In a major setback to liquor baron Vijay Mallya, the Bombay High Court on Thursday rejected his plea seeking a stay on a request made by the Enforcement Directorate (ED) to declare him a fugitive economic offender and confiscate his properties.
Notably, the Enforcement Directorate had filed an application before a special PMLA court seeking the ‘fugitive’ tag for Vijay Mallya under the Fugitive Economic Offenders’ Act, 2018. Under Fugitive Economic Offenders’ Act 2018, once a person is declared a fugitive economic offender, then the prosecuting agency has the powers to confiscate the accused persons’ properties.
Earlier, Mallya had filed an application in the lower court seeking a stay on the hearing on the ED’s plea till November 26 when the appellate tribunal functioning under the PMLA would hear matters filed by a consortium of banks seeking their dues back.
On October 30, the special court rejected Mallya’s application seeking a stay on the hearing on the ED’s plea till November 26 when the appellate tribunal functioning under the PMLA would hear matters filed by a consortium of banks seeking their dues back. Following which Mallya approached the high court.
Meanwhile, the London High Court has asked Vijay Mallya to pay £88,000 to Swiss bank UBS as part of interim legal costs in a case filed by the bank seeking possession of his Baker Street house.
Importantly, Vijay Mallya has been fighting the extradition battle with the Indian government on allegations that he defaulted on loans worth Rs 9,000 crore given to now defunct Kingfisher Airlines by Indian banks.
The verdict on the same is expected on December 10 at the Westminster Magistrate Court where Mallya has protested against the prison conditions at Arthur Road jail.
Also Read: UK: London court asks Vijay Mallya to pay £88,000 to Swiss bank