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Mallya loses High Court battle in Britain
Vijay Mallya, the former head of India’s United Spirits, has lost a high court battle in Britain. The court ruled that a judgment issued in India against him is legal in England and Wales.
(Photo: Wiki)
Court enforcement officers can now enact that Indian judgment, which could include seizing and selling off Mallya’s assets in Britain.
Judge Andrew Henshaw ruled in favour in favour of state-owned Indian banks led by State Bank of India to which Mallya owes £1.15 billion.
In his written judgment, the judge said: “There is a risk of the value of Dr Mallya’s assets deteriorating, and, or, being subject to claims by other creditors, and a risk of Dr Mallya being declared bankrupt.
“Dr Mallya’s departure from India, to where he has never since returned, and his resistance to India’s application to extradite him to face trial on serious criminal charges, provide some grounds for regarding him as a fugitive from justice.”
Mallya fled to Britain in March 2006 and was arrested by the Metropolitan Police in August 2017. Since then he has been on bail of £650,000, living at his mansion in Tewin, Hertfordshire.
He is charged with fraud and money laundering. Extradition proceedings against him began last December and a ruling by Westminster magistrates is expected in the summer.
Mallya has always denied wrong-doing and says he wishes to settle with his creditors. He alleges that he is the victim of a politically motivated witch hunt.