UK Court Allows Three-Fold Increase In Vijay Mallya's Weekly Allowance

Vijay Mallya will now get over 18,000 pounds as weekly allowance. (File photo)

London:  Embattled liquor baron Vijay Mallya, wanted in India on charges of fraud and money laundering, will get over 18,000 pounds as weekly allowance, a three-fold increase following a recent UK High Court order.

Mr Mallya’s lawyers had applied to the court for additional living expenses as part of an estimated USD 1.5-billion worldwide freezing order against the 62-year-old businessman last year.

In an order dated January 30, Justice Robin Knowles permitted the increase in Mr Mallya’s “ordinary living expenses allowance” to a maximum of 18,325.31 pounds a week.

“This order does not prohibit the First Respondent (Mr Mallya) from spending 18,325.31 pounds a week, to be aggregated quarterly, towards his ordinary living expenses,” the court order states.

The allowance is believed to be a considerable boost on an estimated 5,000 pounds a week figure initially permitted by the court following a judgment of the Debt Recovery Tribunal (DRT) in Karnataka last year.

The litigation in the Queen’s Bench Division of the Commercial Court in England’s High Court of Justice dates back to November 24, 2017, and lists 13 Indian banks as claimants the State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu &a Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd.

Mr Mallya and related concerns Ladywalk LLP, Rose Capital Ventures Ltd and Orange India Holdings are listed as defendants.The freezing order relates to Mr Mallya and his concerns being restrained from removing from the jurisdiction any of their assets in the jurisdiction up to a limit of 1,145,000,000 pounds and in any way disposing of, dealing with or diminishing the value of any of their assets whether they are inside or outside the jurisdiction up to the same value.

A full hearing in the case, which falls under the UK’s Foreign Judgments (Reciprocal Enforcement) Act 1933, is so far listed for April 12 and expected to last two days.

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