"I deny all allegations that have been made and I will continue to deny them," said the 61-year-old flamboyant boss of erstwhile Kingfisher airlines who appeared before Westminster Magistrates' Court here for his extradition case hearing.
Chief Magistrate Emma Louise Arbuthnot granted bail to Mallya until December 4. The next hearing has been set for July 6.
"I have not eluded any court...I have enough evidence to prove my case," Mallya told reporters outside the court.
He also claimed that no loans were diverted anywhere.
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His defence team, which is being led by the firm Joseph Hague Aaronson LLP, said a second extradition request is expected from the Indian government.
Britain's Crown Prosecution Service (CPS) presented the case in court on behalf of the Indian authorities.
The CPS had met a joint team of Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) officials in London last month to thrash out details of the case. A CBI official has also flown in from Delhi for the hearing today.
Mallya has requested that the press be barred from the court hearing in his next appearance.
"I go to cheer India in a cricket match and it becomes a media frenzy. It's better I don't say anything," he said, adding two people, in a drunken state, called him a "thief" outside the stadium. "There were many who wished me well."
Earlier, he had caused a stir by his attendance of the India vs Pakistan match in Birmingham after which he had declared on Twitter that he would be attending all India matches in the ongoing ICC Champions Trophy.
Mallya, who is wanted in India for Kingfisher Airlines' default on loans worth nearly Rs 9,000-crore, has been in the UK since March 2016 and was arrested by Scotland Yard on an extradition warrant on April 18.
An initial case management hearing date of May 17 had been postponed to June 13.
If the District Judge rules in favour of extradition at the end of the trial, the UK home secretary must order Mallya's extradition within two months of the appropriate day. However, the case can go through a series of appeals before arriving at a conclusion.
However, unlike Mallya, he had submitted to the extradition order without legal challenge.
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