London, July 6: Fugitive Tycoon Vijay Mallya got a shock when UK high court said that his home and properties in the UK can be seized as a means of recovering the money he owes banks in India in unpaid loans, following an enforcement order.
The enforcement order gives 13 banks the legal option of entering the UK-based properties of Vijay Mallya, who is fighting extradition to India on fraud and money- laundering charges.
The order also permits the officer and his agents' entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based and to search for and take control of goods belonging to him.
Legal experts say the HC's order is crucial to this case. It relates to the UK's Tribunal Courts and Enforcement Act 2007 and follows a UK High Court ruling in May, which refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the Indian banks were entitled to recover funds.
Last month, The UK High Court had ordered Vijay Mallya to pay a minimum of 2 lakh pounds towards the costs incurred by 13 Indian banks in their legal battle to recover alleged dues.
The worldwide freezing order prevents him from removing any assets from England and Wales to outside. The litigants include the State Bank of India, Punjab National Bank, Bank of Baroda, IDBI Bank among others.