Vijay Mallya reaches out to Indian officials, may want to return: Report

Under this recently promulgated ordinance, the government can immediately confiscate all linked properties of Mallya in the country and abroad

Embattled liquor baron Vijay Mallya, the main accused in a Rs 9,000 crore alleged bank fraud case, is understood to have sounded out to Indian authorities that he was willing to come back home to face the law, official sources said on Tuesday.

Mallya, who is contesting in a London court the Indian government's action for extradition, is said to have sent feelers to authorities that he would like to join the legal process in India and contest the recent action against him under the Fugitive Economic Offender Ordinance.

Under this recently promulgated ordinance, the government can immediately confiscate all linked properties of Mallya in the country and abroad.

However, top sources in investigative agencies said the final contours of the move are still not clear as they refused to divulge more details.

A special Prevention of Money Laundering Act court in Mumbai had last month issued summons to the beleaguered businessman to appear before it on August 27 on the Enforcement Directorate's plea seeking action against him under the Fugitive Economic Offenders Ordinance in the over Rs 9,000 crore bank fraud case.

The central probe agency, as part of this action, has also sought immediate confiscation of assets worth around Rs 12,500 crore of Mallya.

If he does not appear before the court or respond to its summons on the designated date, Mallya risks being declared a fugitive economic offender, besides properties linked to him being confiscated.

Mallya, his now defunct venture Kingfisher Airlines Limited and others availed loans from various banks during the tenure of the UPA-I government and the outstanding amount, including interest, against him is Rs 9,990.07 crore at present, officials had said.

He had recently said he has become the "poster boy" of bank default and a lightning rod for public anger.

The liquor baron had said that he had written letters to both the prime minister and the finance minister on April 15, 2016, to explain his side of the story.

Both the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have filed separate criminal cases of alleged loan default against him.

A hearing in the extradition case is expected to be heard in London this month end where a team of Indian investigators will remain present.

Formula One: Force India open to offers, says Vijay Mallya

Mallya says he had lost count of how many offers he had received for the team, and expected that to continue with changes in the distribution of prize money expected from 2021

Force India’s shareholders would consider serious offers for the British-based Formula One team but there are none at present, according to co-owner and principal Vijay Mallya.

The Indian businessman, who has a 42.5 per cent stake, said there was a possibility of main sponsor BWT getting more involved and changing the team’s name.

“If somebody comes along and wants to pay an attractive price for anything, you have to put your commercial hat on and think about it commercially, not emotionally,” Mallya told Reuters at the British Grand Prix. “And that’s precisely where I am.

“I cannot comment on the status of offers or discussions. But there is no agreed offer on the table backed by cash.”

Mallya is fighting in court against extradition to India on fraud charges, with Indian banks seeking to recover loans granted to his defunct Kingfisher Airlines.

His difficulties and those of co-owners Sahara Group have triggered speculation about the team’s future. But Mallya insisted they had no bearing on the day-to-day running of the team.

India’s Sahara conglomerate has been ordered to repay billions of dollars to investors in bonds that were ruled to have been mis-sold.

“Sahara’s problems and my problems are not new problems. They have been going on for more than three years. And within that period we have finished twice in fourth position in the world constructors’ championship,” said Mallya.

“This team is independent, it’s professionally managed. And it performs. So whatever difficulties the shareholders may or may not have, it doesn’t impact the team.”

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Mallya said he had lost count of how many offers he had received for the team over the last 10 years and expected that to continue with changes in the distribution of prize money expected from 2021.

“When Liberty (Media) took over (the sport last year) and everybody thought things would change, there was serious interest from even private equity,” he said.