No respite for Vijay Mallya: Now, Supreme Court refuses to stay ED proceedings against former Kingfisher boss

Vijay MallyaThe absconding businessman Mallya approached the Supreme Court last week after Bombay High Court rejected his plea for a stay on the ED proceedings.

There is no end in sight to the troubles of former ‘king of good times’ Vijay Mallya as the Supreme Court of India Friday refused to stay proceedings initiated by the Enforcement Directorate (ED) to declare him a fugitive economic offender and confiscate his properties. The apex court, however, asked ED to respond to liquor baron Vijay Mallya’s petition against ‘fugitive’ tag. The absconding businessman Mallya approached the Supreme Court last week after Bombay High Court rejected his plea for a stay on the ED proceedings.

Prior to that, a special Prevention of Money Laundering Act (PMLA) court too had dismissed a plea by Mallya, seeking a stay on ED’s application to declare him a fugitive under the Fugitive Economic Offenders’ Act, 2018.

In July, the ED had filed a plea before a special PMLA court, seeking the “fugitive economic offender” tag for Vijay Mallya. ED also sought to confiscate around Rs 12,500 crore worth of assets of Mallya immediately.

Also Read I Vijay Mallya’s plea: Please take my money; I did not steal

In September, Vijay Mallya told the Prevention of Money Laundering Act court that “he was not a fugitive economic offender” and not involved in the scheduled offence of money laundering. Mallya on Thursday approached the Supreme Court after the Bombay High Court and PMLA court rejected his plea.

Meanwhile, Mallya Wednesday termed all allegations against him as false in a series of tweets and offered to pay back 100% of the principal amount against his now-defunct Kingfisher Airline owed to banks. On Thursday too, he said in a tweet that he wishes to repay banks completely.

“Respectfully to all commentators, I cannot understand how my extradition decision or the recent extradition from Dubai and my settlement offer are linked in any way. Wherever I am physically, my appeal is “Please take the money”. I want to stop the narrative that I stole money,” he said in a tweet.

Meanwhile, on Friday, he said in a tweet that he did not borrow a single rupee as the borrower was Kingfisher Airlines.

With respect where have I defrauded Banks ? I did not borrow a single rupee. The borrower was Kingfisher Airlines. Money was lost due to a genuine and sad business failure. Being held as guarantor is not fraud. https://t.co/CygZODV5Xv

— Vijay Mallya (@TheVijayMallya) December 6, 2018

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Source: Financial Express