The siege on VJ Mallya is getting tighter
When is Netflix turning VJ Mallya’s colourful life into a TV series? The script could run to several seasons. The most recent development in the convoluted plot saw Mr Mallya step down as director of his Force India Formula 1 team at the end of May 2018.
The controversial businessman, who is fighting an extradition request from the Indian Government on charges of fraud and money laundering, is to remain as team principal of the Formula 1 outfit.
His resignation is to allow him more time to focus on his legal difficulties. His team is also not doing too well, allegedly because Mr Mallya is rumoured to have milked it for money.
Mr Mallya told Autosport magazine he will be replaced as a director on the board by his son Siddarth. According to the BBC, Mr Mallya co-owns Force India with another controversial Indian businessman, Subrata Roy, who has served a jail sentence for financial irregularities. Each controls 42.5 percent while a Dutch businessman, Michiel Mol, has 15 percent.
Earlier in May 2018, Mr Mallya had to stomach another setback. The UK High Court concluded that he is a fugitive from justice, which is somewhat contrary to his claim that the criminal charges against him in India are “without substance” and “politically motivated”. What’s more, the judge backed a lawsuit by 13 banks, seeking to reclaim USD 1.55 billion from Mr Mallya, and refused to overturn a worldwide order freezing Mr Mallya’s assets.
Mr Mallya, who is out on bail and has his passport revoked after his arrest on an extradition warrant in April last year, will return to Westminster Magistrates’ Court in London on 11 July 2018 for his extradition trial. It is believed that the Court will then set a timeline for judgment in this case.
