Red corner notice against Vijay Mallya likely

Tightening the noose around liquor baron Vijay Mallya, the Enforcement Directorate has asked the Central Bureau of Investigation (CBI) to request a Red Corner Notice against the beleaguered businessman. CBI is the nodal agency that can reach out to Interpol for the Red Corner Notice.

Meanwhile, revenue officials in Goa have allowed the lenders to Kingfisher Airlines to take physical possession of 'Kingfisher Villa' in Candolim. The Villa, valued at Rs 90 crore, used to be Mallya's base in Goa and also the venue of many of the famous parties hosted by him during the `good times'.

Representing the bankers' consortium, SBICAPS had sought physical possession of the property under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act in late 2014.

The villa was mortgaged to the lenders while obtaining loans for the now defunct airliner, but the caretaker, who claimed to be an employee of United Breweries, and the subsequent establishment of tenancy rights would have made it difficult for the banks to take over the property.

The Enforcement Directorate (ED) has been wanting to make Mallya join investigations "in person" in the over 900 crore IDBI loan fraud case in which it registered a PMLA case. It has virtually exhausted all legal options to make Mallya join the probe including issuance of a non-bailable warrant against him from a Mumbai court based on which it made the requests for the revocation of his passport and subsequent deportation bid to bring back the beleaguered businessman from the UK.

However, in a setback to India's efforts to expeditiously get back Mallya, UK has made it clear that the liquor baron cannot be deported and asked India to seek his extradition instead.