ED attaches Vijay Mallya's assets worth Rs 6,600

September 03, 2016 14:05

In probably its biggest action against Vijay Mallya, the Enforcement Directorate attached the beleagured businessman's properties and shares worth Rs 6,600 crore.

According to Times Now, among the things ED attached include Mallya's farmhouse in Maharashtra worth Rs 200 crore, an apartment and a mall in Bangalore worth Rs 800 crore and shares of UBL and USL, owned by the businessman, worth Rs 3,000 crore.

There could be more trouble for Mallya. The government is considering getting banks laden with bad debt to put the screws on some large defaulting promoters and make an example of them to persuade others to pay up quickly.

"A strong message needs to go from all concerned that resolution is important for the system," said a note on bad loans drawn up after a discussion among regulators and submitted to the government.

Read more HERE

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