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Only Kingfisher Assets Must be Attached, Mallya Tells SC as He Seeks Stay on Confiscation of Properties

In the petition, Mallya has said that no other properties other than that of Kingfisher Airlines facing cases of alleged irregularities should be attached.

News18.com

Updated:July 28, 2019, 8:34 AM IST
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Only Kingfisher Assets Must be Attached, Mallya Tells SC as He Seeks Stay on Confiscation of Properties
File photo of liquor baron Vijay Mallya.
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New Delhi: Days after the UK High Court asked embattled liquor tycoon Vijay Mallya to disclose his assets, the business tycoon on Saturday approached the Supreme Court of India seeking a stay on the confiscation of properties owned by him and his relatives.

In the petition, Mallya has said that no other properties other than that of Kingfisher Airlines facing cases of alleged irregularities should be attached.

On July 11, the Bombay High Court had refused to grant stay on proceedings before a special court on confiscation of Mallya's properties.

The division bench of the court had dismissed an application filed by Mallya last month, seeking a stay on the proceedings before the special court hearing cases pertaining to the Prevention of Money Laundering Act (PMLA).

On January 5 this year, the special PMLA court here declared Mallya a fugitive economic offender. The court then started proceedings for confiscation of his properties.

Mallya, who is currently in the UK, has been charged by the Enforcement Directorate (ED) of defaulting on bank loans to the tune of Rs 9,000 crore. He is also facing an extradition trial in UK.

On Monday, the UK High Court ruled in favour of the consortium of Indian banks, which sought access to documents that would establish the true ownership of assets linked with Mallya. The consortium was attempting to recover some of the Rs 1.145 billion that the business tycoon owes to them.

Two superyachts, a game reserve, numerous undeclared high-value and vintage cars, valuable paintings and a piano previously owned by Elton John were also among the assets that are being contended over.

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