Vijay Mallya News Update: More bad days are coming for fugitive businessman Vijay Mallya, who is called the King of Good Times.
New Delhi: Vijay Mallya News Update: More bad days are coming for fugitive businessman Vijay Mallya, who is called the King of Good Times. PMLA Court i.e. Prevention of Money Laundering Act Court has ordered to transfer Vijay Mallya’s assets worth Rs 5600 crore to banks in two separate orders.
Banks will auction Mallya’s property
On May 24, the PMLA court ordered the handing over of Vijay Mallya’s confiscated assets worth Rs 4233 crore to the banks. Then on June 1, the PMLA court issued an order and ordered to give assets worth Rs 1411 crore to the banks. In both these orders, Vijay Mallya has been held guilty of bank fraud. The consortium of banks led by SBI will confiscate these properties.
Banks have the right to approve recovery
PMLA Court Judge JC Jagdale said on the verdict that the loan given by the banks to Vijay Mallya’s company, it is difficult to assess the actual loss in the current situation, but the claim of loss of Rs 6200 crore by the banks is not even fictional. Last month, the PMLA court had said that the consortium of banks can recover the assets seized by the Enforcement Directorate (ED). A consortium of 17 banks led by SBI had given a loan of Rs 9,000 crore to Vijay Mallya. To whom Mallya fled to London without paying. Now for recovery, banks will recover their loan from Mallya’s property by selling it.
ED had seized Mallya’s property, banks will get it
A lawyer for Vijay Mallya said that the joint value of the assets to be handed over to the banks is several crores of rupees. A consortium of 17 banks that gave loans to Mallya, led by the State Bank of India (SBI), had demanded the handing over of Mallya’s assets seized by the ED. The PMLA court dismissed Mallya’s plea to stay the order. This is a big relief news for all those banks. By selling these properties, banks will be able to recover their dues.
