You are here: Home » News-ANI » National
Business Standard

Mumbai special court rejects Mallya's petition seeking stay on declaring him fugitive

ANI  |  New Delhi [India] 

In a fresh turn of events, special Act (PMLA) court on Thursday rejected Vijay Mallya's plea seeking a stay on hearing of Enforcement Directorate's (ED) application to declare him a fugitive.

The decision from the judicature came after five parties, including a family member of Mallya, sought court dossiers with regard to the ED seeking to get declared a fugitive economic offender under the new

The special courts, under the new law, have a right to declare a person a fugitive economic offender. The courts can order immediate confiscation of the offenders' properties and other assets. A fugitive economic offender is a person against whom an arrest warrant has been issued for committing a scheduled offence and who has left to avoid criminal prosecution, or being abroad, refuses to return to to face criminal prosecution.

is also facing money-laundering charges in the after initiated extradition proceedings against him. Both, ED along with have filed several cases for alleged loan default against him.

On November 22, the (UK) issued an order asking to pay a hefty amount of GBP 88,000 to UBS Investment Bank, which had issued GBP 20.4 million in the mortgage loan for his property, and ruled in favour of UBS to take possession of Mallya's palatial Cornwall Terrace home.

Mallya is residing in the UK from the past two years. His extradition case is reportedly in its final stage at which is expected to deliver it ruling by the year-end.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 15:25 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU