Mum­bai Court Is­sues War­rant Against Mallya

Move clears way to seek In­ter­pol help to ar­rest biz­man

The Economic Times - - Front Page -

Our Po­lit­i­cal Bureau

Mum­bai: A court here is­sued a non-bail­able war­rant against Vi­jay Mallya in the IDBI loan fraud case, a de­vel­op­ment that may al­low au­thor­i­ties to ini­ti­ate steps to seek In­ter­pol help to ar­rest the busi­ness­man who is cur­rently abroad.

Mallya, who is ex­pected to chal­lenge the de­ci­sion in a higher court, is ac­cused of di­vert­ing .₹ 430 crore from the .₹ 900 crore his King­fisher Air­lines bor­rowed from the lender and us­ing that to buy prop­er­ties abroad. The com­pany terms the al­le­ga­tion “false and in­cor­rect”. The En­force­ment Direc­torate, the fi­nance min­istry wing that probes money laun­der­ing, had sum­moned him thrice for tes­ti­fy­ing in the case, but he skipped all.

Mallya left In­dia on March 2, af­ter a con­sor­tium of banks ap­proached the Supreme Court seek­ing its in­ter­ven­tion to re­cover .₹ 9,000 crore that they claim he owed them.

The po­lit­i­cal and in­dus­trial su­per elites’ res­i­dences will re­main in the smaller LBZ, but many of Delhi’s wealth­i­est res­i­dences will lose the tag of be­ing in LBZ.

Peo­ple fa­mil­iar with the DUAC panel’s fi­nal re­port on LBZ told ET that su­per-posh ar­eas set to be ex­cluded from Lu­tyens are: Golf Links, Jor Bagh, Sun­der Na­gar, Chanakya­puri, Panchsheel Marg, Sar­dar Pa­tel Marg, Ashoka Road and Ben­gali Mar­ket.

The re­port is with the Union ur­ban de­vel­op­ment min­istry, and it says LBZ’s square area should come down from 28.73 sq km to 23.60 sq km. This re­stricts LBZ to the orig­i­nal Bri­tish Raj era plan, au­thored by Ed­win Lu­tyens in 1912.

The orig­i­nal Lu­tyens plan in­cluded the Cap­i­tal’s her­itage build­ings and govern­ment build­ings. In 1988, the LBZ area of 25.88 sq km was de­mar­cated for the first time. It was in­creased to 28.73 sq km in 2003. In­clu­sion in LBZ has sent real es­tate prices spi­ralling in the new ar­eas.

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