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Vijaya Mallaya appears in UK Court, Extradition trial begins

Liquor baron  Vijay Mallya appeared in  the Westminster Magistrates Court in London which commenced the final hearing of India’s extradition request for him against charges of fraud and money laundering filed by the CBI and the Enforcement Directorate.

The final round of hearing that can extend till December 14, will decide if he will be forced back to face trial in India for  defaulting on loans to the tune of  Rs 9,000-crore taken from 17 banks here.

The ED case alleges that Kingfisher Airlines diverted to shell companies abroad Rs 417-crore loan, which was meant for the airline, and was taken from IDBI Bank. The ED alleged that Mallya had laundered a total of Rs 1,300 crore through 13 shell companies.

The 61-year-old tycoon fled to UK in March last year to evade trial and had not consented to extradition

 Mallya has however refuted all the allegations adding that money laundering charges against him were false and he has evidence to back up his claim.

During one of the hearings of Mallya’s case, the London court had raised concerns regarding alleged human rights violation in Indian prisons.
The Indian government responded with an assurance that the tycoon will not face any threat to his life in case he is extradited and lodged in Arthur Road jail of Mumbai.

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Vijay Mallya bails out after brief arrest in London

Liquor baron Vijay Mallya has been granted bail shortly after police arrested him in London

“Officers from the Metropolitan Police’s Extradition Unit have this morning arrested a man on an extraction warrant,” read a Scotland Yard statement. “Vijay Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud.”, it added.

The flamboyant businessman left India last year on March 3 and was rumoured to be in UK ever since. The Central Bureau of Investigation (CBI) who probed the bankers’ deals with Mallya that led to losses in thousands of crores, has put in a request to extradite Mallya to India.

Hinting the capture as Modi’s determination, BJP MP Subramaniam said “Narendra Modi means business, it’s time for Mallya to come home”.

However corporate lawyer HP Ranina said, an arrest does not mean strong case for extradition. “We need to see what is covered in the arrest warrant and will challenge this in London’s local court.”

“Deportation is easier, extradition could take time” observed eminent lawyer Ram Jethmalani

Mallya has been declared a willful defaulter by leading lenders including SBI and is wanted for repayment of Rs. 90,000 crore related to Kingfisher Airline, a subsidiary to his company United Breweries

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Sold at last! Actor Sachin buys Kingfisher Villa for 73 cr.

After unsuccessful bids in earlier rounds, banks have finally managed to sell Vijaya Mallya’s Kingfisher Villa, to  actor Sachin Joshi, who offered 73.01 crore for the famed property.

Kingfisher Villa was legally owned by United Breweries,  the parent company of Kingfisher Airlines( KFA)  – Mallya’s Airline that was grounded by losses in 2012.

Vill3

The Villa is prime sea-facing property and sprawls over  12,350 sq ft on 3 acres  on Condolim beach stretch in north Goa.  It boasts ultra-luxury bedrooms, artificial ponds,  private swimming pools, open air dance floors and lush  gardens and served venue to extravagant parties in the past.

sachinActor  Sachin Joshi , who owns Viking Media –  a media and entertainment conglomerate,  struck  the deal at just marginally higher than the reserve price set at 73 crore .  Sachin has starred in Hindi movies including Aazaan, Mumbai Mirror and Jackpot

The present auction is set against the backdrop of over Rs 9,000 crore  which the former liquor baron Mallya owes to several banks including  SBI, Punjab National Bank, IDBI Bank, Bank of Baroda, Allahabad Bank, Federal Bank and Axis Bank. He slipped out of  country on 3 March last year and is presently believed to be in Britain. Extradition talks  for the absconding  businessman is in full swing.

 

Villa 1A 17-bank consortium was formed led by SBI who took physical possession of the villa in May 2016.

The present auction was conducted by SBI Caps trustee.

Earlier, the lenders had  tried to auction trademarks including brand value of  kingfisher Logo in August 2016 but failed to find buyers.

Now, with Kingfisher Villa going under the hammer, the only asset lenders are left with to monetize is Kingfisher House in Mumbai. . It was earlier bid at 150 in first round, but failed to find that price at the end of third. In better times, Kingfisher House was headquarters to KFA