Image Source : REUTERS Fugitive liquor baron Vijay Mallya leaves the Royal Courts of Justice in London.
The Securities Exchange Board of India (SEBI) on Friday barred Vijay Mallya from trading in India’s securities market for three years. SEBI also prohibited Mallya from associating with any listed firm. His existing holdings, including mutual funds, will remain frozen. Mallya, who owns an 8.1% stake in United Breweries and a 0.01% stake in United Spirits, faces a Rs 9,000 crore bank loan default case involving Kingfisher Airlines. Declared a Fugitive Economic Offender in 2019, Mallya has been living in the UK since leaving India in March 2016.
Non-bailable warrant issued
On July 1, a special CBI court in Mumbai issued a non-bailable warrant against Mallya in a Rs 180 crore loan default case linked to Indian Overseas Bank. The CBI alleged that Mallya caused a wrongful loss to the bank by “wilfully” defaulting on payments.
India’s extradition efforts
External Affairs Minister S. Jaishankar emphasised India’s strong case for extraditing fugitive economic offenders. He urged the UK to take a responsible view to avoid being seen as a haven for tax evaders and defaulters, highlighting the reputational implications for the UK.
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