“The assets purportedly attached under PMLA date back to several years prior to the launch of Kingfisher Airlines,” Mallya said. ED had attached bank accounts of former beer baron Mallya worth Rs.34 crore under the Prevention of Money Laundering Act (PMLA). Photo: HTMumbai: UB Group chairman Vijay Mallya on Sunday said there is neither any rationale nor any legal basis for attaching his properties and the move is only making it more difficult for him to raise resources to pay the banks. Mallya said most recent media reports and a tweet from the ED suggest that the ED have attached various properties belonging to himself and United Breweries (Holdings) which is a public company and not even the subject of any ED investigation. “There is no rationale nor any legal basis for the series of actions initiated by the ED (Enforcement Directorate) which is now making it more difficult to raise resources to pay the banks.

Source: Mint June 12, 2016 19:41 UTC