Indian court paves way for takeover of tycoon’s businesses

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-indianexpress.com


NEW DELHI: A New Delhi court has declared India’s flamboyant tycoon Vijay Mallya a “proclaimed offender” for failing to appear to answer allegations of money laundering by flouting foreign currency laws.

Thursday’s order paves the way for the government to take over Mallya’s businesses and real estate holdings.

Mallya is currently in London facing where a court is hearing whether he should be extradited as sought by India.

Investigators have accused the 61-year-old Mallya of paying $200,000 to a British firm for displaying his company Kingfisher’s logo during the Formula One World Championships in London and some European countries in the 1990s.

The Enforcement Directorate claimed that the money was paid without prior approval of India’s federal bank. Mallya denies any wrongdoing. -AP