India asks British High Commission for extradition of Vijay Mallya
A request for extradition of absconding liquor baron
Earlier today, the
The UB Group said the Securities and Exchange Board of India (SEBI) has barred Mallya from holding key managerial roles in any listed company.
Mallya owes banks at least $1 billion, fleeing to Britain last March as pressure grew from banks to pay back the loans.
Mallya has repeatedly failed to appear before investigators at the Enforcement Directorate, a financial crimes agency, who suspect him of misusing funds loaned by a state bank.
The company’s decision follows Karnataka high court issuing a ‘winding-up’ order on United Breweries Holdings Ltd (UBHL), the firm through which Mallya controlled his once-sprawling business empire, directing an official liquidator to take over all assets.
In January, an Indian court ordered a consortium of banks to start the process of recovering roughly $1 billion in loans from Mallya, who refuses to return home from exile.
Mallya, who remains a part-owner of the Force India