Mallya sought stay on proceedings initiated by ED

Mumbai: Beleaguered businessman Vijay Mallya has sought a stay on the proceedings initiated by the Enforcement Directorate (ED) to declare him fugitive economic offender and for the confiscation of his assets before the special court. The court on Friday reserved order on his application till October 30.

Mallya’s lawyer Amit Desai contended before the court that apart from seeking to declare Mallya a fugitive economic offender, the ED has also made an application seeking to confiscate certain properties owned by Mallya. Acco-rding to advocate Desai the Adjudicating Authority, under Prevention of Money Laundering Act has already passed order for provisional attachment of the same properties.

It is further contended that the State Bank of India (SBI) and 11 other banks (the Consortium of Banks) have filed appeals before the Appellate Tribunal against the orders passed by the Adjudicating Authority. The tribunal on October 10, has directed Mallya not to deal with and alter the status of the movable and immoveable properties and also asked him not to create third party interest in any manner directly or indirectly till next date.

Advocate Desai requested the court not to allow ED’s application to confiscate the properties and ask the ED to not take any action till the Appellate Tribunal decides the appeals.