Skip to content
Search

Latest Stories

Swiss Bank UBS AG Moves Court to Evict Vijay Mallya From Mortgaged Mansion In London

Swiss Bank UBS AG has moved country’s third highest court, UK high court to evict Indian fugitive, business tycoon Vijay Mallya, his mother, and son from their mansion in London, according to a report published by the Indian daily, The Times of India.

The bank has filed a petition for the possession of the multi-million-pound mansion on grounds that the mortgage has expired and not been repaid by Mallya, and others. The London high court is scheduled to hear the petition on October 24.


According to the report published in the newspaper, the Swiss lender made the claim in business and property court of the UK high court against Rose Capital Ventures Ltd, a British Virgin Islands-based firm owned by Mallya family trust, Lalitha Mallya and son Sidhartha Mallya.

Rose capital ventures took out a five-year interest-only mortgage from UBS on the mansion, 18 and 19 Cornwall Terrace for £20.4 million in 2012.

The shares in Rose Capital are owned by Gladco, which is registered in the name of Sileta trust, a Mallya family trust, as per the details which UBS attributes to Vijay Mallya. Mallya’s mother and son are the beneficiaries of this trust.

Rose Capital had purchased the assets and incorporated in the British Virgin Islands in 2005 for £5.4m and according to the title deeds, freehold rights to the assets lies with Crown Estate, namely the Queen.

According to the UBS, Mallya and others have refused to vacate the mansion despite the loan’s expiry and the lender’s request to the defendants. The Swiss lender seeks the court to declare that the Mallya and his members of the family are not legally entitled to enter or reside in the mansion.

The Swiss lender seeks Rose Capital to pay the loan’s outstanding sum and urged the court to declare that Mallya and his members of the family are not entitled to stay in the mansion. The sum owed is £20,718,236 as of September 1, last year, the lender claimed.

The bank states that it terminated the loan early in June 2016. Since the loan was not repaid, the bank appointed the receivers who began the proceedings against the four defendants and housekeeper for the property’s possession in November 2016. Following a court ruling in 2017, the housekeeper vacated the property, UBS claims in its statement to the court.

Since the mortgage ended on March 26, 2017, and the outstanding balance of £20.4m was still not paid. The bank opted to bring the proceedings to take possession of the property and to sell it, UBS said.  An attempt to refinance the loan with CBH Bank by Rose Capital failed and the UBS knows there are no other potential refinancing options for Rose Capital, UBS added.

Meanwhile, Barrister Jonathan Gavaghan of Blake Morgan LLP defending Mallya and others rejected the claims of UBS that UBS has the right to the property. According to them, Rose Capital had continued to pay the interest rate as per the rules and UBS hasn’t given any reason for calling in the loan early. The advocates who represent Mallya and others described UBS’s claim as a breach of mortgage laws.

The high court in an order said: “ The court record shall show that the defendants now act in person.” The high court also ruled that “Blake Morgan LLP has ceased to act as the solicitors for the defendants.”

The court is expected to start a five day trial on the case in May 2019.

More For You

Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
Rosneft in early talks to sell India refinery stake to Reliance

Reliance Industries chairman Mukesh Ambani (Photo: Getty Images)

Rosneft in early talks to sell India refinery stake to Reliance

RUSSIAN oil major PJSC Rosneft Oil Company is in early discussions with Reliance Industries to sell its 49.13 per cent stake in Nayara Energy, an Indian energy company that operates a 20-million-tonnes-per-year oil refinery and 6,750 petrol pumps, sources familiar with the matter said.

The deal, if finalised, would see Reliance overtake state-owned Indian Oil Corporation (IOC) to become India’s largest oil refiner. It would also provide Reliance with a significant expansion in fuel retailing, where it currently holds a relatively small presence.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less