India, Nov. 21 -- In a relief for the Enforcement Directorate (ED)'s Mumbai unit probing the Rs.9,200-crore bank loan default cases of Vijay Mallya's defunct Kingfisher Airlines Limited (KAL), the Karnataka high court has restored the ED's attachment of a Bengaluru flat while investigating a case related to alleged unpaid loans worth Rs.750 crore from IDBI Bank.
Holding the attachment of the flat as "lawful" in its November 14 order, the high court upheld the agency's challenge against an August 2019 order of the Appellate Tribunal, (Prevention of Money-Laundering Act), New Delhi, which had quashed it. The court pointed out that the flat was owned by United Breweries (Holdings) Limited (UBHL) which was then controlled by Mallya, of which...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.