New Delhi: The British court on Tuesday ordered ownership forced in a multi-million pound of Vijay Mallya’s luxury house in London.
As a result, Mallya and his family – son of Sidhartha and Mrs.
Lalitha who lived there – would be expelled from home.
Swiss Bank UBS will now have ownership of luxury townhouses, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
In October last year, the Bank had obtained permission to issue a permit from Mallya and his family.
It also issued a petition against Mawar Capital – a company owned by a Mallya family named Sieta Trust.
The British Virgin Island registered company has a London Mallya house and has pawned it to UBS as a guarantee for a 5-year loan of 20.4 million pounds in 2012.
The loan ended on March 26, 2017, and the outstanding balance on that date was not paid.
After being postponed several times in the past, UBS finally received results in this case.
Vijay Mallya has been declared a fugitive economy in India and is waiting for hearing against extradition to the country.
He was sought in India for fraud and money laundering charges in connection with loans taken by Kingfisher airline from banks.