The Enforcement Directorate (ED) and Central Board of Investigation (CBI) have unearthed these companies - around the globe including Singapore and London - used to divert loan money from the country.
The minister further said Mallya's extradition is part of the "judicial process" in the UK. "It's part of the judicial process in that country and the judicial process functions on certain considerations," he said in response to queries regarding Mallya's extradition.
In its dossier, the ED has also made a case against KFA and Mallya regarding the sale of a land of 264 acres in Coorg, the proceeds of which have been laundered overseas
While a conditional bail has been granted, Vijay Mallya is said to have been directed to stay confined at his property near London and refrain from applying for any travel documents.
Bankers among the 17 consortium of lenders to Mallya-owned now defunct Kingfisher Airlines are happy that he was undergoing the legal trial in the United Kingdom where is escaped last year in March to avoid being arrested in India.
Mallya, who has been declared a willful absconder in India, is likely to be extradited and a team from the Central Bureau of Investigation (CBI) will visit the United Kingdom soon.
Liquor baron Vijay Mallya received a major blow from the Karnataka High Court yesterday when it ordered winding up of the United Breweries Holdings Limited (UBHL), the holding company of UB Group for recovery of defunct Kingfisher Airlines losses owed to consortium of bank led by State Bank of India.
The pioneer of low-cost travel in India has returned to his roots after nearly a decade with Air Deccan being authorised to fly to far-flung areas as part of the government's regional connectivity scheme.
The UK has conveyed to India that its request for extradition of industrialist Vijay Mallya, who has been declared a proclaimed offender, has been certified by the secretary of state.
This skyscraper is being built under a joint venture between United Breweries Holdings Ltd (UBHL) and Prestige Estates Projects Ltd. In this agreement UBHL owns 55 percent stake and the developer have 45 percent.
Over the last 22 months, SpiceJet has been reporting load factors—industry speak for passenger capacity utilisation—in excess of 90 percent
"Public sector banks have policies for one-time settlements. Hundreds of borrowers have settled. Why should this be denied to us? Our substantial offer before the honourable Supreme Court was rejected by banks without consideration. (I) am ready to talk settlement on fair basis," Mallya said in a tweet.
In a bid to save the company, United Breweries Holding Limited (UBHL) has filed an appeal in the Karnataka High Court seeking to set aside the winding up order against it, sources say.
Bankers to the defunct Kingfisher Airlines have, for the fourth time, failed to find any takers for the Kingfisher House and third unsuccessful attempt to auction the Kingfisher Villa in Goa.
While Kingfisher House will be put under the hammer for the fourth time after three failed attempts, Kingfisher Villa is being put on sale for the third time. The reserve prices for both the properties owned by Mallya have been lowered after the earlier attempts of the 17-lender consortium failed to attract bidders.
Kingfisher Airlines' two prime assets, Kingfisher House in the city and Kingfisher Villa in Goa, will be auctioned tomorrow by banks to recover their loans to the long-defunct airline started by defaulter businessman Vijay Mallya.
A group firm of Pratt & Whitney has been sued for supplying defective engines to Kingfisher Airlines, Mallya said amid aviation regulator DGCA ordering detailed inspection of P&W engines powering some Airbus 320 neo planes being operated in India.
The Supreme Court today will hear Vijay Mallya‘s loan default case. Earlier, a special CBI court had issued a non-bailable warrant against Mallya in the loan default case after the investigative agency moved an extradition plea against the liquor baron.
Finance Minister Arun Jaitley today said democracy is liberal enough in the UK to permit defaulters to stay here and that "normal" needs to be cracked, in an apparent reference to liquor baron Vijay Mallya, who is wanted in India for loan default and other cases.
India wants Mallya to face trial after the liquor and aviation tycoon was charged with conspiracy and fraud over a loan to his defunct Kingfisher Airlines. It said this month that it had asked Britain to extradite him.
A special court here has allowed the Enforcement Directorate to invoke the India-UK Mutual Legal Assistance Treaty (MLAT) to bring back embattled liquor baron Vijay Mallya to the country to face money laundering probe.
India today handed over to the UK an extradition request for absconding businessman Vijay Mallya who is facing cases of loan default and other financial irregularities.
A CBI special court on Tuesday adjourned the case pertaining to the bail pleas of the nine officials arrested in connection with the alleged wilful default of the Kingfisher Airlines and IDBI Bank loan on Monday. The court also extended the judicial custody of the officials till February 20, when it will hear the matter.
In yet another blow to Vijay Mallya, the Karnataka High Court ordered winding up of United Breweries Holdings, the parent company of the UB Group. The court said UBHL‘s assets can be sold to recover dues payable by UBHL-promoted Kingfisher Airlines.
The ED had moved the special court recently seeking issuance of LR to secure details about Mallya's assets.