Published: Thu, May 10, 2018
Research | By Francis Brooks

Vijay Mallya loses lawsuit against Indian banks in UK Court

Vijay Mallya loses lawsuit against Indian banks in UK Court

Indian liquor baron Vijay Mallya on May 8 lost a lawsuit that was filed in the United Kingdom by Indian banks looking to recover over £1.15 billion ($1.55 billion) from him. The court refused to overturn an Indian court's worldwide order for freezing of Mallya's assets.

"Mallya's departure from India, to where he has never since returned, and his resistance to India's application to extradite him to face trial on serious criminal charges, provide some grounds for regarding him as a fugitive from justice", he added.

The UK High Court on Wednesday said that businessman Vijay Mallya can be regarded as a "fugitive from justice". The court, however, said, "The evidence indicates that prior to March 2016, Mallya travelled fairly regularly between India and England for business and political reasons".

"The sword of Tipu Sultan is an item of historic importance which Dr Mallya bought at an auction in 2003 for the equivalent of GBP 188,400 and states that he gave away in 2016 as his family members considered that it was bringing him bad luck", Judge Henshaw notes in his judgment. This verdict is now seen as a huge success for the authorities who were working hard to recover debts from Mallya.

Spieth vows to change his mindset for 'fifth major'
During the winter, they practise in the air three times a day, five days a week, to fine-tune the forthcoming year's display. You have to be on in all aspects of your game, and I would say it's right up there with the toughest to win for anyone.

Dogged Paul leads Rockets into West finals
The team has been open in saying that they built their team to challenge the Warriors and now they'll get their chance. He was 32 for 67 with 15 3s in the series. "We're going to need some contributions from our bench", Kerr said.

Albert 3K: Pujols gets 3000th hit, Angels beat Mariners 5-0
Pujols is the second player to collect his 3,000th hit in Seattle after Rafael Palmeiro's double in 2005 at Safeco Field. He's the first player to reach the 3,000 hits since Adrian Beltre past year against Baltimore.

"Today's judgment is a very important decision not just for our clients, who want to proceed in this jurisdiction with enforcing the judgment they secured against Dr Mallya in India, but also for Indian and global banks more generally", said Paul Gair, partner at British law firm TLT that represented Indian banks in this lawsuit. The assets freeze order had forced Mallya on to a weekly allowance of 5,000 pounds, which his lawyers had managed to boost to 18,325.31 pounds a week at a hearing earlier this year. "Since these matters are unverified, I do not consider I can take account of them". That judgment states that owes the banks more than Rs 9,000 crore. Now, he has little choice but to directly petition the UK's Court of Appeal, which is second only to the country's Supreme Court. Attorneys at law firm TLT said the ruling will allow them to enforce the underlying judgment by the Indian debt recovery tribunal immediately.

"This is a positive and big step forward". He was also refused to appeal for Tuesday's ruling by the London High Court judge.

"We are considering all of our options with our clients the worldwide freezing order has worldwide effect, so it's all of his assets wherever they may be".

The prosecution, which was representing the banks, successfully argued that Mallya "willfully defaulted" on the loans in spite of his considerable financial resources.

Like this: