The Bombay High Court on Thursday refused to grant a stay on proceedings before a special court on the confiscation of properties of the embattled liquor tycoon Vijay Mallya.
A Division Bench of Justices Akil Kureshi and S. J. Kathawalla dismissed an application filed by Mr. Mallya last month, seeking a stay on the proceedings before the special court hearing cases pertaining to the Prevention of Money Laundering Act (PMLA).
Mr. Mallya, in his application, sought for a stay on the proceedings, or that any order passed by the lower court during the proceedings be subject to the final decision on another petition filed by him, challenging the validity of the Fugitive Economic Offenders Act.
The Court, however, said it did not find any reason to grant the relief sought by Mr. Mallya.
On January 5 this year, the special PMLA court here declared Mr. Mallya a fugitive economic offender. The court then started proceedings for the confiscation of his properties.
Mr. Mallya approached the High Court against the order and also challenged the constitutional validity of the Fugitive Economic Offenders Act.
This petition is pending hearing in the High Court.
Mr. Mallya, who is currently in the U.K., has been charged by the Enforcement Directorate (ED) of defaulting on bank loans to the tune of ₹9,000 crore.