The Enforcement Directorate has concluded arguments on a plea for confiscation of ₹14,000-crore assets linked to businessman Vijay Mallya, who was declared a runaway under the Fugitive Economic Offenders Act (FCOA) in January.
Proceedings on the question of confiscation are under way before a Mumbai court. While the agency has completed its arguments, the defence is in the process of making its submissions, after which the court will issue an order, said an official.
The ED has already attached properties worth about ₹14,000 crore under the Prevention of Money Laundering Act.
As provided in the Fugitive Economic Offenders Act, if the agency secures an order for confiscation of properties, they can subsequently be disposed of as per the prescribed procedure.
Interim relief
Mr. Mallya had earlier approached the Bombay High Court seeking an interim relief from the proceedings under the Act. In its July 11 order, refusing interim relief, the court also quoted the observations of a Division Bench while issuing notice by order dated April 24, in the context of the interim relief prayed in the petition.
The Division Bench had observed: “...However, we find that the petitioner is declared fugitive offender by the Special Court for PMLA, Greater Mumbai, vide its well-reasoned order dated January 5, 2019. We also find that the order of the Special Court is assailed before this court and the said writ petition is pending but there is no stay. In these peculiar facts, coupled with the object and scheme of the said Act, we are not inclined to grant interim relief at this stage.”
Extradition proceedings
Mr. Mallya is also facing extradition proceedings in the United Kingdom. After he lost the case in the lower court there and the U.K. Home department issued an order allowing his extradition, he approached the Royal Courts of Justice that allowed him to appeal against the order. His appeal in the U.K. High Court has been listed for a three-day hearing from February 11, 2020.
