The Enforcement Directorate has concluded arguments on a plea for confiscation of ₹14,000-crore property linked to businessman Vijay Mallya, who was declared a runaway below the Fugitive Financial Offenders Act (FCOA) in January.
Proceedings on the query of confiscation are below method earlier than a Mumbai court docket. Whereas the company has accomplished its arguments, the defence is within the course of of creating its submissions, after which the court docket will difficulty an order, stated an official.
The ED has already hooked up properties value about ₹14,000 crore below the Prevention of Cash Laundering Act.
As supplied within the Fugitive Financial Offenders Act, if the company secures an order for confiscation of properties, they’ll subsequently be disposed of as per the prescribed process.
Mr. Mallya had earlier approached the Bombay Excessive Courtroom in search of an interim aid from the proceedings below the Act. In its July 11 order, refusing interim aid, the court docket additionally quoted the observations of a Division Bench whereas issuing discover by order dated April 24, within the context of the interim aid prayed within the petition.
The Division Bench had noticed: “…However, we find that the petitioner is declared fugitive offender by the Special Court for PMLA, Greater Mumbai, vide its well-reasoned order dated January 5, 2019. We also find that the order of the Special Court is assailed before this court and the said writ petition is pending but there is no stay. In these peculiar facts, coupled with the object and scheme of the said Act, we are not inclined to grant interim relief at this stage.”
Mr. Mallya can also be dealing with extradition proceedings in the UK. After he misplaced the case within the decrease court docket there and the U.Okay. House division issued an order permitting his extradition, he approached the Royal Courts of Justice that allowed him to enchantment in opposition to the order. His enchantment within the U.Okay. Excessive Courtroom has been listed for a three-day listening to from February 11, 2020.