Liquor baron Vijay Mallya, wanted in India on loan default and money-laundering charges, suffered a major setback on Tuesday (8) when a UK high court ruled in favour of Indian banks seeking to collect more than $1.55 billion from the business tycoon. Judge Andrew Henshaw upheld an Indian court’s ruling that a consortium of 13 Indian banks could recover funds from the businessman by selling off Mallya’s assets in the UK. Mallya has been in self-imposed exile in the UK since March 2, 2016. He left India when the banks were attempting to recover nearly Rs. 9,000 crores in unpaid loans to the now…
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