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Reimbursing banks will be troublesome if ED joins properties, says Vijay Mallya

June 14, 2016 | By

Vijay Mallya, previous executive of United Spirits, said the move by Enforcement Directorate (ED) to temporarily append his versatile and unflinching properties and that of United Breweries Holdings Ltd (UBHL) will make it hard to raise cash to reimburse the banks.

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The ED on Saturday joined properties worth Rs 1,411 crore of Mallya and UBHL, the holding organization of UB Group, as a major aspect of its Prevention of Money Laundering Act (PMLA) test of a Rs 900 crore IDBI credit default body of evidence against the previous alcohol nobleman.

“Latest media reports and a tweet from the ED propose that the ED have joined different properties having a place with myself and United Breweries Holdings Limited which is an open Company and not even the subject of any ED examination. The advantages purportedly appended under PMLA go back to quite a while preceding the dispatch of Kingfisher Airlines. There is no method of reasoning nor any lawful premise for the arrangement of activities started by the ED,” Mallya said in an announcement late on Sunday.

“Absolutely polite matters, for example, advance recuperation are being associated with criminal charges with no premise at all,” he included.

Mallya said he was “profoundly tormented” to peruse about government organizations arranging further extraordinary activity against him. “Presently the ED’s most recent move is by all accounts to approach the PMLA Court to announce me a declared absconder for reasons that I can’t get it. It clearly shows up as though these organizations are seeking after a vigorously one-sided examination and are as of now holding me liable without trial after which I have to demonstrate my honesty.”

Mallya has been arranging with a consortium of banks, drove by SBI, to pay of his credits worth more than Rs 6,000 crore identified with now-ancient Kingfisher Airlines.

The temporary connection of eight undaunted properties incorporate one level in Bengaluru and Mumbai (2,291 and 1,300 sq ft separately) each, a modern plot in Chennai (4.5 sections of land), an espresso ranch plot in Coorg (28.75 sections of land), a private and business developed territory in UB City and the Kingfisher Tower in Bengaluru (840,279 sq ft).

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