New Backlash in Vijay Mallya-PNB Case After UK Court Latest Orders

New Backlash in Vijay Mallya-PNB Case After UK Court Latest Orders

Punjab National Bank (PNB) will conduct fresh valuation of liquor baron Vijay Mallya’s assets in the light of the UK High Court order, state-run bank’s managing director Sunil Mehta said.

“We have done valuation of Mallya’s asset now we will do a fresh valuation and pursue disposal of assets to recover our debt,” he 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.

PNB is part of the 13-bank consortium led by State Bank of India.

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