NEW DELHI (Feb 9): India said on Thursday it had applied to Britain to extradite Vijay Mallya to face trial after the liquor and aviation tycoon was charged with conspiracy and fraud over a loan to his defunct Kingfisher Airlines. Mallya moved to Britain last March after banks sued to recover about US$1.4 billion the Indian authorities say is owed by Kingfisher. Mallya's press representative was not immediately available for comment on the Indian extradition request. Earlier attempts by India to get Mallya, the head of the Force India Formula One team and one-time billionaire, deported have failed. The CBI, in its charge sheet, alleged Mallya diverted 2.54 billion rupees intended for Kingfisher Airlines from India.

Source: The Edge Markets February 09, 2017 13:30 UTC