• Thursday, March 28, 2024

Business

UK court orders Vijay Mallya to pay £200,000 to Indian banks

ALLEGATIONS: Vijay Mallya

By: Sarwar Alam

The UK High Court has ordered embattled liquor tycoon Vijay Mallya to pay a minimum of £200,000 towards the costs incurred by 13 Indian banks in their legal battle to recover alleged dues. Last month, Judge Andrew Henshaw had refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian courts ruling that a consortium of 13 Indian banks led by State Bank of India (SBI) were entitled to recover funds amounting to nearly 1.145 billion pounds. As part of the judgment, the court has also ordered Mallya, 62, to pay costs towards registration of the worldwide freezing…

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