The assets, comprising financial securities like shares of the United Breweries Holdings Ltd (UBHL), were attached by the special Prevention of Money Laundering Act (PMLA) court in 2016 when it declared Mallya a proclaimed offender.
Nirav Modi is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders Act, which came into existence in August last year.
A bench headed by Chief Justice Ranjan Gogoi took note of the submission of F S Nariman, appearing for Vijay Mallya, that the fresh plea be heard along with the pending one on the legality of the law and the action to confiscate the properties.
The 63-year-old former Kingfisher Airlines boss said he was feeling "positive" as he entered the Royal Courts of Justice, where Justices George Leggatt and Andrew Popplewell began hearing the arguments from his barrister Clare Montgomery.
The 63-year-old former Kingfisher Airlines boss Vijay Mallya said he was feeling 'positive', as he entered the Royal Courts of Justice, where Justices George Leggatt and Andrew Popplewell began hearing the arguments from his barrister Clare Montgomery.
Hole-in-the-wall accountants, Tier-2 CA firms and the Big Four—all share a professional DNA of trickery. From there, it’s a tiny step to fraud. In the case of foreign firms, their very presence in India hinges on that.