Vijay Mallya’s Rs 680 crore worth 13 properties to be auctioned

Fugitive business tycoon Vijay Mallya’s properties will be auctioned by United Spirits LtdUSL) including his mansion ‘Niladri’ in Mumbai located on Nepean Sea Road as the date of sale at a discounted price expired few days back.

In total, 13 properties will be auctioned across Delhi, Mumbai, Bengaluru, Kolkata, Scotland and Hong Kong worth about Rs 680 crore. The Mumbai residence alone is said to be worth around Rs 350 crore, reports The Economic Times.

In February 2016, Mallya had resigned as chairman of USL after a long-drawn battle with Diageo, which agreed to pay him $75 million, absolving him of any personal liability into financial irregularities being probed by the company and an honorary designation of ‘Founder Emeritus -USL’ among other things. Mallya had sold management control of USL to Diageo in the year 2012.

USL had entered into an agreement with Mallya which allows him or a party nominated by him to acquire up to 13 domestic properties from USL.  Diageo had given one year time period to Mallya to buy the properties at 10% discount to market value, which lapsed on February 21. Mallya, who stays in London will soon be informed about the auction by USL, some sources informed the newspaper.

On Tuesday, India and the UK held discussions on various issues pertaining to pending cases relating to deportation and extradition, which include a request to extradite the embattled liquor baron.

No official details were available yet about the meeting which comes just weeks after India made an extradition request for Mallya, who is under investigated for money laundering charges in a case of alleged default of bank loan worth around Rs 900 crore.

The two sides discussed several pending deportation cases involving Indians from the UK. In November, India had asked Britain to extradite nearly 60 people wanted by it, including Mallya, for bringing them back to face justice here. The Indian list of wanted people was handed over to Britain during the bilateral talks between Prime Minister Narendra Modi and his counterpart Theresa May in November 2016.

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