Budget Gamble
In a bold and strategic move, the latest UK budget signals a significant shift in economic policy, opting for increased taxes, higher borrowing, and ambitious spending.
The pre-trial hearing of the extradition plea of fugitive Indian businessman Vijay Mallya, wanted for non-payment of loans to banks, fraud and money laundering cases will begin in a UK court on Monday.
According to reports, fresh charges will be leveled against Mallya who has been exempted from appearing for hearings before his trial begins on December 4.
The trial is scheduled for two weeks in December.
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The ED, which started its probe on January 25, 2016, had issued three summons to Mallya, who however, deliberately chose to avoid presenting himself before the Directorate in defiance of the due process of law and left the country.
In March, 2016 Mallya fled to Britain after being pursued for recovery of Rs.8,191 crore owed to a consortium of 17 Indian banks by his now defunct Kingfisher Airlines.
In February this year, India handed over to British authorities a formal request for Mallya’s extradition, saying it had a legitimate case against him on charges of financial irregularities and loan default.
The flamboyant businessman, known for his lavish lifestyle, was then arrested by the Scotland Yard on April 18 but was released on conditional bail after he provided a bail bond of 650,000 pounds.
He was rearrested on October 3 by police in London in connection with a fraud and money laundering case filed by the Enforcement Directorate (ED) and was again granted bail by Westminster court within half-an-hour on the similar grounds on which he was earlier allowed bail.
The ED, which is probing the money laundering case against Mallya, had said that the beleaguered liquor baron was arrested by the British Police “in pursuance of the request sent by the agency for his extradition”.
Mallya, however said that he had “done nothing wrong” and had described the allegations against him as “fabricated”.
On November 8, a Delhi court began the process to declare Mallya an absconder in an alleged violation of foreign exchange rules.
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