The special Prevention of Money Laundering Act (PMLA) court has allowed the plea of the SBI-led consortium of banks to restore to it properties of absconding businessman Vijay Mallya, collectively worth Rs 5,600 crore.
The court through an order on May 24, restored assets worth around Rs 4,233 crore.
On May 24, the court had ordered the release of properties worth Rs 4,234.84 crore, while on Tuesday it ordered release of properties worth Rs 1,411.70 crore.
The court noted that it is apparent on the face of record that the banks have sufferedlosses, though no one can primafacie conclude, atthisstage, the exact “quantifiable loss” suffered by them.The special judge mentioned that the banks’ claim of Rs 6203,35,03,879.42 was not imaginary.
“Even Mallya himself placed a proposal for replacement of due amount. If there was no loss to the banks really, then why Mallyais ready to repay the loss,” it noted.Mallya’s legal team had challenged the jurisdiction of the PMLA court.
The court, however, said, “It is material to note that the claimants are public sector banks and these banks are dealing with the public money. There cannot be any personal or private interest of the said claimants to pursue such claim against the present respondents and accused.”
Mallya’s lawyers had also argued that Mallya has given only a personal guarantee.
They claimed that merely giving of a personal guarantee does not connect Mallya in any way with the offence of money laundering or the proceeds of the crime.
The court noted that at present it is not required to finally decide the criminal liability of the accused person. However, prima facie, falsification of accounts of Kingfisher Airlines Limited has come on record.
“It is needless to mention that Vijay Mallya had full control and command over the airlines,” the judge added.
During the hearing of the application, Mallya’s legal team had sought information on his return to India form the probe agency.
Taking note of the same, the court said, it is surprising that the legal team of Mallya is agitating and demanding from the ED information as to when he is coming to India.
“Infact, the said legal team is required to take instructions from their client as to when he is submitting himself to the judicial system of India,” the court added.
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
