Vijay Mallya’s assests to be seized, UK court decides in favour of Indian banks
The United Kingdom High Court have ruled in favour of a consortium of 13 Indian banks by granting them permission to enter the properties of the beleaguered liquor baron and economic offender, Vijay Mallya, in Hertfordshire, near London.
The order grants permission to the UK High Court Enforcement Officer and his agents entry at his estate located in a English upper-class village of Tewin where he is staying with his recently married, third wife, Pinky Lalwani.
The order states that the officer may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn, and Bramble Lodge, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to Mallya. The court also allowed use of reasonable force to enter property if necessary.
The 13 Indian banks, seeking to recover funds worth Rs. 9000 crore are State Bank of India, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sindh Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co.
In May, a UK High Court had refused to overturn a worldwide order freezing Mallya’s assets and upheld Indian court’s ruling that Indian banks were entitled to recover funds.
A final hearing at Westminster Magistrates’ court in Mallya’s extradition case will be held on 31 July.
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