Vijay Mallya fled to the UK in March 2016. |  Photo Credit: PTI
Key Highlights
- A bankruptcy trustee will oversee an investigation to determine the former liquor baron’s assets and liabilities, which will then be used to fulfil Mallya’s debt obligations
- Mallya has argued that the collapse of the airline was business-related, however, investigators have since uncovered financial irregularities and evidence that he diverted funds to pay for non-business-related expenditures
- According to reports, the banks have so far recovered some Rs 7,182 crore from the businessman through sales of his shares in group companies
A Chancery Division of the London High Court, on Monday, declared fugitive businessman, Vijay Mallya b…
Read the full article at: https://www.timesnownews.com/business-economy/companies/article/uk-high-court-declares-vijay-mallya-bankrupt-what-the-ruling-means-for-the-businessman-on-the-run/791552