Vijay Mallya

The 65-year-old former Kingfisher Airlines boss intends to appeal against the ruling on Tuesday, when a High Court procedural judge concluded that Mallya's position in the matter was completely hopeless at the end of an extended stay from eviction due to the pandemic.

The judge also declined permission to appeal against his order or to grant a temporary stay of enforcement, which means UBS can proceed with the possession process to realise its unpaid dues.

Mounting criticism that London is used for money laundering led to Pakistani billionaire losing 10-year multi-entry visit visa, but questions remain on investor visa that provided refuge to Nirav Modi.

Vijay Mallya’s personal presence is not possible due to the legal proceedings going on in the UK where the fugitive is residing currently.

On January 18 this year, the Centre told the top court that the government is making all efforts to extradite Vijay Mallya from the United Kingdom but the process is being delayed due to some legal issues involved in the matter.

Vijay Mallya, Nirav Modi, Pramod Mittal, Lalit Modi have added a strong Indian flavour to London as a destination for dubious, failed, problematic business enterprises.

This book is for readers who've been told that their mental health issues are a figment of their imagination.

Vijay Mallya has been declared a wilful defaulter and is wanted by Indian authorities for default in payment of loans related to Kingfisher Airlines that was grounded in 2012.

Legal experts have mixed opinions over what the tag of bankruptcy granted by a UK court means for Vijay Mallya.

The ruling will help the consortium of Indian banks led by the State Bank of India to recover debt from loans given to Vijay Mallya’s now-defunct Kingfisher Airlines by seizing his India assets.

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.