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18
April 2017
 |
| Vijay Mallya (The Total Investment & Insurance Solutions) |
Liquor baron
Vijay Mallya, wanted in India for defaulting on bank loans, was arrested in
London on Tuesday. Mallya was taken into custody by Scotland Yard and could
have been extradited to India. British authorities have informed the Central
Bureau of Investigation (CBI) about the arrest, say news reports. However,
within few hours after the arrest a local court granted him bail. After
securing bail, Mallya tweeted, “Usual Indian media hype. Extradition hearing in
the Court started today as expected.”
A Metropolitan
Police statement from London said officers from the Extradition Unit arrested
Mallya on an extradition warrant from India. "Mallya was arrested on
behalf of the Indian authorities in relation to accusations of fraud," the
statement said.
The
Westminster Magistrates' Court later gave him bail on a 650,000 pound bond. The
next hearing of the case will be on 17th May. The Total Investment & Insurance Solutions
Mallya fled
to Britain in March 2016 after being pursued in courts by Indian banks seeking
to recover Rs8,191 crore owed by his now defunct Kingfisher Airline.
The banks
had been able to recover only Rs155 crore. Despite multiple injunctions, Mallya
failed to appear before investigators -- and then flew out of India.
Earlier in
February, India had handed over the request for extradition of Mallya as
received from the CBI to the UK High Commission in New Delhi so that the liquor
baron can face trial here.
Last week
the Chief Metropolitan Magistrate from Delhi had issued an open-ended
non-bailable warrant (NBW) against Mallya in case of alleged violation of
foreign exchange rules.
The Delhi
Court was hearing final arguments in the 2000 case related to alleged violation
by Mallya of the erstwhile Foreign Exchange Regulation Act (FERA) provision in
arranging funds to advertise his company's liquor products abroad. On 4th
October last year, the Enforcement Directorate had told the Court that Mallya
can obtain emergency travel documents to return to India and face the FERA
violation case. The Total Investment
& Insurance Solutions
Earlier in
January 2017, market regulator Securities and Exchange Board of India (SEBI),
had barred Mallya and six officials of United Spirits Ltd (USL) from trading in
the securities market. They were "restrained from accessing the securities
market and prohibited from buying, selling or otherwise dealing in securities
in any manner whatsoever, either directly or indirectly" by SEBI.
In January
this year, the Debt Recovery Tribunal (DRT) had ordered attachment and recovery
of Mallya's properties for defaulting on bank loans by his defunct Kingfisher
Airlines Ltd.
The
Bengaluru bench of the Tribunal had said properties of Mallya and Kingfisher
worth Rs6,203 crore plus interest at 11.5% from 26 July 2013 can be recovered
by a consortium of banks led by State Bank of India (SBI). The Total Investment & Insurance
Solutions
"The
Tribunal has allowed our petitions against Mallya's Kingfisher and issued an
order to attach their properties for recovering the amount (Rs6,203 crore) with
interest," counsel for the consortium had told reporters.The Total Investment & Insurance
Solutions
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