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Vijay Mallya's plea seeking a stay on hearing of Enforcement Directorate's (ED) application to declare him fugitive got rejected by Mumbai special court on Thursday.
The decision from the judicature came after five parties, including a family member of Mallya, reported court files with regard to the ED seeking to get Mallya declared a fugitive economic offender under the new law.
The special courts, under the new law, have a right to declare a person a fugitive economic offender.
A fugitive economic offender is a person against whom an arrest warrant has been issued for committing a scheduled offence and who has left India to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution.
Meanwhile, a court in the United Kingdom on Wednesday ordered Vijay Mallya to pay 88,000 Pounds (Rs 80 lakh) to UBS Investment Bank which had granted a 20.4 million-pound ($26.6 million) mortgage loan to former billionaire's London house.
The 62-year-old former Kingfisher Airlines boss, who has been on bail on an extradition warrant since his arrest in April last year, is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 9,000 crores.
Mallya had been living in the UK for the past two years. His extradition case is reportedly in its final stage at London's Westminster Magistrates' Court which is expected to deliver its ruling by the year-end.