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ED set to attach Mallya’s shares worth ₹1,620 crore

mumbai Updated: Nov 15, 2016 01:27 IST
Vijay Mallya,Enforcement Directorate,non-bailable warrants
Vijay Mallya - Freelancer Photo by Yogen Shah(Yogen Shah)

The Enforcement Directorate (ED) is set to attach Vijay Mallya’s shares, worth approximately Rs1,620 crore as per the current market value, after the court declared him a proclaimed offender.

“The court has also ordered attachment by way of seizure, his shares held in group companies such as UBHL, UBL, and USL under section 83 of CrPC by way of prohibiting the delivery of such property to the accused or to any person on his behalf,” said an ED officer.

ED officials stated that Mallya did not co-operate in the investigations.

“He neither presented himself in pursuance of the summons issued to him by ED in March and April, 2016 nor did he honor the directions to appear before court. The court had also issued non-bailable arrest warrants against him on April 20, 2016.

The court declared Mallya a proclaimed offender under provision of section 82 of CrPC and directed the central agency to attach his movable and immovable properties to compel him to join investigation.

“The court has ordered attachment of shares having current market value of Rs1,620 crore. This is in addition to earlier attachment of movable and immovable properties worth Rs 8041 crore (market value) under PMLA by the ED,” said the officer.

In June, after Mallya was declared a proclaimed offender, ED had provisionally attached eight of his immovable properties and one of his bank accounts. These properties include a flat in Bengaluru, and another in Mumbai, an industrial plot in Chennai, coffee plantation estate in Coorg, Karnataka, and residential and commercial structures in Karnataka.

Mallya fled India on March 2 and went to London on a diplomatic passport.

First Published: Nov 15, 2016 01:26 IST