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Loan defaulter Vijay Mallya’s Rs. 1,411 crores property seized

Newstrack

NewstrackBy Newstrack

Published on 12 Jun 2016 5:41 AM GMT

Loan defaulter Vijay Mallya’s Rs. 1,411 crores property seized
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Mumbai: Liquor baron Vijay Mallya has faced a huge setback as the Enforcement Directorate has seized his company’s total assets worth Rs 1,411 crore. Mallya, who is London, has not presented himself despite EDs repeatedly sent notices.

How many properties were confiscated-?

  • UB Towers Limited in Bangalore is seized.
  • Remaining properties were from Mumbai and Chennai
  • In the seized properties, Chennai’s commercial plot and 27 acre coffee plantation in Coorg are also included.
  • Excluding this, few properties in Uttar Pradesh and Kingfisher tower in Bangalore have also been seized.

Why Mallya’s property has been seized-

  • ED had come to know that Mallya is selling his properties.
  • ED did the proceedings to stop him selling properties.
  • Business tycoon can appeal against ED’s move in 180 days.

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