Friday 21 February 2020
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business-standard - 1 month ago

SC to hear Vijay Mallya s plea against confiscation of properties

The Supreme Court will on Monday hear the fugitive liquor baron Vijay Mallya s plea, seeking a stay on the confiscation of properties owned by him and his relatives.In the petition filed last year, Mallya submitted that no properties other than those related to Kingfisher Airlines, which is facing cases of alleged irregularities, should be attached.On January 1, the Prevention of Money Laundering Act (PMLA) court in Mumbai which deals with offences related to money laundering allowed banks which had lent money to Mallya to utilise the seized assets, Enforcement Directorate (ED) sources had said.According to sources, the seized assets mainly comprise of financial securities, such as shares.On July 11, the Bombay High court had dismissed Mallya s petition seeking a stay on the procedure for the confiscation of his properties by a government agency.A special PMLA court had on January 5 declared Mallya a fugitive economic offender and directed that the properties of the 63-year-old be ...

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