President.

    OneIndia News with PTI inputs

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