Vijay Mallya

The ED said that Rs 1,060 crore has been granted to banks by a Fugitive Economic Offense Court in the Nirav Modi case.

The funds from this will be put towards the Tamil Nadu Chief Minister's Public Relief Fund to fight COVID-19.

In fact, the recovery in the Kingfisher-Vijay Mallya case may be the best deal Indian banks may have got in a long time, with lenders recovering almost the entire principal amount by selling Mallya's shares.

The ED had issued a statement on Wednesday stating that about 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Mallya has been recovered so far due to its "swift" action in attaching and freezing their assets.

Why didn't banks go ahead and sell the shares before? That's because there was a court stay that prohibited banks from selling the securities in Mallya's name. Also, there was ED attachment on these assets.

The Enforcement Directorate (ED) said on June 23 that it had transferred a part of the attached or seized assets in cases related to fugitive billionaires Vijay Mallya, Nirav Modi and Mehul Choksi, to state-run banks and the Centre.

The share sale of fugitive businessman’s shares in United Breweries, United Spirits and McDowell Holding is due on June 23 through a bulk deal.

USL is looking to sell its mass market drinks brands as it looks to move to a bouquet of premium brands. John Distilleries, the maker of top selling Popular segment whiskey ‘Original Choice’ and premium brand ‘Paul John Single Malt’ whiskey, and global private equity giants KKR and TPG Capital in hot pursuit of brands such as Bagpiper whiskey and White Mischief vodka.

During a remote hearing of the Chancery Division, Justice Robert Miles handed down his judgment in favour of a consortium of Indian banks led by the State Bank of India (SBI).

Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Vijay Mallya’s lawyers.

The statement was issued by Sitharaman in the Rajya Sabha while replying to a debate on the insurance amendment bill.

Asked about what kind of issue was holding up Mallya's extradition, the British envoy said, 'There is a process going on. I think it is a legal process and has to be followed through, can't short cut that. That is why you have legal processes.'

The UK Home Office has so far only confirmed on background that a confidential legal process remains ongoing before the extradition order can be executed.

It is south superstar Vijay's Master that made a century in five days of its release.

Citing UK laws, the government clarified that unless the legal issue is satisfied, extradition order to bring the liquor baron back to India will not come into effect.

Acting on a petition by Pune-based RTI activist Vihar Durve, who was denied information by the CBI, the panel directed the central agency to cite him regulations under which look out circulars (LOCs) were issued in October and November, 2015.

Mallya's counsel, Philip Marshall, had argued that his client needed urgent access to the substantial funds held by the court to cover his living and legal expenses, as had already been set out by a validation order of the High Court from last year.

Investigations revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd, the ED said.

The State Bank of India-led consortium of banks also informed the Supreme Court that Rs 11,000 crore were still needed to be recovered from fugitive businessman Vijay Mallya.

"Even now I don't see him as a 'hero' or a 'villain'. I see him as a complex individual," says Dylan Mohan Gray, the director of the infamous 'King of Good Times' episode, in an interview.