Vijay Mallya in big trouble, court allows banks to seize his assets

Vijay Mallya assets to be seized: Year 2020 has started on a troublesome note for Vijay Mallya as a Prevention of Money Laundering Act (PMLA) court has allowed banks who lent him money to seize the assets of the former liqour baron. The court, however, has stayed the order till January 18 giving time to parties involved to file an appeal in the Bombay High Court, news agency ANI reported quoting sources from the Enforcement Directorate (ED).

According to an estimate, Mallya’s assets, which mainly comprise various shares, could fetch the banks about Rs 11,000 – much more than what the lenders are seeking