King of bad times: Court issues non-bailable warrant against Mallya
April 18, 2016 16:44
Just in: Special PMLA Court issues non bailable warrant against Vijay Mallya.
Earlier today, the special Prevention of Money Laundering Act court rejected the application moved by Kingfisher Airlines terming as "false and incorrect" the Enforcement Directorate's charges against its owner Vijay Mallya that he had siphoned off Rs 430 crore of the IDBI loan and used this money to acquire property abroad.
Earlier today, the special Prevention of Money Laundering Act court rejected the application moved by Kingfisher Airlines terming as "false and incorrect" the Enforcement Directorate's charges against its owner Vijay Mallya that he had siphoned off Rs 430 crore of the IDBI loan and used this money to acquire property abroad.
The company said he would provide full details of foreign exchange remittances in the next few days.
Earlier
in the day, the UB group issued a statement, saying, The audited
accounts of Kingfisher Airlines including for the year ended 31 March
2010 show all foreign exchange transactions which includes funds
borrowed from IDBI Bank used for legitimate business purposes only."
The
statement added, We are shocked at the allegation made by the
Enforcement Department before the PMLA court for the very first time.