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In a bid to recover more than Rs 9,000 crore, the lenders have now put <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines&amp;sortorder=effectivedate">Kingfisher Airlines’ logo</a> on sale with a base price of Rs 366.7 crore. 
 
The lenders have scaled up their efforts to recover the corpus amount from <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">Vijay Mallya.</a> The bids for the logo have to be submitted by April 30 and SBI Cap Trustee Co is in-charge of the auction process. 
 
“This is part of the 'sale of trademarks including the brand value of 'Kingfisher logo,” it stated. 
 
READ MORE: <a href="http://www.businessinsider.in/Vijay-Mallya-debt-fiasco-comes-to-some-good-use-for-Indian-business-schools/articleshow/51496588.cms">Vijay Mallya debt fiasco comes to some good use for Indian business schools</a> 
 
Also, brands and trademarks relating to the label mark of Kingfisher, Fly Kingfisher, the logo of the Flying Bird Device and the word mark 'Fly the Good Times' associated with KFA have been pledged with banks and will be for e-auction on April 30. 
 
However, there is a small catch as it is unclear how <a href="http://www.businessinsider.in/searchresult.cms?query=Heineken&amp;sortorder=effectivedate">Heineken</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=UNITED+BREWERIES&amp;sortorder=effectivedate">United Breweries</a> would take up the logo auction issue. As per reports, the trademarks and other promotional material surrounding the brand 'Fly the Good Times' belong to KFA and it is not clear how another beer company could use it. 
 
"There may not be any legal challenge in selling the brand, but there could be commercial challenges in terms of who would want to buy the brand," Prem Rajani, managing partner at Rajani Associates, a law firm, told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
Till now, banks have attempted to <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">sell Kingfisher House in Mumbai</a> but did not receive any bids since the base price of Rs 150 crore, too high for many. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
(Image: Indiatimes)

To recover dues, Kingfisher Airlines’ logo will also go under hammer

Former liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, in a series of <a href="http://www.businessinsider.in/Vijay-Mallya-takes-to-Twitter-to-reveal-what-made-him-escape-the-country-without-paying-loan-amount/articleshow/56831457.cms">tweets</a>, said that he is ready to <keyword id="71039" type="UNKNOWN" weightage="100" keywordseo="negotiate">negotiate</keyword> with banks to pay a <keyword id="139241" type="UNKNOWN" weightage="100" keywordseo="one-time-settlement">one-time settlement</keyword>. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallya-out-of-India-while-banks-seek-stay-order/articleshow/51323634.cms">A little too late! Mallya flew out of India before banks could take a stay order against him</a> 
 Here are the <keyword id="4277112" type="UNKNOWN" weightage="100" keywordseo="Tweets-from-Mallyas-account">tweets from Mallya’s account</keyword>: 
 
<blockquote class="twitter-tweet" data-lang="en">
	 The allegations against me by the Attorney General before the Honourable <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword> only prove the attitude of the Government against me
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839968907251372033">March 9, 2017</a></blockquote>
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-aircraft-to-be-auctioned-expected-to-fetch-around-Rs-535-crore/articleshow/55094451.cms">Vijay Mallya’s aircraft to be auctioned; expected to fetch around Rs 535 crore</a> 
 
He went on to say that he has followed all court orders, and deserves a fair trial. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		I have humbly obeyed every single Court Order without exception. Seems as if Government is bent upon holding me guilty without fair trial
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839969673286389761">March 9, 2017</a></blockquote>
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Public Sector Banks have policies for One Time Settlements.Hundreds of borrowers have settled. Why should this be denied to us ?
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839981387843284992">March 9, 2017</a></blockquote>
 
Also read: <a href="http://www.businessinsider.in/13-of-vijay-mallyas-properties-to-be-auctioned-including-his-palatial-mumbai-house/articleshow/57310868.cms">13 of Vijay Mallya's properties to be auctioned, including his palatial Mumbai house</a> 
 
He added: 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Our substantial offer before the Hon'ble Supreme Court was rejected by Banks without consideration.Am ready to talk settlement on fair basis
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839982944706035712">March 9, 2017</a></blockquote>
 
He ended the series by saying that an intervention from the <a href="http://www.businessinsider.in/Vijay-Mallya-foreign-assets/articleshow/51994174.cms">Supreme Court</a> would end the matter quickly. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Wish the Hon'ble Supreme Court would intervene and put an end to all this by directing Banks and us to negotiate and settle.We are ready.
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839985116650831872">March 9, 2017</a></blockquote>
 
(Image source: OhMyIndia)

Ready to talk one-time settlement, says Vijay Mallya

The <keyword id="48510" type="ORGANIZATION" weightage="100" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> Ethics Committee has rejected former liquor baron <a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms">Vijay </a><a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms">Mallya</a>'s resignation, saying that because of him not fulfilling what was expected from his end, he needs to be <a href="http://www.businessinsider.in/These-are-the-14-MPs-that-have-ever-been-expelled-from-the-Parliament-Know-why/articleshow/52026584.cms">expelled with immediate effect</a>. 
 
"Since I do not want my name and reputation to be further dragged in the mud and since <a href="http://www.businessinsider.in/Vijay-Mallya-safe-in-UK/articleshow/52041381.cms">recent events</a> suggest that I will not get fair trial or justice, I am hereby resigning as a member of Rajya Sabha with immediate effect," Mallya had written in his resignation. 
 
Not only this, he had also said that he has been targetted by the media and is disappointed by fellow colleagues. 
 
"That I am facing trial by media and a lynch mob mentality is all too apparent," he wrote. "I have no faith that in the current climate prevailing in the country that I will get any justice even at the hands of my colleagues." 
 
Also read: <a href="http://www.businessinsider.in/Indian-wants-Vijay-Mallya-deported/articleshow/52027466.cms">India formally asks UK to deport Vijay Mallya</a> 
 
This is what he tweeted about him being called a ‘<a href="http://www.businessinsider.in/Vijay-Mallya-makes-another-attempt-this-time-he-is-offering-Rs-6000-crore-settlement/articleshow/51822342.cms">defaulter</a>.’ 
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Agree Kingfisher Air owes money to Banks.I am neither a borrower or a judgement debtor.Why am I a defaulter inspite of a settlement offer ? — <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/727245283734786048">May 2, 2016</a></blockquote>
The resignation, however, was rejected by the panel, stating that it was required by their end to expel him, so that an example is set. Moreover, since Mallya never declared his liabilities in the past 10 years, which a RS member is supposed to do annually, he deserves to be handled with strictness. 
 
"Having considered the whole matter, including Mallya's letter, the Committee of Ethics unanimously decided to recommend to the House that Vijay Mallya be expelled with immediate effect. The committee adopted draft report to that effect. The panel hopes that by taking such a stern action, a message would reach to the general public that Parliament is committed to take such steps as are necessary against erring members to uphold the dignity and prestige of this great institution," the panel wrote in a letter to the Rajya Sabha. 
 
Mallya's <a href="http://www.businessinsider.in/These-are-the-14-MPs-that-have-ever-been-expelled-from-the-Parliament-Know-why/articleshow/52026584.cms">second term as a Rajya Sabha member</a> would have ended on July 1. 
 
<a href="http://images.financialexpress.com/2016/04/mallya-EP.jpg">Image source</a>

Expel Vijay Mallya, Parliament’s Ethics Committee says on receiving his resignation

Troubles have only mounted for <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">debt-laden Vijay Mallya</a>. From auctioning off his house, <a href="http://www.businessinsider.in/UB-says-Kingfisher-Airlines-logo-only-for-aviation-warns-of-legal-challenges/articleshow/51643679.cms">logo of Kingfisher Airline</a> to <a href="http://www.businessinsider.in/Government-suspends-VijayMallyas-Passport-may-revoke-it/articleshow/51843530.cms">revoking his diplomatic passport</a>, Mallya’s downfall has been like a pack of cards, and the signs had begun to show in 2009 when his airlines for grounded. 
 
The latest on this is that Mallya, who is a Rajya Sabha member, is likely to be expelled from the parliament too. But, his expulsion will not be the first one as 14 MPs have already been expelled from the House before. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallya-makes-another-attempt-this-time-he-is-offering-Rs-6000-crore-settlement/articleshow/51822342.cms">Vijay Mallya makes another attempt, this time he is offering Rs 6,000-crore settlement</a> 
 
The list of MPs expelled from the parliament includes former <a href="http://www.businessinsider.in/searchresult.cms?query=indira+gandhi&amp;sortorder=effectivedate">Prime Minister Indira Gandhi</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=subramanian+swamy&amp;sortorder=effectivedate">Subramanian Swamy</a> and HG Mudgal. Mallya will be the 15th one on the list. 
 
HG Mudgal, who was a Lok Sabha member in 1951, was the first one to be expelled from the Lok Sabha over accepting money for favours in Parliament. 
 
Here is the complete list of MPs who were expelled from the parliament and why

These are the 14 MPs that have ever been expelled from the Parliament. Know why

Mumbai’s <keyword id="861838" type="UNKNOWN" weightage="100" keywordseo="Kingfisher-House">Kingfisher House</keyword>, which used to be <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>'s flagship properties, is being auctioned online today by an arm of <a href="http://www.businessinsider.in/SBI-wants-Vijay-Mallya-arrested/articleshow/51240258.cms">State Bank of India</a>, one of the many banks that Mallya <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">owes huge loans</a> to. 
 
The base price for the Andheri office has been fixed at Rs.150 crore, and the bank has already received at least 15 offers for the property. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
The auction is taking place a day before Mallya has been summoned as a part of an investigation related to his unpaid loans to the state-run bank, in which he would have to be present in person. 
 
However, since Mallya is reportedly living in the UK after <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">fleeing the country</a>, it is certainly unknown if he would be coming to the investigations. 
 
<a href="http://timesofindia.indiatimes.com/thumb/msid-46361006,width-400,resizemode-4/46361006.jpg">Image source</a>

Mallya’s Kingfisher House in Mumbai now on auction by SBI for more than Rs 150 crore

<ul class="summary-list"><li>A $20-million sky mansion sits on top of a 33-story luxury apartment complex in India.</li><li>The spectacular home was designed for businessman Vijay Mallya.</li></ul>Tycoons and business moguls are known for their extravagant and often eccentric housing choices. But one controversial business tycoon has taken luxury mansions to new heights — 400 feet, to be precise.Sitting on top of a 33-story luxury apartment complex in Bengaluru, India, this sky mansion is over 40,000 square feet with two floors, a helipad, lush gardens, an infinity swimming pool, and a 360-degree viewing deck.<div type="image" title="Mallya's mansion" height="413" width="647" msid="108732954" hostid="261"></div>Irfan Razac, the chairman of Prestige Estates Projects, which is part of a joint development agreement to construct the tower, <a target="_blank" href="https://www.livemint.com/Companies/65IM1NYBFFgqWAF2osxIUO/Vijay-Mallyas-20-million-sky-mansion-is-almost-ready-B.html">previously said of the project</a>: "It was a challenge to construct the mansion on a huge cantilever at that height, but we have ensured we build it exactly the way it was conceived."Prestige Constructions did not respond to a request for comment from Business Insider.The house has an estimated value of $20 million.Another spectacular home owned by India's superrich is <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/ambani-house-photos-altamount-road-mumbai-spa-parking-amenities-art-2024-3">the Ambani family's Mumbai tower, Antilia.</a> It cost an estimated $1 billion to build. It includes nine elevators, a 50-seat cinema, a full-service spa, a 168-car garage, and three helipads.The Ambani residence is 27 stories high, although its many double-height ceilings mean it's closer in height to a traditional 40-story building.<div type="image" title="The Antilia tower stands tall above the Mumbai skyline" height="853" width="1280" msid="108732955" hostid="261"></div>The sky mansion in Bengaluru, though, was designed for Indian businessman Vijay Mallya and is entirely separate from the apartments below.The apartment block, known as Kingfisher Towers, was built on a 4.5-acre plot of land that once housed Mallya's ancestral home.<h2>Vijay Mallya might never get to live in the mansion</h2>There's a real possibility that Mallya won't ever get to live in the sky mansion.Mallya was known as the "<a target="_blank" class="editor-rtfLink" href="https://www.ft.com/content/e14a6d5c-4c94-47fc-9635-a089841357f3">king of good times"</a> for his opulent lifestyle, according to The Financial Times, but in March 2016, he fled India after defaulting on debts of more than $1 billion and faced fraud charges. He sought refuge in the UK.When Mallya left, according to reports in the Indian media, his <a target="_blank" class="editor-rtfLink" href="https://www.gqindia.com/content/vijay-mallyas-soon-to-be-ready-penthouse-is-the-flashiest-house-in-bangalore">mansion in the sky </a>was still incomplete in 2017.<div type="image" title="Indian businessman Vijay Mallya arrives at the Royal Courts of Justice in London, Britain February 11, 2020. REUTERS/Simon Dawson" height="3850" width="5786" msid="108732956" hostid="261"></div>India has made numerous attempts to extradite the billionaire who made his fortune in the alcoholic beverages business under the popular Kingfisher brand. <a target="_blank" href="https://www.thedrinksbusiness.com/2023/12/row-in-india-over-brewery-giants-night-time-production/">According to recent statistics,</a> in India, the Kingfisher Strong beer brand had a market share of 36 percent and has extended its presence to 69 countries, including Japan, Canada, New Zealand, and Norway.Later in his career, Mallya tried his hand at the aviation industry and Formula 1 racing.In August of last year, when asked about the possible extradition of Mallya back to India, <a target="_blank" href="https://timesofindia.indiatimes.com/india/edcbinia-team-expedite-extradition-of-fugitives-in-the-uk/articleshow/106879099.cms">Tom Tugendhat, British Minister of State Security, told Press Trust of India that,</a> "We both have legal processes that must be gone through. But the UK government is absolutely clear, we have no intention of becoming a place where those who are seeking to evade justice can hide."<a target="_blank" class="editor-rtfLink" href="https://timesofindia.indiatimes.com/india/edcbinia-team-expedite-extradition-of-fugitives-in-the-uk/articleshow/106879099.cms">In January, The Times of India reported </a>that a delegation composed of representatives from India's Central Bureau of Investigation, Enforcement Directorate, and National Investigation Agency was set to visit the UK to expedite the extradition of some of India's most wanted fugitives who had taken refuge in the UK.On the list were defense dealer Sanjay Bhandari, diamond trader Nirav Modi, and Vijay Mallya.

A $20m mansion home was built on top of a 400ft skyscraper. The tycoon owner may never get to live in it.

As per an internal report of India’s biggest lender, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), there is little hope left of recovering anything substantial from the <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>. The report says that SBI should expect a hit of about Rs 900 crore because of the bad debts in the grounded airlines.SBI leads a consortium of 14 banks that the Vijay Mallya-promoted airline owes money to and the loans are worth more than Rs 5,000 crore, excluding accrued interest, out of which SBI has a fund-based exposure of over Rs 1,200 crore. "It is the policy of the bank not to comment upon individual accounts and its treatment" an SBI spokesperson told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-now-expects-to-recover-only-part-of-kingfisher-dues-to-take-hit-of-rs-900-crore/articleshow/59008488.cms">ET</a>. As of now, <keyword id="6373968" type="PERSON" weightage="100" keywordseo="Mallya">Mallya</keyword> is in the UK and the Indian government has been fighting tooth and nail to extradite him, so that he can be put under trial for cases related to the airline's loan defaults. Mallya, however, has denied any wrongdoing.Banks now expect to recover about Rs 1,100 crore through the sale of pledged assets that are valued at Rs 1,565 crore, including Mallya's <keyword id="6360137" type="CITY" weightage="100" keywordseo="kingfisher">Kingfisher</keyword> villa in Goa. The villa was sold for Rs 73 crore in April as against the pegged market value of Rs 85 crore. "There are no takers for the Kingfisher Airlines brands which are valued (at) Rs 7-315 crore." a senior bank executive said. "Forget about brands, we have so far have struggled to sell even the real estate assets, such as <keyword id="861838" type="UNKNOWN" weightage="100" keywordseo="Kingfisher-House">Kingfisher House</keyword>, Mumbai."

Lost hopes! SBI expects to recover only part of Kingfisher loans

(Photo source: IANS) <ul><li><keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, an <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n liquor tycoon and the former boss of Kingfisher Airlines, will be extradited to India by order of a <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court. </li><li>The allegations leveled against him include fraud, money laundering, and conspiracy. </li><li>He left India in 2016 in the middle of the investigation for the UK, a country where he is also a citizen. </li><li>He now has 14 days to file a appeal against the judgement but Central Bureau of Investigation has stated that they ‘hope to see him soon’. </li></ul>A UK court has approved the extradition of India’s liquor tycoon, Vijay Mallya, to India two years after he left India amid charges of fraud and money laundering. The former boss of the Kingfisher Airlines has 14 days to make an appeal against the judgement. The Central Bureau of Investigation (CBI) has released a statement following the order: “We hope to bring him soon and conclude the case. CBI has its own inherent strengths. We worked hard on this case. We are strong on law and facts and we were confident while pursuing extradition process.” The judgement was passed by the Chief Magistrate, Judge Emma Arbuthnot who stated that prima facie (on first impression) there is a case to be made against Mallya for fraud, conspiracy and money laundering. In recent weeks, Mallya has ‘offered’ to pay back what he owes to Indian banks. The allegations against fraud and money laundering amount to an estimated ₹90 billion. He maintains that these charges against him are ‘politically motivated’ and that he has done nothing wrong. According to the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/mallya-extradition-case-arthur-road-jail-keeps-high-security-cell-ready/articleshow/67023180.cms">Economic Times</a>, there is a ‘high-security’ cell kept ready at the Arthur Road prison for Mallya. The same prison housed the 26/11 Mumbai attack terrorist, Mohammad Ajmal Kasab. See also: <a href="https://www.businessinsider.in/vijay-mallaya-wants-to-pay-back-100-public-money-that-he-embezzled-pleads-for-banks-to-take-it/articleshow/66950116.cms">Vijay Mallya wants to pay back '100% public money' that he embezzled, pleads for banks to take it</a> <a href="https://www.businessinsider.in/indias-corporate-fraud-investigation-agency-and-the-ceos-of-state-owned-banks-can-now-directly-prevent-scamsters-from-leaving-the-country/articleshow/66846397.cms">India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country</a> <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</a>

Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

<ul><li>The UK’s Home Secretary, <keyword id="6448687" type="PERSON" weightage="20" keywordseo="sajid-javid">Sajid Javid</keyword>, has finally signed off on the extradition of <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>. </li><li>This comes two months after the Westminster Magistrates’ Court ruled that the liquor baron could be extradited to India in order to answer for his alleged crimes. </li><li>Mallya now has 14 days to appeal the ruling.</li></ul>The UK’s Home Secretary, Sajid Javid, has finally signed off on the extradition of Vijay Mallya, nearly a month after he was declared a <a href="https://www.thehindu.com/news/national/vijay-mallya-declared-as-fugitive-economic-offender-under-new-law/article25919274.ece">“fugitive economic offender” </a>after a special court in India on charges of fraud and <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword>. He has defaulted on nearly ₹90 billion worth of loans made to his now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. The case was sent to the UK Home Office In December 2018 after the Westminster Magistrates’ Court ruled that liquor baron Vijay Mallya <a href="https://www.businessinsider.in/the-extradition-of-vijay-mallya-the-indian-government-has-secured-a-key-victory-but-a-lot-more-work-remains/articleshow/67041778.cms">could be extradited to India</a> in order to answer for his alleged crimes. It took the full two months it had to make a decision. Javid’s verdict is an important victory for India. In addition to the severity of Mallya’s financial crimes, it was asked to guarantee that he would be subjected to a fair trial and humane living conditions while in jail. Mallya now has 14 days to appeal the ruling. For his part, he has vehemently denied reports that he fled India to prevent imprisonment and even said that he had made offers to pay back his loans. He took to Twitter shortly after the UK’s Home Office announced his decision. 
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 Given that Mallya now has the all-clear to appeal his extradition, it could be still be a few months before his extradition takes place. However, the Modi administration will likely do its best to secure his return before general elections in May, which will give it an important symbolic victory and bolster its anti-corruption stance. Separately, a special court set up under the Prevention of Money Laundering Act is expected to take a decision this week on a plea filed by a consortium of lenders led by the State Bank of India on whether ₹125 billion worth of confiscated assets belonging to Mallya can be liquidated at the earliest. SEE ALSO: <a href="https://www.businessinsider.in/the-extradition-of-vijay-mallya-the-indian-government-has-secured-a-key-victory-but-a-lot-more-work-remains/articleshow/67041778.cms">The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains</a> <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</a>

India just moved a step closer to securing the extradition of Vijay Mallya

Indian Liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who has <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">fled the country</a> after being named a wilful defaulter by several state-run banks, has sought time till April for to appear before the ED in person. Doing this, he has virtually made it clear that he would not present himself before the anti-money laundering agency in connection to the summons issued in the IDBI bank loan default case. 
 
As per officials from the Enforcement Directorate, he has approached the investigating officer saying that he would not be able to keep tomorrow's date, seeking time till April. 
 
Agency officials are considering options and going through the reply and reasons that are cited by Mallya in his communication before taking a final decision. 
 
Also read: <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">Mallya’s Kingfisher House in Mumbai now on auction by SBI for more than Rs 150 crore</a> 
 
Meanwhile, ED has also written to the 17-bank consortium led by <a href="http://www.businessinsider.in/SBI-wants-Vijay-Mallya-arrested/articleshow/51240258.cms">SBI</a>, whose <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">money Mallya owes</a>, about this. 
 
<a href="http://www.clipper28.com/images/2016/Mar-2016/10-03-2016/80.jpg">Image source</a>

Vijay Mallya won’t come to India before April

<ul><li>A <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court has said that liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> should be extradited to India in order to answer for his alleged crimes, most of which relate to the default on loans made to the now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. </li><li>Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether not he should be extradited. </li><li>Meanwhile, Mallya has the option of filing appeals in both the UK High Court and Supreme Court. </li><li>The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved.</li></ul>Yesterday, a UK court ruled that liquor baron Vijay Mallya could be <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">extradited to India</a> in order to answer for his alleged crimes, most of which relate to the default on thousands of crores worth of loans made to his now-defunct Kingfisher Airlines. Mallya is suspected to have misled the executives of several Indian banks, including the government-owned State Bank of India, about the financial struggles of the airline and diverted a lot of those funds to his other ventures. After waiting since February 2017, when it made a formal request to the UK for Mallya’s <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword>, India’s government was obviously <a href="https://www.ndtv.com/india-news/centre-deeply-satisfied-with-uk-courts-verdict-on-vijay-mallya-1960750">happy</a> with the verdict. However, a lot more work and judicial procedures remain to bring Mallya back to India and subsequently pay for his crimes. Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether or not he should be extradited. A decision is expected within two months. Meanwhile, Mallya has two weeks to lodge an appeal in the UK High Court against the lower court’s recommendation to extradite him as well as the home secretary’s decision, as and when it's made. If the appeal, which will only be heard if the home secretary allows it, is rejected, Mallya can then seek recourse in the UK Supreme Court within two weeks of the high court’s verdict. The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved. Also, given that so much of this is dependent on the discretion of the home secretary, the Indian government will need to consistently make its case for extradition to the UK government. In addition to the severity of his financial crimes, it will have to prove repeatedly that Mallya will be subjected to a fair trial and humane living conditions while in jail. Meanwhile, India’s investigative and law enforcement agencies, primarily the <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED), will get to work on having Mallya declared a “fugitive economic offender.” The designation will allow them to <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">seize his assets</a>, both domestic and international. Last week, India’s Supreme Court <a href="https://www.livemint.com/Industry/UU8sXq3IsKGTpA4TS6DmjJ/Supreme-Court-refuses-to-stay-ED-proceedings-against-Vijay-M.html">dismissed a plea</a> by Mallya seeking a suspension on proceedings against him by the ED. In addition to securing the “fugitive economic offender” label for Mallya from a special anti-corruption court, the agency is also looking to confiscate ₹125 billion worth of his assets. SEE ALSO: <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</a> <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance</a> <a href="https://www.businessinsider.in/vijay-mallya-wants-to-sell-his-assets-to-pay-back-loans-but-it-might-be-too-little-too-late/articleshow/64760900.cms">Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late</a>

The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains

The long list of assets owned by <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who has been in news constantly since the past few days for <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms" target="_BLANK￿￿￿￿">fleeing away from the country</a> even though he owes state-run banks some 9000 crore rupees, has not been able to avoid the Indian government’s hawk eyes. 
 
Apparently, the government is all set to auction off Vijay Mallya's assets, which include his personal Airbus ACJ 319, so that his service tax dues of Rs 812 crore can be recovered. 
 
Mallya’s other assets that are about to be auctioned include five smaller ATRs and three helicopters belonging to Mallya's <a href="http://www.businessinsider.in/Govt-Rejects-Vijay-Mallya-As-Kingfisher-Airlines-Director/articleshow/45345410.cms" target="_BLANK￿￿￿￿">Kingfisher Airlines</a>. 
 
Also read: <a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms" target="_BLANK￿￿￿￿">Vijay Mallya - the escapee who didn't escape, apparently</a> 
 
"We are going ahead with the auction," a senior Central Board of Excise &amp; Customs (CBEC) official told ET. 
 
Even though the tax department wanted to arrest Mallya last year, it was rebuffed by a Mumbai metropolitan magistrate on the execution of a personal recognisance bond of Rs 50 lakh. Ecen then, the tax department had argued that Mallya could leave the country and had asked the court to ask him to surrender his passport, but that didn’t happen and as a result, <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms" target="_BLANK￿￿￿￿">Mallya has fled the country</a>. 
 
The news has come just a day after <a href="http://www.businessinsider.in/Another-woe-for-Mallya-Hyderabad-court-issues-non-bailable-warrant/articleshow/51392100.cms" target="_BLANK￿￿￿￿">Hyderabad court had issued a non-bailable warrant</a> against Mallya after he failed to appear in court in connection to a lawsuit by GMR Hyderabad International Airport Ltd. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/5/54/Vijaymallya.jpg">Image source</a>

Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

<ul><li>The Ministry of Home Affairs has empowered the <keyword id="107956" type="ORGANIZATION" weightage="20" keywordseo="Serious-Fraud-Investigation-Office">Serious Fraud Investigation Office</keyword> (SFIO) to request the issuance of look-out-circulars (<keyword id="6355098" type="UNKNOWN" weightage="20" keywordseo="LoC">LOC</keyword>) against people who are suspected of defaulting on large loans. </li><li>Last week, the same power was also granted to the CEOs of India’s public-sector banks, which have largely been the major casualties of these frauds and loan defaults. </li><li>Prior to these changes, the ability to request for LOCs was mainly extended to police authorities, the CBI, Enforcement Directorate, the home and external affairs ministries as well as regional passport offices and customs and tax officials. </li></ul>In the wake of a series of high profile banking scams and loan defaults this year, the most notable of which is <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">the Nirav Modi case</a>, the Indian government is trying to make it easier to prevent fraudsters from escaping the country and taking up residence elsewhere. To this effect, the Ministry of Home Affairs has empowered the Serious Fraud Investigation Office (SFIO), which is housed under the corporate affairs ministry, to request the issuance of <a href="https://indianexpress.com/article/india/centre-gives-sfio-powers-to-stop-defaulters-from-fleeing-the-country-5468015/">look-out-circulars </a>(LOC) against people who are suspected of defaulting on large loans. Last week, the same power was also granted to the<a href="https://www.livemint.com/Politics/lAjlD5SnzGYkS87SyKxVJI/Govt-authorises-public-sector-bank-CEOs-to-request-for-look.html"> CEOs of India’s public-sector banks</a>, which have largely been the major casualties of these frauds and loan defaults. However, as these public-sector banks aren’t official investigation agencies, the LOCs requested by them can be challenged in court. That is not the case with the SFIO. Prior to these changes, the ability to request for LOCs was mainly extended to police authorities, the CBI, Enforcement Directorate, the home and external affairs ministries as well as regional passport offices and customs and tax officials. A major reason why wilful defaulters like <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, <keyword id="571991" type="COMPANY" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> and Mehul Choksi were able to flee India for safer havens was because the agencies or entities that caught wind of their crimes did not have the authority to prevent them from fleeing and had to follow protocols and notify higher powers with said authority. By the time formal channels of communication were activated, it was too late. This is reportedly what happened in the case of Vijay Mallya, who fled India in March 2016. The CBI actually <a href="https://www.hindustantimes.com/india/cbi-ignored-immigration-alert-on-mallya-leaving-india-on-march-2/story-hW83mkAc6qVe14VyFVOIFJ.html">watered-down the LOC</a> it had filed against the liquor baron in October 2015 from “detain” to “inform” after citing a lack of evidence and Mallya’s supposed intention to cooperate, which eventually allowed him to leave the country. The CBI had actually taken over the case from the SFIO, which had been looking into the diversion of funds at Mallya’s companies in September 2015. By broadening the number of stakeholders that can ask for the arrest of a <keyword id="2168141" type="PERSON" weightage="20" keywordseo="Wilful-defaulter">wilful defaulter</keyword>, the move could decrease the chances of this happening again in the future, especially in instances where investigations by the police and CBI are hamstrung by “conflicts of interest” or they don’t follow through with arrests. A few months ago, the central government also passed the <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">Fugitive Economic Offenders Act</a>. The law allows the Enforcement Directorate to seize the domestic as well as foreign assets of “economic offenders” who have left the country so their creditors may recover their dues. The crimes involve amounts of ₹1 billion or more. SEE ALSO: <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</a> <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam</a> <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance</a>

You Searched For "vijay mallya house on sale" and got 13 results

To recover dues, Kingfisher Airlines’ logo will also go under hammer

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Expel Vijay Mallya, Parliament’s Ethics Committee says on receiving his resignation

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Mallya’s Kingfisher House in Mumbai now on auction by SBI for more than Rs 150 crore

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A $20m mansion home was built on top of a 400ft skyscraper. The tycoon owner may never get to live in it.

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Lost hopes! SBI expects to recover only part of Kingfisher loans

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Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

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India just moved a step closer to securing the extradition of Vijay Mallya

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Vijay Mallya won’t come to India before April

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The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains

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Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

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India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country

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