India Abroad

UK Court Decides Vijay Mallya's Weekly Allowance As Rs 4.5 Lakh

News World India | 0
| December 9 , 2017 , 12:36 IST

Indian mogul, Vijay Mallya has been making it to headlines for all the wrong reasons while fighting his extradition on fraud charges. While a set of lawyers are trying to reverse the freezing order of £1.15 billion (almost Rs10,000 crore) issued against him, the court has decided to let the businessman use Rs4.5 lakh per week.

London court on Friday issued an injunction for Mallya which was served to the flamboyant businessman on Sunday. Due to the ongoing proceedings over his extradition, the court has granted him a short extension to respond to the order.

Over a dozen Indian banks have accused the mogul of wilfully defaulting in  debt for his now-defunct Kingfisher Airlines Ltd on about Rs9,000 crore. After the Indian authorities requested, the 61-year-old was arrested in London and is currently facing a two-week extradition hearing.

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The hearing will then decide whether the fraudulent can avoid leaving for his home country to face money laundering charges. The hearing began on December 3 when he was also served the freezing order which the London court granted the ruling of Indian court over Mallya’s assets to be enforced in the UK.

Mallya has requested for his weekly allowance to be increased from £5,000 (Rs4.5 lakh) to £20,000 (Rs18 lakh) as his assets were frozen, however, the lawyers adjourned the plea. He has earlier claimed that the charges against him are politically motivated.

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The banks have accused Mallya of breaching Indian court orders by dividing some of his assets up between his three children and wife. While his son and two daughters are claimed to own nearly $30 million (Rs195 crore) each in property outside India, his wife has $14.2 million (Rs92.3 crore) in real estate outside his country of birth.

The consortium has admitted that the truth in the disclosures is yet to be determined. Mallya has left the nation two years back claiming the need to connect with his children. Upon being ordered to return back, he refused while directing his fears of being attacked due to " media frenzy and hysteria".