ALSO READParliamentary committee criticizes RBI Governor for inability to answer questions on demonetization Bank stocks drop after govt bans some bank notes to curb black money Amending DTAAs buried black money route into India, says FM No estimates of undeposited black money in old notes: Govt SBI denies black money channelisation at Bareilly branch
Soon after Vijay Mallya was arrested in London following India's extradition request, Minister of State for Finance Santosh Gangwar on Tuesday assured that the beleaguered liquor baron will be brought back after completion of all required legal procedures.
Addressing the media here, Gangwar claimed that although bail was granted to Mallya, who is facing money laundering charges, this does not imply any leniency towards him. He added that granting bail was required on grounds of a 'legal formality'.
"Eradication of black money has been discussed since the Lok Sabha elections. We will not let miscreants like Mallya escape. We will make sure he is brought back to India and produced before the law after due consideration of legal formalities," he said.
"Our government will make sure that nothing diverts this country's progress. Mallya's case will be investigated thoroughly," added Gangwar.
Mallya, who was finally caught after repeatedly refusing to appear before courts and investigators in India since he secretly fled to Britain last March, is set to be produced before the Westminster Magistrates' court.
Last month, the Ministry of External Affairs (MEA) informed that extradition of the absconding liquor baron has been stratified by the Secretary of State of the U.K. Government and added that a warrant would soon be released against him.
The Supreme court had started proceedings against Mallya a year ago and had issued notice to him on March 8, 2016, on a plea by a consortium of banks led by the State Bank of India (SBI) for recovery of about Rs. 9,000 crore which the businessman and his companies owed to them. Mallya, however, fled the country days before the apex court took up the case against him.
Attorney General Mukul Rohatgi urged the court to direct him to bring back the USD 40 million which he had received from Diageo. He told the bench that Mallya had breached the court orders and his refusal to bring back the money had aggravated the breach. Rohatgi also said that Mallya should be directed to appear personally before the court.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)