Vijay Mallya and UBHL director Daljit Mahal have moved the Karnataka High Court seeking detailed bank statements on recoveries made against their debts. The petition claims banks have already recovered far more than the Rs 6,200 crore directed by the DRT.
A special CBI court in Mumbai issued a non-bailable warrant against Vijay Mallya for a Rs.180 crore loan default case linked to Indian Overseas Bank. The court cited Mallya’s fugitive status and issued an open-ended NBW to ensure his presence. The allegations include deliberate default on loan payments, causing significant financial loss to the bank. The case has drawn widespread attention and the Indian government is intensifying efforts to extradite Mallya from the UK.
The Karnataka High Court dismissed SFIO’s case against Vijay Mallya and Captain R. Gopinath, citing lack of jurisdiction under the Companies Act, 2013 to retrospectively apply to offenses under the Companies Act, 1956. The court emphasized proper approval of the merger, preventing fraud allegations from being revisited through criminal prosecution.
