Saturday, August 15, 2020
Home News Reports Swiss Bank moves court to evict Vijay Mallya from mortgaged London home: Reports

Swiss Bank moves court to evict Vijay Mallya from mortgaged London home: Reports

Swiss Bank UBS has moved the UK High Court seeking an order of eviction against fugitive Businessman Vijay Mallya, his mother and son from their swish multi-million-pound mansion overlooking Regent’s Park in London, as reported by Times of India.

In 2012, Rose Capital Ventures Ltd had taken out a five-year interest only mortgage with UBS for £20.4 million (Rs 195 crore). The bank has applied for possession of the property on the ground that the mortgage has expired and has not been repaid. According to UBS, despite the loan’s expiry and the claimant’s request that defendants vacate the property, the defendants have refused to move out.

Mallya in his defence has confirmed that the shares of Rose Capital Ventures Ltd are owned by Gladco which is owned by Sileta Trust, a Mallya family Trust. Mallya, his mother and his son live in the mansion and are beneficiaries of the Trust, UBS states.

UBS seeks that the Rose Capital pay the loan’s outstanding amount and wants the court to declare that the defendants are not entitled to enter or remain on the property. The amount owed as of September 1, 2017, is £20,718,236 (Rs 198 crores) as informed by the Bank.

- Advertisement -

As per the claim of UBS, the loan was terminated early on June 9, 2016. The bank had appointed receivers who started proceedings against the four defendants and the housekeeper for the possession of the property in Nov 2016. The housekeeper vacated the house on a June 2017 court order. Since the mortgage expired on March 26, 2017, and the outstanding balance of £20.4 million on that date was still not paid, the proceedings of the receiver were stopped and the bank decided to bring the proceedings to take possession of the property and sell it.

As reported by Times of India, the bank also claimed that an attempt to refinance the loan with CBH Bank by Rose Capital also collapsed and there are no other other refinancing options for the Rose Capital.

UBS’s claim against Rose Capital Ventures Ltd, Vijay Mallya, mother Lalitha Mallya and son Sidhartha Mallya, in the business and property court of the High Court will be heard on Oct 24.

A few days ago, a London Court had ordered the confiscation of the six highly expensive cars of Mallya to repay Indian Consortium of Banks Rs 10,000 crore.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Operation Polo: When India annexed Hyderabad from the Nizam and Razakars, the suppression of Hindus and the role of Nehru

On the midnight of August 15th 1947, India gained its independence from the British and was partitioned into two countries- Hindu-majority India and Muslim-majority Pakistan

On its first Independence Day since the liberation of Ram Janmabhoomi, India must pledge to return Kashi-Mathura to its true inheritors

The 74th Independence Day celebrations are underway across the country and it is a momentous occasion for the country for more reasons than one.

Made in India Coronavirus vaccine soon? Here is what PM Modi said in his Independence Day speech

During his Independence Day speech, PM Modi said that the vaccine is being developed in India for the Wuhan Coronavirus.

From Article 370 in 2019 to CAA and Ram Mandir in 2020: How PM Modi used his I-Day speech to talk about promises delivered

On India’s 74th Independence Day, Prime Minister Narendra Modi delivered his 7th speech from the ramparts of the Red Fort.

Breaking taboos from the ramparts of Red Fort: From speaking about open defecation in 2014 to the importance of sanitary napkins in 2020

On India's 74th Independence Day, Prime Minister Narendra Modi delivered his 7th speech from the ramparts of the Red Fort

Watch: Prime Minister Modi addresses the Nation on India’s 74th Independence Day

PM Narendra Modi, will be addressing the nation and delivering his annual speech from the ramparts of the Red Ford after he unfurls the Indian flag.

Recently Popular

Karnataka: Controversy erupts after SP pressurises priests to place photo of Jesus Christ inside the Garbhagriha of Hindu temple

The temple priest has apologised for the incident and said that they did not have any evil intentions to hurt any religious sentiments

He may have flings with actresses, but is not a murderer: Subramanian Swamy says Aditya Thackeray has nothing to do with Sushant Singh Rajput’s...

Swamy said in the Q and A session that some other powerful persons are involved in the death of Sushant Singh Rajput, and Aditya is not one of them.

Wikipedia page on Bengaluru violence calls it a ‘clash’, refuses to identify rioters as Muslims: Here are the reasons given by the ‘editors’

On the 11th of August, when Hindus of the country celebrated Janmashtami, a Muslim mob indulged in violence in Bengaluru after being offended by a Facebook post that was allegedly against the Prophet of Islam.

Former SP leader Shahzeb Rizvi announces bounty of Rs 51 lakh on Karnataka Congress MLA’s nephew Naveen’s head for ‘blasphemous’ Facebook post

Shahzeb Rizvi said that whoever beheads Naveen for insulting the Prophet and brings his head will be given a bounty of Rs 51 lakh

‘Shut up or else, you will also be put to sleep forever’, mother of deceased actress Jiah Khan accuses director Mahesh Bhatt of intimidating...

Rabia Khan, mother of deceased actress Jiah Khan, accused Mahesh Bhatt of being a 'mouthpiece' of the Bollywood mafia.

My family has lived here for 50 years, I considered Muslims my brothers: MLA breaks down while narrating how his house was burnt down...

The Pulkeshinagar MLA's house was attacked by a violent Muslim mob with weapons, patrol bombs, and stones.

Operation Polo: When India annexed Hyderabad from the Nizam and Razakars, the suppression of Hindus and the role of Nehru

On the midnight of August 15th 1947, India gained its independence from the British and was partitioned into two countries- Hindu-majority India and Muslim-majority Pakistan

Price of freedom: How Beant Singh, now a rickshaw puller in Meerut, witnessed his mother and brother burn during partition in Rawalpindi

Beant Singh is one of the few survivors of partition that witnessed 2 million casualties and the displacement of 14 million people.

From self-reliant India to Coronavirus vaccine, Ram Mandir, warning to China: Here are 15 points made by PM Modi in his Independence Day speech

PM Modi began his Independence Day speech by paying tributes to freedom fighters, security forces and coronavirus warriors

On its first Independence Day since the liberation of Ram Janmabhoomi, India must pledge to return Kashi-Mathura to its true inheritors

The 74th Independence Day celebrations are underway across the country and it is a momentous occasion for the country for more reasons than one.

Made in India Coronavirus vaccine soon? Here is what PM Modi said in his Independence Day speech

During his Independence Day speech, PM Modi said that the vaccine is being developed in India for the Wuhan Coronavirus.

From Article 370 in 2019 to CAA and Ram Mandir in 2020: How PM Modi used his I-Day speech to talk about promises delivered

On India’s 74th Independence Day, Prime Minister Narendra Modi delivered his 7th speech from the ramparts of the Red Fort.

Breaking taboos from the ramparts of Red Fort: From speaking about open defecation in 2014 to the importance of sanitary napkins in 2020

On India's 74th Independence Day, Prime Minister Narendra Modi delivered his 7th speech from the ramparts of the Red Fort

Watch: Prime Minister Modi addresses the Nation on India’s 74th Independence Day

PM Narendra Modi, will be addressing the nation and delivering his annual speech from the ramparts of the Red Ford after he unfurls the Indian flag.

Govt of India announces list of soldiers and police officials who will be honoured with Gallantry awards on Independence Day

The president of India will honour brave soldiers and law enforcement officials with Gallantry awards on the 74th Independence Day

While trying to hide its links to China by targeting the BJP, Congress depicts Japanese PM Shinzo Abe as Chinese President

The Congress party in its latest goof up has depicted Japanese PM Shinzo Abe as the Chinese President in an effort to target the BJP.

Connect with us

239,751FansLike
430,386FollowersFollow
301,000SubscribersSubscribe