Indian Express Official Ad

LightBlog

Breaking

MyLiveMint

Friday, 29 March 2019

BOMBAY HIGH COURT TO VIJAY MALLYA: WHEN WILL YOU RETURN AND FACE THE LAW?

Bombay High Court to Vijay Mallya: When will you return and face the law?


Vijay Mallya doesn't seem to be going through a good time as he seems to be running out of grounds and option in the ongoing trials in the Bombay High court. The Kingfisher Airlines owner is on the run from the government of India and is facing trial for taking away more than 9,000 crore rupees from a number of banks in the form of a loan and fleeing to the UK. In the latest development, the Bombay High Court, on Friday, asked the liquor baron when he would return to India and face legal proceedings

The news comes in after the businessman was declared a fugitive under the recently passes Fugitive Economic Offenders Act (FEOA). Mallya has taken exception to the orders of a special court, which declared him fugitive and paved the way for the confiscation of his assets. A special Prevention of Money Laundering Act (PMLA) court, on January 5, had allowed an application filed by the Enforcement Directorate (ED), seeking to declare Mallya a fugitive under the new FEOA law. Mallya’s lawyer Amit Desai spoke in his defence and stated that declaring him fugitive and allowing seizure of his assets would harm the welfares of his creditors. He even explained the bench of the offer his client had made, to repay the thousands of crores of rupees in loans, which he had borrowed from the banks. During the course of the hearing, Desai termed the FEOA as ‘draconian’ and any proceedings under this law would present prejudice in his case.

No comments:

Post a Comment

Adbox