INDIA
Good times for Mallya?
Finally there is some good news for business magnet Vijay Mallya. The London High Court has decided to hike his weekly living allowance by over threefold,£13,325 to be exact which comes to approx Rs 16.28 lakhs INR.
The court has increased allowance from £5,000 (Rs 4.44 lakh) to £18,325 (Rs 16.28 lakh). Mallya is entitled to allowance as his assets are currently under freeze. Mallya, who is wanted in PMLA case in India has been declared an absconder and is currently living in UK.
Sarosh Zaiwalla, senior partner at Zaiwalla & Co. LLP London was quoted as saying, “He is entitled to legal expenses on top. The judge considers his style of living to reach a fair result".
Embattled liquor tycoon Vijay Mallya recently lost another legal battle linked to his now- defunct Kingfisher Airlines after the UK High Court awarded Singapore-based BOC Aviation an estimated US$ 90 million in claims.
The latest case involving the 62-year-old businessman, whose extradition case over alleged loan defaults amounting to around Rs 9,000 crores returns to Westminster Magistrates Court in London on March 16, is related to the leasing of aircraft by Kingfisher Airlines dating back to 2014. Justice Picken, in a judgment dated February 5 at the Business and Property Courts of the High Court in London, ruled that "the defendants have no real prospect of successfully defending the claim".
Mallya had been arrested on an extradition warrant by Scotland Yard in April last year and has since been appearing for his extradition trial, which opened on December 4 last year to establish if he can be forced to return to India to face charges of fraud and money laundering involving Kingfisher Airlines default of bank loans worth nearly Rs 9,000 crores.
The Crown Prosecution Service (CPS), representing the Indian government, has claimed that the evidence they have presented confirms "dishonesty" on the part of the businessman, who acquired the loans through misrepresentation and had no intention of repaying them. Mallya's defence team has deposed a series of expert witnesses to try and establish that the default by Kingfisher Airlines was the result of business failure within a wider context of a global financial crisis and that its owner had no "fraudulent" intentions.
When the trial returns next month, the judge will hear concluding arguments on the admissibility of some of the evidence presented by the CPS, on behalf of the Indian authorities. Meanwhile, Mallya faces parallel litigation around an estimated 1.5-billion-dollar worldwide freeze order on his assets.
According to court documents submitted at the UK High Court last year, the claim brought by 13 Indian banks is expected to come up for a two-day hearing in the Queen's Bench Division of the commercial court in England's High Court of Justice some time after April 11.
With Agency inputs
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