ED files reply to SBI plea for speedy liquidation of Vijay Mallya’s seized properties

While Mallya is accused of defaulting on loans worth over Rs 9,000 crore, the amount claimed by the consortium of banks was around Rs 6,200 crore. 

Published: 05th February 2019 06:19 PM  |   Last Updated: 06th February 2019 08:53 AM   |  A+A-

Fugitive businessman Vijay Mallya

Fugitive businessman Vijay Mallya (File | PTI)

By Express News Service

MUMBAI: The Enforcement Directorate (ED) on Tuesday cleared way for returning the properties of fugitive economic offender Vijay Mallya to the consortium of banks.

The ED stated before the special court here that it won’t have any objection to restoring properties provided the banks give an undertaking to return the amount claimed by them to the court in the future. 

The ED said that since all the applicants, except one, were public banks, the money sought to be recovered was public money and restoration of assets in their favour was in public interest.

The consortium led by the SBI had moved and application before the court seeking restoration of Mallya’s properties and ED’s ‘no objection’ came in its affidavit filed before the court in response to the application.

ALSO READ: SBI to roll out YONO Krishi and Global apps in April

In its affidavit filed before special judge M S Azmi, the ED said it had left the matter to the best judgment of the court. “In case the court deems it fit to allow the application, it shall take an undertaking from them (consortium of banks) to return the said amount with interest, in case the court at any point deems ‘fit and appropriate’ in the ‘interest of justice’ to deposit the amount before it or to the complainant without delay,” it said.

While Mallya is accused of defaulting on loans worth over Rs 9,000 crore, the amount claimed by the consortium of banks was around Rs 6,200 crore.

ALSO READ: No objection to restoration of Vijay Mallya's properties to banks: ED says to court

Little likelihood of appeal being allowed

“In all probability, it will be difficult for him to assail the decision of the home secretary. I believe that there is very little likelihood of Vijay Mallya’s appeal being allowed,” said Anoop Bose, senior advocate,  Supreme Court of India

Mallya can appeal against two orders

“There are two orders against him: one is the order of the magistrate, which was last year, and one is the Home secretary’s ruling.  The law provides for an appeal against both orders,”  said Harpreet Singh Giani, senior lawyer in India and Britain

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp