Vijay Mallya

India failed in its initial attempt to deport debt-strapped Vijay Mallya from Britain but Government assured that seeking his extradition would be an ongoing process

India had written to the British High Commission in Delhi seeking Mallya‘s deportation to India. “The ministry has written so that Vijay Mallya's presence can be secured for investigations against him under the Prevention of Money Laundering Act 2002,” said MEA spokesperson Vikas Swarup had said.

Currently, Diageo holds 55 percent stake in USL and the company is considering increasing it to 72 percent over the next 1-2 years, sources say.

In his resignation letter to Rajya Sabha Chairman Hamid Ansari, he said he does not want his "name and reputation to be further dragged in the mud".

Mallya, 60, flew first class from Delhi to London on March 2 at a time when the Indian government and mainly state-controlled banks are trying to recover USD 1.4 billion owed by his collapsed Kingfisher Airlines Ltd.

Speaking to the press, MEA spokesperson Vikas Swarup said they haven't heard from the UK high commission yet. Bringing Mallya back to country will be a long shot.

CNBC-TV18's Ashmit Kumar reports the apex court has not bought into any of the arguments put forth by Mallya about drawing a distinction between overseas and the domestic assets.

"Communication, of course, will have to be made from India to the British government. for the Indian government agencies cannot act in Britain directly," says Sanjay Suri, reporter at CNBC-TV18.

Mallya has been given a week's time to respond either in person or through his lawyer, says Karan Singh, chairman of the Rajya Sabha ethics committee.

The liquor baron cannot move to any other place now and if a red corner notice is issued then he will be stranded in London, says MP and Senior Advocate Majeed Memon.

In the affidavit Vijay Mallya said, as he is a Non-Resident Indian (NRI) he is not obliged to disclose overseas assets and seeks to file details of assets in a sealed cover.

The memo was filed with respect to a USD 75 million severance package Diageo-controlled United Spirits had given to troubled tycoon Vijay Mallya, its erstwhile chairman.

Vijay Mallya, on Monday, was issued a non-bailable warrant by a Mumbai Court in the money laundering case.

ED has claimed that Vijay Mallya diverted loans proceeds from Kingfisher Airlines to buy properly in London and seeks to issue a non-bailable warrant against the liquor baron.

The government on Friday said it had suspended the diplomatic passport of embattled tycoon and lawmaker Vijay Mallya, who left the country last month amid pressure from lenders to repay about Rs 9,000 crore in debt owed by his defunct Kingfisher Airlines.

The diplomatic passport of the flamboyant 60-year-old industrialist, who has been in Britain for over a month and has refused to appear before the ED, was suspended by the External Affairs Ministry on the recommendation of the agency.

After issuing three rounds of summons to Vijay Mallya in the Rs 900-crore IDBI Bank loan case, the Enforcement Directorate (ED) on Wednesday asked the Regional Passport Office (RPO) in Delhi to revoke business tycoon Vijay Mallya's passport.

Government has already constituted a multi-agency group including representatives of CBDT, Financial Intelligence Unit, and RBI to scrutinise the 'Panama Papers' which name 500 Indians including celebrities and industrialists who allegedly stashed money in offshore entities in Panama, considered to be a tax haven.

Sources said the Enforcement Directorate may consider revoking Mallya's passport or issuing a non-bailable warrant against him.

Officials said Mallya has informed the Investigating Officer (IO) of the case in Mumbai that he will be unable to depose personally as scheduled Saturday citing the ongoing legal proceedings going in the Supreme Court over settlement of loans.