Punjab National Bank (PNB) plans to conduct fresh valuation of tycoon Vijay Mallya’s assets after the UK High Court order, the bank’s managing director, Sunil Mehta, has said.
A UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Vijay Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore, reported PTI.
“We have done valuation of Mallya’s asset now we will do a fresh valuation and pursue disposal of assets to recover our debt,” Mehta was quoted as saying.
PNB is part of the 13-bank consortium led by State Bank of India.
The order reportedly grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon’s properties in Hertfordshire, near London.
It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based.
However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.