Vijay Mallya loses appeal

Vijay Mallya is consulting his legal advisers about one final chance to avoid extradition to India.

(Photo: Wiki)

Britain’s Court of Appeal has rejected his bid to overturn the verdict of Westminster Magistrates Court in December 2018 that he should be returned to India to face charges of fraud and corruption. These involve loans of £1.15 billion made to his Kingfisher Airlines which collapsed spectacularly in 2012.

Mallya, the former owner of both United Breweries and United Spirits in India, said he was “disappointed” by the verdict. He now has one final throw of the legal dice in Britain – a possible appeal to the Supreme Court. He must lodge an application within the next 14 days.

However, the Supreme Court usually only considers cases that would set a legal precedent, not those in which facts are disputed.
Mallya fled to Britain in March 2016 and was arrested in London a year later after India issued an international arrest warrant. He has lived since then in his luxury properties in London and Hertfordshire on bail of £650,000.

The billionaire tycoon, whose empire included not only the breweries and distilleries, but also an Indian Premier League Cricket Franchise, a F1 grand prix motor racing team, luxury yachts, a fleet of vintage cars and properties around the globe, was accused of diverting the funds for his own benefit.

He has always denied the charges, claiming that they are politically motivated, and insisting that the money was lost in a “genuine business failure”.
In civil actions in both India and London a consortium of lender banks has had a global freeze imposed on his assets apart from an £18,000-a-week living allowance.

In India, courts have sequestered Mallya’s assets, including a string of luxury homes, in readiness to sell them to cover his debts. On numerous occasions in the past six months Mallya has begged those authorities to “take the money” so that he could get on with his life.

But that would not resolve the criminal charges against the former self-proclaimed “king of the Good Times”.

If Mallya succeeds in getting the Supreme Court to hear his case he may enjoy a further extended stay in Britain until it rules. If his application is rejected or his case fails, British law will require him to be returned to India with 28 days.

There could, however, be a further factor to consider. India has suspended inbound travel during its own national lockdown.