Indian banks score a win in legal battle against Vijay Mallya
The consortium of 13 banks are seeking to recover funds owed to them by Mallya who is fighting extradition to India to face trial for fraud and money laundering charges worth nearly Rs 9,000 crore.
Published: 06th July 2018 03:31 AM | Last Updated: 06th July 2018 03:31 AM | A+A A-
Indian tycoon Vijay Mallya arrives at Westminster Magistrates Court in London, Britain, March 16, 2018. | Reuters
NEW DELHI: Indian banks scored a win on Thursday in their battle against liquor baron Vijay Mallya with a High Court Judge in the United Kingdom (UK) issuing an enforcement order in their favour.
The consortium of 13 banks are seeking to recover funds owed to them by Mallya who is fighting extradition to India to face trial for fraud and money laundering charges worth nearly Rs 9,000 crore.
Thursday’s order from the UK court grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon’s properties in Hertfordshire, near London including Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based. The banks now have the option to use the order to recover estimated assets worth 1.145 billion pounds.
While the order only says the High Court’s Enforcement Officer can “enter” properties of Mallya, this will enable banks to use the order to enforce earlier orders to freeze Mallya’s assets.
“The High Court Enforcement Officer, including any enforcement agents acting under his authority, may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn’ and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to the First Defendant (Mallya),” noted the order by Justice Byran, dated June 26.
The order follows a UK High Court ruling in May, which refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that the banks were entitled to recover funds.
