 "Vijay Mallya waves in the paddock during the third practice session of the Indian F1 Grand Prix at the Buddh International Circuit in Greater Noida, on the outskirts of New Delhi")
After industrialist Vijay Mallya failed to appear in front of the Enforcement Directorate despite repeated summons, the agency is said to be considering legal options. It may either revoke his passport or move a court to obtain a non-bailable warrant against him, an ED source said.
“No further summons would be issued. We are examining legal course of action under Prevention of Money Laundering Act (PMLA); a decision would be likely be taken by evening,” said an ED official.
Despite a third summon issued last week, Mallya failed to appear in front of the ED on April 9. He had sought two extensions from the earlier dates of March 18 and April 2, citing official reasons.
According to an official, Mallya informed the agency of his attempts to settle bank loans and, therefore, requested for a fresh date in May to appear before it.
In an email response to ED, Mallya said that he was working on a repayment plan with banks. The case was currently being heard by the Supreme Court, Mallya said, adding that he was trying to settle the debt with the help of his legal and corporate team and, therefore, needed more time.
Earlier this week, a consortium of banks rejected Mallya offer to repay Rs 4,000 crore of the Rs 9,000 crore he owes them. The apex court, too, has asked Mallya to file his reply by April 21, indicating how much he can deposit in the court as well as a full list of assets he and his family own in India and abroad. The next hearing scheduled for April 26.
Mallya has been summoned in connection with a money laundering probe in the over Rs 6,963 crore bank loan default case.
