The consortium of 15 Indian banks, led by State Bank of India, have received permission from a special court in Mumbai to liquidate properties of Vijay Mallya, India's most-wanted economic offender and former liquor baron. Enforcement Directorate has confirmed that court approved the petition filed by courts to utilize movable assets of Mallya to repay their debts 6,203.35, which includes an annual interest of 11.5%.

Mumbai's Prevention of Money Laundering Act court, which deals with cases pertaining to Money Laundering, gave a stay on this order till 18th January so that the associated banks can approach Bombay High Court for an appeal.

According to official sources, Mallya's movable assets include securites like shares of United Breweries Holdings Ltd (UBHL). In January last year, the court has declared Mallya as fugitive economic offender. We all know that Vijay Mallya is one of the most talked about person in Indian media circles for his shameful act of running away from India in March-2016, after defaulting up to Rs.9000 crore bank loans. 

SOURCE : GULTE