New Delhi: A Prevention of Money Laundering Act (PMLA) court has allowed banks to sell certain real estate assets and securities and of fugitive business tycoon Vijay Mallya to recover their debts.
“The PMLA court has given permission to banks to sell gcertain real estate properties and securities that belonged to disgraced tycoon Vijay Mallya to recover dues loan amount of over ₹5,600 crore. It was earlier under the Enforcement Directorate,” said Mallikarjuna Rao, Managing Director, Punjab National Bank.
“Now the lead bank will sell those properties. PNB does not have much loan exposure in Kingfisher, but we will get our due share whatever once lead bank to realize,” added Rao.
