Vijay Mallya Asked To Pay 200,000 Pounds To Indian Banks By UK Court

The court has also ordered Vijay Mallya to pay costs towards registration of the worldwide freezing order and of the Debt Recovery Tribunal of Karnataka judgment in Britain.

◆In a court ruling dated May 8, Vijay Mallya's assets
have been frozen

◆Closing arguments from both sides are likely to be
held on July 31

◆Vijay Mallya's lawyers claim criminal charges
against him are baseless

London-

The UK High Court has ordered embattled liquor tycoon Vijay Mallya to pay a minimum of 200,000 pounds towards the costs incurred by 13 Indian banks in their legal battle to recover alleged dues.

Judge Andrew Henshaw had refused to overturn a worldwide order freezing Mallya assets and upheld an Indian court's ruling that a consortium of 13 Indian banks led by State Bank of India (SBI) were entitled to recover funds amounting to nearly 1.145 billion pounds.

As part of the judgment, the court has also ordered Mr Mallya, 62, to pay cost toward registration of the worldwide freezing order and of the Debt Recovery Tribunal of Karnataka's judgment in Britain.

In a high court ruling dated May 8, Judge Henshaw had refused to overturn a worldwide order freezing Mr Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks - State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd - were entitled to recover funds amounting to nearly 1.145 billion pounds.