Insta
Beginning Of The End Of Good Times? UK Court Asks Mallya To Compensate Indian Banks For Legal Proceedings Against Him
Swarajya Staff
Jun 17, 2018, 04:28 PM | Updated 04:27 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
It’s not good news for Vijay Mallya. The UK High Court has ordered him to compensate 13 Indian banks for the legal proceedings, which they are pursuing against him, as this report in Jansatta says. The court has asked him to pay at least 2 lakh pounds to the banks, which at the present exchange rate is around Rs 1.8 crore.
These are the banks, which are fighting legal battles to recover their dues from Mallya, who has fled to the United Kingdom.
This comes after Judge Andrew Henshaw, in May, had upheld ‘an Indian court’s order that entitled the consortium of 13 Indian banks to recover dues from Mallya amounting to around 1.145 billion pounds’, as this Indian Express report says.
In addition to the above, Mallya is also fighting an extradition case in the UK. While he is currently enjoying a bail on the extradition warrant, according to the Jansatta report, the final hearing on the case is likely to be held on 31 July.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.