Arrest warrant out for Vijay Mallya

“There are options such as RCN, deportation and extradition from the UK,” said a source. “Mallya’s passport has already been suspended and now an NBW has been issued and hence there are grounds for deportation.” India and Britain signed an extradition treaty in 1993.

A red-corner notice is an arrest warrant circulated by Interpol on behalf of thegovernmentof aparticular country. It is a request from one country to another to arrest and deport the wanted individual.

Sources said the quickest option is to apprise authorities in UK about the warrant issued against Mallya to facilitate his deportation. Another option is to push for a letter rogatory, a formal request from an Indian court to a foreign court for judicial assistance.

In its court plea before the warrant was issued, Kingfisher Airlines said it was “shocked at the allegation made by the Enforcement Department”. “This fact may have a bearing in the mind of the court so we wanted to correct it and place it before the court. ED’s charges are false and incorrect,” said advocate Pranav Badeka representing Kingfisher Airlines, which ceased operations in 2012.

A group of banks led by State Bank of India has already rejected his offer to repay part of the dues and told the Supreme Court they wanted him to return so they could negotiate with him personally.

His massive debt has become a symbol of Indian banks’ vast volume of bad loans — those already in default or close to it — which are seen as a threat to financial stability in Asia’s third largest economy.

Critics say the government has not done enough to tackle the issue of wealthy individuals such as Mallya, who obtain huge loans which they later fail to repay.

The top court has also asked Mallya to disclose all assets owned by him and his family in India and abroad by April 21.

WITH AGENCY INPUTS