Reestablish Vijay Mallya’s assets worth ₹5,646.54 crores to clear bank dues: PMLA court
Vijay Mallya’s – The designated Prevention of Money Laundering Act (PMLA) court, in two separate laws passed in the past ten days, has shown restoration of assets worth ₹5,646
In two separate laws passed within the past ten days, the specific Prevention of Money Laundering Act (PMLA) court should direct restoration of properties worth ₹5,646.54 crores belonging to Kingfisher Airlines fugitive businessman Vijay Mallya to the State Bank of India (SBI) bank and its consortium. That will enable banks to sell these properties, confiscated by the Enforcement Directorate (ED) through the probe, and improve dues.
The SBI managing the consortium of banks had requested the special PMLA court to clear the ED’s properties as the inquiry into money laundering charges against Mallya.
The court held that the quantifiable damage suffered by the bank is ₹6,203 crores, and the properties asked for recovery are lacking to meet the loss provided by the banks. Hence, on May 24, the court directed the properties worth ₹4,234.84 crores, while on Tuesday, the specific court established the properties worth ₹1,411.70 crores.
The attributes now released include properties in UB City, Bengaluru worth ₹712.94, his under-construction flats in Kingfisher tower worth ₹564.25 crores, several confirmed and unpledged shares, and several other properties controlled by Mallya in various.
The bank has proposed a claim worth ₹6,203.35 crores with interest and charged for releasing the support to facilitate the recovery manager to proceed with the steps. The ED had provided a no charge certificate to the release of the properties to SBI. However, Mallya’s legal team and lawyers interested in these properties were opposed by the plea.
Vijay Mallya’s judicial team had claimed the jurisdiction of the PMLA court. It was established that simply giving a personal guarantee does not relate Mallya in any way with the crime of money laundering or the proceeds of crime.
“The property is not included in money laundering. Therefore this statement is untimely. The banks cannot ask for the sale of properties, and the court cannot hand over the said properties. It is also apparent that the said properties are not profits of crime. The said goods were acquired many years ago,” the defense argued, rejecting the plea of the bank.
The court denied the claim of defense and said, at present, this court is not required to decide the arrested persons’ criminal liability finally. “It is unnecessary to mention that both Kingfisher Airlines and Force India Formula No. 1, companies were below the power and authority of Dr. Vijay Mallya,” the court noted while releasing the properties to SBI.
“Despite the said poor financial conditions, the same company had transferred loan amount, which it received from the applicant’s banks to Force India Formula No. 1 Racing Team. The assigned amount was shown as cash for operating expenses of flight operations,” the court noted.
You may be interested
Why NOKIA Fail In A MarketNidhi Sharma - Oct 02, 2021
When we heard about the early mobile phones, Nokia was the first brand to enter the market and become World's Best Selling Mobile Phone. Nokia stayed on…
E-Learning-A New and Modern Way to LearnNidhi Sharma - Aug 05, 2021
E-Learning-A new and modern way to Learn Learning is a continuous process that starts from our first day on earth and lasts till the last breath. Learning…
High fuel prices force people to cut costs on health services:Tejal Gore - Aug 05, 2021
New Delhi: High fuel prices have been a major concern over the past few months, so much so that they now cost the average consumer, according to a…