The matter could not be heard today by the court due to the absence of Chief Metropolitan Magistrate Deepak Shehrawat, who had initiated the process to declare him a PO after the Enforcement Directorate (ED) informed it that his presence could not be ensured.
The submission was made before Chief Metropolitan Magistrate Sumit Dass in the backdrop of Mallya's claim that he wanted to return to India but was "incapacitated" to travel as his passport had been revoked by Indian authorities.
The routing can happen as a seed stage or pre-series A funding round. Now to embezzle the funds, from that startup money you can buy a luxury car, pay yourself, your kin huge sums as directors. There are other assets that can be bought with that money in the company‘s name.
Vijay Mallya's recent plea to come back is to comply with summons order for a 1995 Foreign Exchange Regulation Act (FERA) violation case against him.
Mallya had moved the apex court seeking to restrain ED from initiating criminal proceedings. SC has now said that ED is at liberty to initiate criminal proceedings.
The agency which probes financial crimes under prime laws of the Prevention of Money Laundering Act (PMLA), the Foreign Exchange Management Act (FEMA) and the repealed Foreign Exchange Regulation Act (FERA) has broken all records of lodging complaints and prosecuting the accused of financial frauds, hawala and money laundering.
The Videocon group of companies has come under the Enforcement Directorate's scrutiny for alleged contravention of the Foreign Exchange Management Act, sources have told CNBC-TV18.