A special Indian court on Tuesday (30) dismissed fugitive business tycoon, Vijay Mallya’s petition which sought a stay on the proceedings started by the country’s investigation agency, Enforcement Directorate (ED) to declare him as a fugitive economic offender (EFO).
Dismissing the plea of Mallya, special judge, MS Azmi said that he will hear arguments on November 22 on the petition filed by the ED to declare as an FEO.
The special court had witnessed heated arguments on last week from the lawyer representing Mallya and ED’s counsel on the petition seeking a stay on proceedings started by the federal financial investigation agency against the business tycoon.
ED urged the special court that the business tycoon who is currently residing in the UK, be declared as an FEO and his all assets be confiscated and brought under the full control of Indian government according to the provisions of FEO Act.
Meanwhile, Mallya’s lawyer, sought the court to refrain from hearing the ED’s petition at least until November 26, according to the provisions of the country’s Money Laundering Act (PMLA).
Earlier, Mallya’s lawyer informed the court that the appellate tribunal in a money laundering case had asked the ED to maintain status quo in connection to Mallya’s assets until November 26, the next date of hearing before the tribunal.
However, DP Singh who represented ED in his arguments said that Mallya’s lawyer’s arguments were trying only at ensuring that his client didn’t have to face any legal proceedings before any court in India.
Mallya has no any intention to repay his debts to anyone including his staff. Mallya has been using the pending extradition proceedings and his bail conditions imposed by a British court as mere excuses to avoid to return to India.
Declaring him as an FEO is the only way to bring him back for legal proceedings against him, ED said in its argument.
ED had further noted that the court could first announce Mallya as an EFO and then all can wait for the tribunal’s legal proceedings before taking actions for confiscation of the assets of the business tycoon.