My Times Today.In a huge setback to Vijay Mallya, the Bombay High Court rejected his plea against the Enforcement Directorate for the removal of the ‘fugitive’ tag to his name. The ED wants the fugitive liquor baron to be declared as a ‘fugitive economic offender and his properties to be confiscated under the Act.
Mallya, accused of defaulting on loan repayments and money laundering, left India in March 2016. The 62-year-old former Kingfisher Airline boss is fighting extradition to India on charges of fraud and money laundering.
UBS is pleased with the decision. Given that proceedings are ongoing, it would be inappropriate to comment further,” UBS said in a statement.
In his judgment following a two-day hearing last month, Judge Chief Master Marsh concluded that he can see no basis upon which the defendants should be given an opportunity to amend their defence.
“They have had an ample opportunity to explain their case in answers to UBS’ request for information. The case they put forward is not curable by simple amendments,” he said.