A Court declared to take hold assets of Vijay Mallya’s, a former Indian tycoon, and owner of Team Bangalore Royal Challengers, after slipping to appear in court.
The court on 4th Jan 2017 declared to take over Mallya’s companies and assets. Earlier, Vijay Mallya, an announced offender, was failed to appear before the court for answering accusations of money laundering by defying international currency laws. The order covers to seize Mallya’s businesses, assets, companies, and real estate possessions.
He is in London Court, seeking a hearing, whether he should be deported, as asked by India.
He was, once, applauded as India’s version of J.C. Jacobsen for his founding and investment in a brewing and liquor company, F1 team, an Airline and an IPL Team. He displayed his company’s logo during the F1 World Championships in the UK and some European nations in the immediate 90’s.
The Indian government is seeking the deportation of the former tycoon for money-laundering case and stratagem accusations. He is battling to stay in London and will appeal if the UK-Court orders against him.
Mallya was one of the well-to-do people in India with the key of many businesses. He was also a striking MP, and he quit when he was about to get removed from Parliament.
The government says he owed millions of rupees from Indian Financial Firms, which he knew couldn’t be able to repay.