More trouble for ‘King of Good Times’

by news
March 7, 2016

Bengaluru: In fresh developments, more trouble awaits Vijay Mallya as the Enforcement Directorate has registered a case against him on Monday under the prevention of money laundering act.
He will be questioned shortly.

The Enforcement Directorate (ED) had launched a preliminary inquiry against Mallya and has ensured that he does not escape to friendly countries.

On the other hand the Debt Recovery Tribunal (DRT) will also today pass orders on government-owned State Bank of India’s (SBI) application seeking lenders’ first right on the USD 75 million payout from Diageo Plc to Vijay Mallya under a recent “sweetheart deal”.

The DRT had reserved its order after hearing submissions made by both parties bankers and Mallya on 4 March.

It may be recalled that SBI, which leads the consortium of 17 lenders to discontinued Kingfisher Airlines, had filed three other applications, including one seeking Mallya’s arrest and impounding of his passport, as the bank approached the DRT after Mallya defaulted on loans.