1. Union Budget 2017: New law soon to confiscate property of absconders like Vijay Mallya, says Arun Jaitley

Union Budget 2017: New law soon to confiscate property of absconders like Vijay Mallya, says Arun Jaitley

In a bid to prevent loan offenders like Vijay Mallya from fleeing the country, Finance Minister Arun Jaitley today said the government would soon take measures to introduce changes in the existing laws or frame a new law to confiscate the property of such absconders.

By: | New Delhi | Updated: February 1, 2017 12:48 PM
Without naming Mallya, Jaitley said in recent times, it has come to notice that some people flee from the country after defaulting on loans from banks. Mallya owes around Rs 9000 crore to a consortium of banks. (File) Without naming Mallya, Jaitley said in recent times, it has come to notice that some people flee from the country after defaulting on loans from banks. Mallya owes around Rs 9000 crore to a consortium of banks. (File)

In a bid to prevent loan offenders like Vijay Mallya from fleeing the country, Finance Minister Arun Jaitley today said the government would soon take measures to introduce changes in the existing laws or frame a new law to confiscate the property of such absconders. Without naming Mallya, Jaitley said in recent times, it has come to notice that some people flee from the country after defaulting on loans from banks. Mallya owes around Rs 9000 crore to a consortium of banks.

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However, Mallya had fled from India in February 2016 and fighting his case from London.The Opposition Congress has accused the Modi government of helping the head of now defunct Kingfisher Airlines, Mallya, flee from the country. However, Mallya has denied he has done anything wrong.

Recently BJP had launched a fresh attack on Congress over the Vijay Mallya case, alleging the “corrupt hands” which helped him get bank loans belonged to the then Prime Minister Manmohan Singh and Finance Minister P Chidambaram. The party quoted from purported letters written by businessman Mallya to Singh in which he sought his intervention and subsequent to which his now-defunct Kingfisher Airline received loans.

“The hands which pulled the strings to ensure that Mallya received loans are visible now. It belonged to Chidambaram and Singh. Did the hands of 10 Janpath also pull the string? Sonia and Rahul Gandhi should come out in public to say at whose behest the loans were sanctioned to Kingfisher Airline,” he said. It was after one such letter Mallya had written to Singh on November 14, 2011 that the Prime Minister told the media that ‘we have to find ways to get Kingfisher out of trouble’,” BJP spokesperson Sambit Patra had said.

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  1. Ramesh Iyer
    Feb 1, 2017 at 8:01 am
    the government is walking the talk
    Reply

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