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Article Timeline - Vijay Mallya Extradition case
Vijay Mallya, the first person to be declared ‘fugitive economic offender’ under new law, had left India for good in Mar 2016. He is accused of defaulting on loans and money laundering. He is currently in the UK and the Indian government is working to extradite him to India.
Jan 2019
Liquor baron Vijay Mallya becomes the first official fugitive economic offender in India. The govt plans to confiscate his assets (worth ~₹12,500cr) via loan recoveries.
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Sources: Economic Times
Feb 2019
The UK clears the extradition of fugitive liquor baron Vijay Mallya to India. It follows a Dec 2018 court ruling, after India’s request for extradition to recover money from him.
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Sources: Economic Times, NDTV
Mar 2019
India recovers ₹1k cr+ by selling over 70 lakh shares of Vijay Mallya owned-United Breweries. The shares were lying with Yes Bank as guarantee against loans forwarded to him.
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Sources: Livemint, The Hindu
Jan 2020
An Indian court allows a consortium of banks led by SBI to sell seized assets (mainly shares) worth ₹11k cr of Vijay Mallya. They intend to recover ~₹6k cr from the sale.
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Sources: The Print, Economic Times
May 2020
Vijay Mallya has lost his battle in the UK against his extradition to India. He appealed to his homeland to accept 100% repayment of his loan dues & close the case against him.
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Sources: Economic Times
Oct 06, 20
The UK says it can’t extradite Vijay Mallya anytime soon before the resolution of a secret legal matter. This, despite Mallya losing the extradition appeal in the country’s top court.
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Sources Business Standard, Economic Times
Oct 26, 20
An SBI-led consortium of banks has, so far, recovered ₹3,600cr from Vijay Mallya. It’s yet to recover ₹11k cr from the fugitive liquor baron & his firm United Breweries.
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Sources: Moneycontrol, DNA Money
Dec 2020
India seizes fugitive liquor baron Vijay Mallya’s properties worth ~₹14cr in France. It seeks to recoup ₹11k cr+, by selling the assets of the defaulter & extraditing him from the UK.
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Sources: Livemint, Business Today
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May 19, 21
A group of Indian banks has moved closer to recovering unpaid loans from ex-liquor tycoon Vijay Mallya. A London court has upheld a plea of Indian banks to waive their security on his assets.
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Source: The Hindu, The Week
May 31, 21
Indian banks, led by SBI, have begun talks to sell Vijay Mallya’s last ~16% stake in United Breweries for ₹5,500cr. It’s part of the ~₹9k cr dues banks plan to recover from the liquor baron.
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Source: Business Standard, Times Nowl
Jul 26, 21
A court in the UK declares Vijay Mallya bankrupt. This will allow bankruptcy trustee to seize all assets of Malya, including his credit and debit cards to payback the debt he owes to Indian banks
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Source: Indian Express, The Hindu
Mar 10, 22
Indian Supreme court reserves order on punishment for contempt of court by Mallya. Mallya was found guilty of contempt in 2017 for not disclosing transfer of $40mn to family and ignoring summons to appear in court
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Source: Business Standard, Hindustan Times
Jun 28, 22
Mallya appeals to a UK court to overturn the bankruptcy order imposed a year ago. His lawyers argue that the order has damaged his reputation and that it did not take into account the assets already seized in India.
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Source: Economic Times, NDTV