Vijay Mallya loses $1.55-bn case, banks can seize UK assets: Top facts
Fugitive liquor baron Vijay Mallya is wanted in India for his Kingfisher Airlines’ default on nearly Rs 90 billion worth of loans, among other cases Current Affairs : In a major blow to business tycoon Vijay Mallya, a UK high court on Tuesday ruled in favour of Indian banks seeking to collect more than $1.55 billion from him. The court refused to overturn an Indian court’s worldwide order for freezing of Mallya’s assets. Mallya and his now defunct Kingfisher Airlines are embroiled in several court cases ranging from money laundering to tax evasion and loan defaults. The tycoon has been on an self-imposed exile in the UK since he left India on March 2, 2016. What the judgment implies The UK high court judgment will enable banks to enforce an earlier judgment of an Indian court against Mallya’s assets in England and Wales. The worldwide freezing order prevents Mallya from “removing any assets from England and Wales up to that value or to in any way dispos...