FERA case: Mallya's 'personal appearance' exemption lifted
New Delhi, July 9 (ANI): In a major setback for Vijay Mallya, who has been declared a proclaimed offender in a money laundering case, the Patiala House Court on Saturday lifted the exemption granted to him from personal appearance in a case of evading summons in a Foreign Exchange Regulation Act (FERA) issue.
ANI
Jul 09, 2016 20:28 IST
New Delhi, July 9 (ANI): In a major setback for Vijay Mallya, who has been declared a proclaimed offender in a money laundering case, the Patiala House Court on Saturday lifted the exemption granted to him from personal appearance in a case of evading summons in a Foreign Exchange Regulation Act (FERA) issue. During the hearing, the Enforcement Directorate told the court that Mallya's personal appearance was crucial for the ongoing trial. The now defunct FERA case was registered by the ED against Mallya, in which the agency had issued summons, directing him to appear in relation to the investigation, where it was alleged that Mallya had violated the FERA regulation in connection to a transaction with Flavio Briatore of Benetton Formula Ltd based in London. The ED had alleged that Mallya had violated the provisions of FERA in arranging funds to advertise his company's liquor products abroad. The agency had claimed that the money was allegedly paid without prior approval from RBI in violation of FERA norms. (ANI)
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