Many industrialists from India have been hit by a staggering blow to the absconding industrialist Vijay Mallya for millions of rupees. A London court has given a decision against Mallya in the case of recovery of more than $ 1.55 billion i.e. 10 thousand crore rupees. The court has rejected his petition.
A group of 13 banks of India had filed a case here for recovery of more than $ 1.55 billion from Mallya. Mallya is accused of fraud and money laundering of millions of rupees in India. Judge Andrew Henshah refused to overturn the global order regarding the seizure of Mallya’s assets. The court has correctly told the order of the Indian court that 13 banks of India are eligible to recover the amount of $ 1.55 billion from Mallya.
The court’s decision today, the said Indian banks will be able to implement the decision of the seizure of Mallya’s assets in England and Wales. Due to a global seizure order, Mallya can not sell her assets nor make any deal of any kind. This group of Indian banks includes SBI, Bank of Baroda, Corporation Bank, Federal Bank, IDBI Bank, Indian Overseas Bank, Jammu Kashmir Bank, Punjab and Sind Bank, PNB, UCO Bank, United Bank of India.