Supreme Court To Hear Vijay Mallya’s Plea In March

The Supreme Court has adjourned a plea by Vijay Mallya, seeking a stay on proceedings initiated by the Enforcement Directorate (ED) to declare him a fugitive economic offender and confiscate his assets.

The matter will now be heard only in March after the Holi break of the Supreme Court.

Earlier, Mallya had lashed out at the Central Bureau of Investigation (CBI) and the ED claiming that all that what these investigative agencies had been doing to him during the past four years was “totally unreasonable”.

Speaking after the third day of the hearing at the UK High Court, where he has appealed against the extradition decision of Westminster Magistrates Court, Mallya had said, “The CBI and ED have been unreasonable. All they have been doing to me over the past four years is totally unreasonable. I request the banks with folded hands to take 100% of your principal back immediately”.

Mallya said that the ED attached his assets on the basis of the complaint filed by banks that he was not repaying them. “That is clearly stated in the provisional attachment orders. I have not committed any offenses under the Prevention of Money Laundering Act (PMLA) that the ED would suo motto attach my assets. Now I am saying please banks take your money and the ED is saying that it has a claim on these assets,” Mallya said.

The fugitive liquor baron claimed that he plans to honor his guarantee and pay the banks in full. “The ED on one side and banks on the other side are fighting over the same asset. I have not borrowed any money from the ED. In fact, I did not borrow money myself from banks. Kingfisher airlines did. I am planning to honor my guarantee and pay the banks in full,” Mallya said.

Incidentally, 63-year-old Mallya flew out from India in March 2016 and has been living in the United Kingdom since then, from where he is fighting against being extradited to India.